Don't Forget To Get Engagement Ring Insurance

Add an Engagement Ring Insurance Rider To Your Home Insurance

By Meha Ahmad, InsuranceAgents.com Staff Writer

If there’s anything that should be on the top of a soon-to-be-wed couple’s to-do list, it should be purchasing reliable engagement ring insurance. Couples that are headed down the aisle may have a couple of dozen things on their mind: how much to spend on flowers, what band to pick for the reception, gown fittings, guest lists, the bridal shower, registering, etc. But just as important as the hundred little details for the wedding and marriage, is engagement ring insurance that will honor the ring, the symbol of their relationship.

The best way to obtain engagement ring insurance is to add a rider to your renters’ or homeowners insurance policy. To start shopping for pricing, look online to find homeowners insurance quotes. Ask home insurance agents how much adding an engagement ring insurance rider to your policy would cost or fill out an engagement ring insurance quote right now and compare rates.

Ask Your Agent About Engagement Ring Insurance

When seeking to obtain reliable engagement ring insurance, don’t hesitate to ask your home insurance agent any questions you may have. Here are a few questions we recommend you ask your home insurance agent so that you may acquire the best engagement ring insurance for the lowest cost:

1. Will my ring be insured for the full cost or just a portion of it?
2. What kind of proof or evidence do you need from me to confirm that the ring is lost/stolen/damaged/missing?
3. How will the insurer replace the ring? With a check for replacement cost of the ring or will I have to go through the insurance company’s previously chosen jeweler(s)?
4. Are there any situations where the ring will not be replaced or covered? For ex., is the ring covered if it is both accidentally lost and stolen? What if it is lost in another country? (Tip: Don’t be a victim to insufficient coverage; make sure your engagement ring insurance covers your ring no matter what the circumstances!)
5. What factors affect the cost of my engagement ring insurance?

What It Costs You

Any number of factors can affect what you are charged for your engagement ring insurance. Your credit history, for example, or whether or not your ring is an antique/family heirloom can great affect how much you pay for engagement ring insurance.

To obtain affordable and low-cost engagement ring insurance, consider purchasing a safe or safety deposit box at your bank to keep your engagement ring in when you aren’t wearing it. It greatly reduces the risk that you will lose it or that it will be stolen. Low risk equals low engagement ring insurance costs. Also, if you live in a safe and quiet neighborhood (where crime incidents are low) that, too, can decrease your engagement ring insurance expenses.

The cost of engagement ring insurance runs, on average, of about $1-$2 for every $100 your ring is worth. In other words, if your ring costs $5,000, your engagement ring insurance can cost anywhere from $50 to $100 annually.

Ask An Agent About Engagement Ring Insurance Riders

To get in touch with an agent today and start discussing pricing, fill out an online form (it doesn’t take more than 5 minutes) to find multiple home insurance quotes. Soon, several local home insurance agents will be in touch with you, offering low quotes and policies. Don’t forget to ask about adding a low-cost engagement ring insurance rider to policy. Your ring is very valuable and may have a lot of sentimental value to you; the right insurance will financially protect you from having to replace it out-of-pocket in an unfortunate situation.

Published: Tuesday 28th July 2009