Insuring Your Engagement Ring
From the moment you said ‘Yes!’ chances are, you’ll be rocking a shiny new addition on your left hand. While it may be the last thing on your mind during such a happy time, ensuring the safety of your engagement ring protected is important. In the midst of all the engagement excitement and happiness, you should consider purchasing insurance for your engagement ring. No matter how much was spent on the ring itself, homeowners insurance in Hudson, NY can protect the sentiment behind it as well.
Does home insurance cover jewelry?
Home insurance policies vary, and while some may automatically cover jewelry, you shouldn’t assume that you’re adequately protected. Many providers don’t include cover for personal possessions away from home or accidental damage to jewelry. What’s more, your ring may exceed the value of coverage that your homeowners insurance provides, meaning that you need to purchase additional coverage.
To ensure the safety of your ring, check out how you can secure reliable coverage:
Keep the receipt.
Your insurance carrier may require the retail value of the ring before providing coverage, so hang on to your receipt.
Get an appraisal.
If you don’t have the original receipt of the ring or it’s been some time since you bought it, ensure you get an appraisal by a professional. The appraisal will examine all diamonds and other stones, as well as the band, to determine the value of the ring, regardless of how much you paid for it. You may be asked to get an appraisal if the ring is an antique or a family heirloom.
Raise your limits or add an endorsement.
When insuring your ring, you can either raise your limits on your homeowners insurance or schedule the ring as an endorsement. Homeowners and renters insurance policies include coverage for the contents of your home, but this may be somewhat limited. Raising the limits of protection ensures that the new bling is protected.
Scheduling the ring as an endorsement is another option. The policy deductible doesn’t apply, which means that you could replace the ring at no additional cost to you.
For the right homeowners insurance in Hudson, talk to the team at Lofgren Agency! We can help decide what the right coverage is for you and your growing family.