With Valentine’s Day on the horizon, there may be an upswing in engagement ring purchases. If you have recently received an engagement ring or expect an upcoming declaration to spend your life with someone, you need to know that this type of jewelry is not only beautiful and meaningful, but also a big financial investment. Imagine the unthinkable scenario that could happen to your ring and ask whether you know how to protect it. Saying “I do” extends to the commitment of protection for your fine piece of jewelry. Should you insure your engagement ring?
Anything Can Happen
Jewelry gets lost, stolen, or misplaced all the time. Think about that for a moment. Imagine getting engaged and wearing your beautiful token of love only to realize it slipped off when you went swimming on vacation. Or contemplate that it gets stolen when you took it off briefly. Without the right type of protection, you may be faced with a financially difficult situation.
The good news is that there are ways you can protect your engagement ring for all the scenarios that can and do happen.
Ways to Protect Your Engagement Ring
Insure it- Most people aren’t aware that a typical Alabama homeowners insurance policy only provides coverage for jewelry (lost or stolen) up to a specified limitation, which generally wouldn’t cover a fraction of the replacement cost. According to The Knot, the average couple in 2022 spent six thousand dollars on an engagement ring. If you have recently received a ring, notify your local Alabama independent insurance agent to get the ring insured by means of an endorsement or “scheduling.” When you do this, you can have it insured for its cost or the appraisal value so if it does get lost or stolen, you will have the coverage to replace it.
Do Check-ups- It happens all too often. You look down and the stone is missing. This can happen due to loose prongs which can occur over time due to hitting it on objects or snagging it on clothing. Routinely inspecting your setting can help alleviate the risk of losing your precious diamond. If you suspect a loose setting, have your local professional jeweler inspect and repair if necessary.
Secure it- If you routinely take off your ring when you shower, work in the garden, or work out, you do want to secure it. Taking your ring on and off increases the risk of losing it or having it stolen. When you remove your ring, store it in a safe location to give you peace of mind that it is secure.
Appraise it- When you notify your independent insurance agent about your engagement ring, make sure you have the receipt in order to get the right amount of insurance protection. After seven years or so, you will need to acquire an appraisal that will typically document the color, cut and clarity of your stone along with the size. That way, your coverage can be adapted to fit the current appraisal cost as fine jewelry does appreciate over time.
Contact Us Today!
If you have recently gotten engaged, “Congratulations!” Contact our offices at Burkett & Associates with any questions or concerns about protecting your special jewelry to avoid the unthinkable. We are here for all your Alabama insurance needs. Don’t Wait! Call us today at 256-704-7400.
