Engaged over the holidays? Insurance basics for your new bling
Did you just receive one of the most exciting gifts? A gift you may have been waiting a long time for? An Engagement Ring? CONGRATULATIONS! Before you ride off into the sunset with your lovebird, add your ring onto your insurance policy. Yes it may sound unromantic in your time of bliss but nothing’s sweeter than security and peace of mind.
What Is It?
There are many ways to insure your engagement ring. As a rider or extension to your renters or homeowners policy, or through a company that specializes in jewelry insurance. Either way, the policy will cover damage, loss or theft for a set amount or the replacement cost of the ring.
Do I Need It?
Every reason why you treasure a piece of fine jewelry is a reason why it should be insured. Engagement ring insurance doesn’t just honor the financial value but also the priceless sentimental value of your special jewelry. If the ring is insured it can be replaced if something happens to it.
How Does It Work?
Engagement ring insurance will cover your ring for the replacement value- the cost for you to be able to purchase a new ring or for a set amount of money. You will need to provide your insurance agent with an appraisal or bill of sale to determine the coverage amount. The premium can be combined with your home or renters insurance and paid yearly or monthly.
How much does it cost?
The average yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace it. If your ring cost $9,000 you may pay around $100 a year to insure it.
If You Only Remember One Thing.
When you shop for a “ring rider” policy, make sure to read the fine print. A good policy will cover every potential ring-threatening situation, from theft and damage to accidentally dropping it in the garbage disposal.
For more information on Engagement Ring Insurance contact The Resource Center at 417-882-1800.
We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation. We are able to provide you with information but not guidance or advice related to federal benefits. Our firm is not affiliated with the U.S. government or any governmental agency. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and The Resource Center are not affiliated companies. AW12175556