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Is That a New Engagement Ring?

how to protect your engagement ring after a marriage proposal on Valentine's DayCan there really be anything more romantic than a Valentine’s Day marriage proposal? By all means, enjoy the moment and make it a cherished memory. But then don’t forget the practical side of owning that beautiful diamond ring. Jewelry losses are among the most frequent of all homeowners’ content related insurance claims, according to the Insurance Information Institute. While the sentimental value of your engagement ring is impossible to price, you can ensure that it is financially protected in case of loss, theft or damage.

Click on READ MORE below to see what steps totake to protect your ring as soon as possible.

  • Contact your insurance agent right away. While most standard renters and homeowners insurance policies provide some coverage for personal items including jewelry, it might not be sufficient in this case. A recent survey of 12,000 brides and grooms (2016) done by The Knot showed that the average cost of an engagement ring was just under $6000. Your insurance agent will be able to tell you if you need to purchase extra coverage.
  • Get a copy of the purchase receipt for the ring. You’ll want to be sure your insurer has this receipt to document the current retail cost.
  • Strongly consider having your engagement ring appraised. This is especially needed if your engagement ring is a vintage item or family heirloom. Even though appraisal reports are typically only accurate for a few years and you’ll want to have the item re-appraised after that, it is useful to have the actual value documented. Your insurance agent should be able to help you find a reputable appraiser.

Once your new engagement ring has been safely insured, then relax and enjoy the moment. You’re off on a path of many “firsts” that will change your life as you’ve known it.

Personal Valuables Insurance Tip

Your engagement ring is just one of many precious and valuable items that you might own. Don’t assume that such items are fully protected by your Homeowners or Renters insurance policy. Arrange to sit down with your insurance agent to discuss whether you need Personal Valuables Insurance to supplement your protection.

Here at our Laurel, MD agency, our highly experienced Community Insurance Services of Maryland agents are always glad to speak with you about any insurance needs. Why not contact us for a no-obligation policy review or to discuss your options.


 

Monday, 13 February 2017 21:14

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