Protect your engagement ring with the right insurance!
Got engaged recently? Congratulations! Ensure that you start your marriage on the right foot and invest in engagement ring insurance. While your ring holds immense sentimental value, it also holds great fiscal value. While you may think that it’s covered under your renters or homeowners insurance, that may not be the case. Check out these things to consider when looking for the right engagement ring insurance coverage.
Who Takes Out the Policy?
It depends on who has the ring at the moment. If you’re waiting for the perfect moment to pop the question and haven’t yet proposed then it’s your responsibility to take out a policy. Should you be the ring recipient, then the responsibility then shifts to you.
What Types of Coverage Are Out There?
There are several options that you have when looking for insurance. You can look into extending your current renters or homeowners policies to cover the ring. You can investigate a personal property policy that insures higher priced possessions. You can look into special jewelry policies.
How Much Does Engagement Ring Insurance Cost?
The cost of the insurance is largely dependent upon the value of the ring and where you live. Should your ring be a bit pricier or should you live in a larger city, then your rates are likely going to be a bit higher. But, generally, prices are a couple dollars for every $100 that it would cost to replace the ring.
How Do I Pick a Policy?
What type of policy you should pick is dependent on your individual needs. Be sure to check with your insurance agent to see how the ring would be covered in the event that it’s lost or stolen, how the ring would be replaced, and whether or not it covers the full cost of the ring.
Make sure you have the right coverage for your ring. The professionals at Phocus Insurance can find you the best policies for your needs. Located in Phoenix, Arizona we serve all your personal and commercial insurance needs. Contact us for more information.
