Saying “I Do” to Coverage: Coverage for Your Engagement Ring (And Beyond)

Springtime is here in Central Florida, and we know that vacationers will be flooding our beautiful beaches and gardens to enjoy our plentiful sunshine and almost tropical temperatures.  A select few of these vacationers though are coming to the Sunshine State for one of life’s biggest moments: their engagement.  Individuals who plan to pop the question to their significant other usually have the entire thing planned out in detail to make sure it’s as spectacular as possible.  From carefully selecting activities leading up to the big moment, to choosing the perfect backdrop for presenting the ring, engagements take a lot of preparation and hard work.  However, an important element of your engagement could have been overlooked.

Insuring your engagement ring (and eventually, your wedding ring) is a vital piece of protection, and going without it could end up costing you thousands.  However, many couples are unaware of the need for this protection, and/or don’t know what type of coverage to get or how it works.

The first tip to keep in mind is who the ring belongs to.  If you have purchased a ring but have not yet presented it to your sweetheart, you are still the owner of the ring, and it needs to be insured under your own policy.  Many homeowners and renters policies offer an add-on, called a “floater” or “endorsement”.  This scheduled personal property coverage offers extra coverage for reimbursement if the engagement ring is stolen, or lost in some kind of disaster (like a house fire, flood, etc.).  The extra coverage means you can receive FULL reimbursement for the appraised worth of the ring, regardless of the cap limit of reimbursement in your typical homeowners or rental policy.  Once you present the ring to your significant other, their policy will need to cover the ring until the two of you are living in the same household and are under the same policy.

Another important factor to take note of is the type and amount of coverage you want for the ring. Some policies cover everything.  That means your ring will be covered whether it was stolen from your home, or flies off your finger while riding a roller coaster.  These types of policies usually have a higher premium, especially if you choose a plan without a deductible.  Plans with more limitations and/or deductibles will have a lower monthly premium, and could be a better choice for you if you are on a tight budget.

Finally, remember to update your policy every year or two, and to have your ring appraised on occasion.  The value of your ring could change based on the market, and other factors, and if you don’t keep your coverage up-to-date you could be left with too little compensation in the event that you lose your precious ring.

Have questions about insuring your own engagement and wedding rings, or another piece of valuable, personal property?  Carroll Marshall Insurance is here to help you decide exactly which policy is right for you and will fit your needs and your budget.  Give us a call or stop by our Winter Haven office for an appointment.