Secure the Right Insurance for Your Engagement Ring

Get engaged on Valentine’s Day?  Then make sure you have the right insurance in place.

If you’ve gotten engaged on the most romantic day of the year, then getting insurance is probably the last thing on your mind.  However, securing the right insurance for your engagement ring will give you peace of mind of knowing that this valuable will be protected no matter what comes your way.  Here is what you need to know about insuring your engagement ring.

Your Coverage Options

When it comes to insuring your engagement ring, you have some options.  You can choose to secure coverage by tacking an endorsement onto your homeowners insurance policy or renters policy.  You also have the option to secure a specialty policy from an insurance company that specializes in jewelry policies.  When you go with these specialty policies, they tend to offer higher coverage limits and more coverage options to better meet your needs.

The Underwriting Process

When you go to secure engagement ring coverage, you will need to provide your receipts and an appraisal of the ring to your insurer.  Normally you can get an appraisal from a certified gemologist for a small fee.  If necessary, your insurer should be able to refer you to a trusted jewelry appraiser.

Understanding the Cost of Your Coverage

The approximate annual cost of ring insurance is about $1 to $2 for every $100 that it would cost to replace.  This means that, if your ring costs $9,000 to replace, then your annual insurance premiums would be around $90-$180.  Please keep in mind that every insurance policy is unique; to find out exactly how much your ring insurance will cost, get a quote from a trusted insurance provider.

This is what you need to know about insuring your engagement ring this Valentine’s Day.  Do you have additional questions regarding your personal coverage?  If so, then contact the experts at Duane Weber Insurance, Inc. in Kent, Washington.  We are ready to assist you with all your insurance needs today.

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