Getting Engaged? Be Sure that Ring Is Covered
Getting or giving an engagement ring is a special moment. It symbolizes a promise of two people to make a life together. Even though most people realize the significance of an engagement ring, they don’t really think about how the monetary value also needs consideration for the future. An engagement ring is not only special, it can also be hard to replace if lost due to theft or the destruction of your home. If you are a homeowner with homeowner’s insurance or had the foresight to get renter’s insurance, you likely have contents insurance coverage as part of your insurance policy. However, coverage on the engagement ring may be more limited than you think.
Know The Kind of Coverage For Your Jewelery
Having contents insurance is likely not enough. Most policies will have limits on how much you can claim for high dollar items like jewelry. In general, the limit will be around $1,000 to $2,000. So if you made the extra effort to get something nice or your partner did, then you need to look into getting a rider policy. Also, make sure that the policy is replacement cost instead of cash value. Replacement cost will pay for the ring at its purchase value at the time you got it. Cash value replacement is a hidden limit that will pay only the value of your ring after depreciation.
Keep The Receipt On Your Ring
To speed up the claims process you need to keep all documents connected with your ring. This helps your insurer process the claim faster. So make sure you have the receipt as well as any certifying documents if the ring was custom-made or had other unique features that make replacement difficult. These documents act as supporting evidence to your claim for the ring’s value. It also helps if your ring was part of an existing inventory of your home’s values before the incident that made you file a claim.
Make A Detailed Inventory
If you haven’t already, make a detailed list of your valuables for your insurer. The sooner you do so the better. Having a list of your important values well before a disaster will establish ownership and strengthen your filed claim. A detailed list should include a description of the item and the sale price of the item. Make sure to keep receipts. Keeping track of receipts is even easier since many stores now offer the option of email receipts. Also include photos and video if possible of expensive items like your engagement ring.
Talk To Your Insurance Agent
The most important thing you can do after getting your insurance ring is to talk to your insurance agent. Your insurance agent will give you information on additional riders to your insurance policy that can cover the cost of your ring. Don’t be afraid to negotiate for discounts. They are more than willing to accommodate you as an existing policyholder. Taking all the these steps mentioned will help provide your ring the coverage it needs.
Adam Vaught is an insurance company representative. He enjoys writing and sharing his expertise with people to help them make the best decisions.