Does My Engagement Ring Need Insurance?
Diamonds are supposed to be forever. But what if your engagement ring is lost or stolen before or after your wedding? Does your home insurance cover the value of your engagement ring?
It depends. Home insurance policies usually have limits on what they cover when it comes to valuables such as engagement rings.
How is my engagement ring insured?
There is no specific insurance coverage that’s known as engagement ring insurance, but you can still insure your engagement ring.
Your engagement ring is usually insured either through your existing home, condo, or tenant insurance policy. Or you can buy specialty coverage to add to your home insurance policy to protect valuables such as your ring.
Your home insurance policy has a predetermined coverage limit for personal belongings such as your jewelry. For example, if this predetermined limit is $3,000 and your ring is worth $10,000 and it’s lost or stolen, you would not be reimbursed for the full value of your engagement ring when you make the insurance claim.
What if my engagement ring is worth more than its coverage limit?
If the value of your engagement ring is more than the limit set out in your home insurance policy, you can buy additional insurance to protect it.
This kind of additional insurance is called a rider, or floater, or an extension to your current homeowner’s policy. You may also hear it called scheduling property. All of this means that you will pay more to insure your engagement ring up to its actual value, above the limit in your policy.
Do I need to get my engagement ring appraised?
It’s probably best to have your engagement ring appraised by a certified appraiser or jeweler once it has been purchased.
An appraisal of your engagement ring may be required when you are buying extra insurance coverage for it. Ask your insurance provider.
What if my engagement ring is lost, stolen, or damaged?
If you lose your ring – it slips off your finger or you take it off and forget to put it back, or it gets stolen during a break-in, or it gets damaged, your home insurance policy will help cover it.
Remember, though, it will be covered under the predetermined limit of your home, condo, or tenant insurance unless you have additional coverage for the value of your engagement ring.
I’m getting married. What if my wedding gifts are stolen or lost?
Check with your insurance provider to find out if your wedding gifts are covered under your home policy. You may want to consider adding a rider to your home insurance to protect your gifts, should they be stolen or destroyed.
Do I need wedding insurance?
There are a lot of expenses associated with a wedding. You might wonder if you need to bother with wedding insurance.
Wedding insurance will protect you and give you peace of mind on your big day.
A wedding insurance package could cover things like a damaged wedding gown, a guest getting injured at your wedding, or damage to the wedding venue.
It should be noted that wedding insurance does not cover a change of heart by the bride or groom.
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