05 Feb Nothing Is As Romantic As Insurance | Financial Protection
There is nothing more romantic than proposing on Valentine’s Day. After you present your partner with a gorgeous and valuable ring (and hopefully after they say yes), your next step should be a call to your insurance agent. Although there is no way to
Jewelry losses are among the most frequent of all homeowners personal item-related insurance claims. Forward a copy of the ring’s receipt to your insurance agent so that your company has a record of the current retail value and keep a copy for your records. It’s also a good idea to get a copy of the appraised value of the item. An appraisal is particularly crucial if the ring is an heirloom or antique.
This is where you will need to find out if you need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry; however, many policies limit the dollar amount on jewelry to $1,000 to $2,000. With the average engagement ring costing nearly $6,000, according to The Knot, that is unlikely to be enough coverage. An up-to-date home inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss, so remember to add your new ring to your inventory. And if you don’t yet have a home inventory, celebrate your engagement and new life together by creating one with your fiance.
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