- Have a conversation with your insurance agent ASAP. You’ll find that most home insurance policies typically provide some coverage for jewelry and other personal items, but it is limited. You might need additional insurance depending on the cost of your ring. Did you know that a 2016 survey done by The Knot showed that the average retail value of an engagement ring is around $6000? Your insurance agent will be able to tell you if you need to purchase extra coverage.
- Ask for a copy of the receipt. Then pass it along to your insurer to document the current retail cost of your new engagement ring.
- Strongly consider getting an appraisal. It would be helpful for you to have a record of the value as appraised by a professional, especially if the ring has been custom-designed or is a vintage piece or family heirloom. Bear in mind that appraisal reports are typically only accurate for a few years and you’ll want to have the item re-appraised after that, but it can be useful to know the actual appraised value. To find a reliable appraiser, just ask your insurance agent.
With your new engagement ring safely insured, you’ll be able to share the happy time with your fiancé, friends and family. You’re off on a path of many “firsts” that will change your life as you’ve known it.
Personal Valuables Insurance Tip
Personal Valuables Insurance offers supplemental coverage for loss, theft and damage to many precious items in addition to jewelry – collectibles, cameras, artwork, crystal, silverware, firearms to name just a few. Sit down with your insurance agent who can help you assess your current insurance coverage and determine whether you need increased insurance protection for valuable items.
Feel free to contact any of our very capable and experienced agents at the William M. Sparks Insurance Agency here in Lutherville/Timonium, MD to discuss your insurance questions. We can help you review your current insurance policy and explore your options to be sure you have the best coverage and protection according to your circumstances.