Top 5 reasons why you need engagement ring insurance!
Whether you’re currently shopping for the perfect ring or you’ve already placed that sparkling diamond on your or your bride-to-be’s finger, it’s time to consider how you’re going to protect the investment.
Here are 5 reasons why you need engagement ring insurance.
1. Your home or renter’s insurance probably won’t cover it. A home or renter’s policy will typically only cover items such as your jewelry, furs and watches valued up to $1,500 – and the average cost of an engagement ring in the United States is over $5,000. You can buy an endorsement for your current policy that will insure the ring for its full value.
2. Home and renter’s insurance only covers certain types of loss. Your policy will only cover you if your ring is lost or damaged in a named loss, such as fire, a windstorm or theft. If you lose your ring in the kitchen sink or the diamond falls out, you won’t be covered. Specific engagement ring insurance will cover many more scenarios, such as losing it when swimming in the ocean – however, what’s covered will vary from policy to policy.
3. Your finger size fluctuates. Did you know that your fingers may be slightly bigger in summer than in winter? Also, your fingers may get bigger or smaller because of weight gain or loss. These differences may only be millimeters but they’re critical in determining whether your ring will stay put.
4. Engagement ring insurance is inexpensive. It typically costs about 1 to 2 percent of your ring’s replacement cost. So if your engagement ring is worth $4,000, you might expect to pay between $40 and $80 for insurance – not a bad price to put on peace of mind.
5. You don’t have to have renters or home insurance. If you don’t have a home or renter’s insurance policy, you can still cover your investment buy purchasing an individual engagement ring insurance policy.