If you have stars in your eyes this February, you’re not alone. In fact, nearly 10 percent of married couples got engaged on Valentine’s Day. We know that planning the ultimate proposal can be intimidating. You’re looking for the perfect diamond in the perfect setting for the perfect woman.
When you find that perfect ring, make sure it doesn’t become a liability! Insuring an engagement ring can give you peace of mind. And with the current trend of spending two months’ income on that rock, you could probably use it! After all, what could be worse than losing two months’ income because of a carefree swim in the ocean, casually washing hands, or changing clothes at the gym? We’ll give you the 411 on getting financial protection for that romantic – and expensive – gesture.
Policy Rider
If you currently have a homeowner’s or renter’s insurance policy, it may not guarantee coverage for big-ticket items like fine art and jewelry. To cover your new bling, consider getting a personal property rider for your policy. A ride acts like a mini policy that extends the coverage to your existing policy. If you do decide to get a jewelry rider, be sure you keep it updated when and if you move. For example, your fiancé may live at one location now, but will be moving in with you after you get married.
Questions to Ask
Just like you asked a million questions when you picked out that ring, you should ask a few more when you’re insuring it. Depending on the carrier, your coverage may change. You may want to ask what type of losses are covered (i.e. stolen or lost), how you’ll be reimbursed (a check or a replacement), whether a deductible is required and how much, how the insurer requires proof of loss, and if there are any circumstantial exceptions to coverage.
Be Careful!
While an insurance policy can help protect you financially from losing that precious bauble, we know that engagement rings hold more sentimental value than most other possession. Protect your “emotional” investment by keeping it in a safe when you’re not wearing it, and making sure to put it in the same place each time you momentarily take it off.
Getting engaged this Valentine’s Day? Tell us your story!