Southern Insurance Associates
by AJaye Brown on Aug 12, 2014
Being newly engaged with an engagement ring to insure myself, I wanted to share how and why I insure my engagement ring and other personal jewelry.
Putting a policy on your engagement ring may sound unromantic, but nothing's sweeter than peace of mind.
There are a few ways to insure your engagement ring. Ring insurance can be purchased as an extension (also called a "rider") for your renters' or homeowners' policy. Renters' and homeowners' policies cover the stuff in your home, but only up to a certain dollar value: Expensive, special items like engagement rings, art, and electronics are guaranteed through scheduled personal property coverage -- an insurance policy extension that covers particular items. Another option is to insure your ring through a company that specializes in jewelry insurance, which might offer more coverage than a standard homeowners' policy (replacing a lost or stolen ring rather than paying a set amount of cash, for instance).
All those wedding presents drastically increase the dollar value of your stuff. Make sure to adjust your homeowners' or renters' coverage to reflect that!
Any couple with jewelry that has high material or sentimental value -- whether your wedding and engagement rings cost $500 or $50,000, an insurance policy is a way of honoring not just their financial value but what they represent. The sentiment behind your rings is priceless, but the rings themselves can be replaced -- if they're insured -- in the event that something happens to them.
You'll need to provide your receipts, as well as an appraisal (which costs a small fee; you can get an appraisal from a certified gemologist). And remember: If you move after the wedding, make sure your "ring rider" follows you. Some couples have the ring insured at the bride's house (or her parents') before the wedding, but forget to add it to the policy for their new home when they move in together.
If you don't have a renters' or homeowners' policy, there is an alternative way to insure your ring: Certain insurance companies offer policies through jewelers on individual pieces -- ask your jeweler if they work with an insurance company to offer ring insurance. These kinds of policies can vary widely company by company (usually a jeweler will offer a policy that's underwritten by smaller company), so ask specific questions about the level of coverage provided.
The yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace. In plain English, this means that if your ring would cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it -- or slightly more in cities where the risk of theft is higher.
Buy a vault or safe to keep jewelry in when it's not being worn. (You can also keep paperwork like appraisals in the safe, so you'll always know where it is if needed.)
When you shop for a "ring rider" policy, make sure to read the fine print: A good policy will cover every potentially ring-threatening situation from theft to damage to accidentally dropping it in the garbage disposal.
I strongly suggest insuring your engagement ring and all jewelry for that matter on a special jewelry policy seperate from your homeowners insurance. In the event of a claim, your lost or stolen jewelry claim won't affect your homeowners insurance premium or eligibility. And a jewelry policy usually ranges from $50-$400 a year depending on your # of items and total insured value.
For more information or if you're interested in looking at a Jewelry insurance policy for yourself contact us at Southern Insurance Associates at Info [at] SouthernInsuranceAssociates [dot] com or 706-996-8788.
408 N. Main Street
La Fayette, GA 30728
7579 Nashville Street
Ringgold, Georgia 30736
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