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What You Need to Know About Engagement Ring Insurance

If you got engaged, then you need insurance for the ring.

If you have recently gotten engaged, then securing the right insurance for your ring might be the last thing on your mind.  However, it’s important that you secure coverage to ensure that your ring is protected no matter what perils come your way.  Here’s what you need to know about insuring your engagement ring.

Coverage Options

When it comes to insuring your engagement ring, you have some options.  You can choose to secure coverage by tacking an endorsement onto your homeowners insurance policy or renters policy.  You also have the option to secure a specialty policy from an insurance company that specializes in jewelry policies.  When you go with these specialty policies, they tend to offer higher coverage limits and more coverage options to better meet your needs.

Underwriting Process

When you go to secure engagement ring coverage, you will need to provide your receipts and an appraisal of the ring to your insurer.  Normally you can get an appraisal from a certified gemologist for a small fee.  If necessary, your insurer should be able to refer you to a trusted jewelry appraiser.

Coverage Cost

The approximate annual cost of ring insurance is about $1 to $2 for every $100 that it would cost to replace.  This means that, if your ring costs $9,000 to replace, then your annual insurance premiums would be around $90-$180.  Please keep in mind that every insurance policy is unique; to find out exactly how much your ring insurance will cost, get a quote from a trusted insurance provider.

This is what you need to know about securing insurance for your engagement ring.  Do you have additional questions about your personal property coverage?  If so, then contact us at Pierce Insurance Group.  We are ready to assist you with all your insurance needs today.