Newly Engaged? Make Sure Your Ring is Covered With This Guide

Insuring your engagement ring can give you and your new finance the peace of mind you both deserve.

Are you sporting a new ring after Valentine’s Day? When you finish calling your friends and family to tell them the good news of your engagement, you should also add your insurance agent to your list of people to call. While it may not be sound romantic, investing in an engagement ring insurance policy can help to give you the peace of mind that you deserve as you enter the next chapter of your life.
“Engagement ring insurance” is a misnomer, but it makes raises a critical question – Is my ring covered somewhere?  The answer is complicated, but is usually “no”.   The first place to look is on your Homeowner’s or Renter’s Insurance policy (if you have one).  Those policies include coverage for Personal Property.  Jewelry is not usually excluded, but there are often special limits on how much the policy will pay for jewelry, such as $2,000 to $5,000.  This is a problem if you have an expensive ring!
The second problem is that Personal Property coverage is limited to certain “perils” or causes of loss.  If you think of your ring in the same way you’d think about your carpet or your couch, you know that wear and tear are not covered losses.  As much as we’d all like new carpet when it wears out, your policy isn’t going to pay for it.  The same would hold true for a ring that loses its diamond – that would not be covered.  It also wouldn’t be covered if it mysteriously disappeared.  Not every cause of loss or damage to a ring is included on a Homeowner’s policy.
The fix:  You can add special coverage to your Homeowner’s policy specifically for special items like jewelry, art, collections – one-of-a-kind items.  By “scheduling” or adding a “Personal Articles Floater” or PAF, you can get the coverage you need for your new ring.  This coverage does three things: it increases the limit to the right amount (per item), eliminates the deductible and it broadens the coverage to provide “open perils” coverage, or coverage for literally any cause of loss.  There is, of course, an added premium for this kind of coverage, but when it comes to things like your new engagement ring, insurance is a small but important cost to pay.
Protecting your engagement ring doesn’t have to be difficult when you work with the right insurance professionals. Contact the experts at Purves & Associates Insurance services for all of your engagement ring insurance coverage needs in Davis, Sacramento, and surrounding California areas.