Getting Engaged? Remember the Ring
It’s February and love is in the air! What would Valentine’s Day be if it were not for red roses, chocolate hearts, and Hallmark happiness? Well of course the pinnacle of wedding engagements. In fact, the twelve-week span between Thanksgiving and Valentine’s Day accounts for 40 percent of all wedding engagements! That is impressive considering there are 40 other weeks on the calendar.
If you were one of the millions of couples that celebrated a recent engagement this Valentine’s Day and you’re feeling like a smitten kitten, you are probably in good company based on the numbers. However, nothing can scare away the love-bird butterflies like a lost or stolen engagement ring.
I know this took a quick turn from the idyllic to “I-don’t-believe-it” but don’t fault us for raining on your wedding day… After all, what good would an insurance blog be if it didn’t scare you into adequately protecting your property?
Simply put, that engagement ring is not only a precious symbol of love, it’s also valuable; often times, extremely valuable. So it goes without saying that the first phone call made post-proposal would be to your insurance agent to procure proper coverage on the precious jewelry. Ok, maybe not the first call after the bended knee, but certainly you can find time to reach out to your agent somewhere between the post card to Great Aunt Gertrude and the conversation with your clumsy neighbor across the street that always backs into your recycling bin… Right?
Is My Engagement Ring Covered on My Homeowners Insurance Policy?
The most common misconception around protecting an engagement ring or other valuable jewelry for that matter, is that the full value of the item would be covered by homeowner’s insurance. Although homeowner’s insurance does provide personal property coverage with limits beyond the cost of an average wedding ring, most policies specifically limit coverage on high-valuable property such as jewelry, fine art, and collectables. Most home insurance carriers limit coverage for jewelry to between $1,000 and $2,000. This amount would not provide near the level of compensation needed to replace a valuable engagement ring.
In addition to the reduced limit that homeowner’s insurers provide for jewelry, there are also limitations on what would trigger the coverage for your engagement ring. The typical homeowner’s policy provides coverage for events such as theft, fire, smoke, windstorms, and to a lesser degree, water damage from internal systems. This means that most homeowners insurance policies will not provide coverage when your wedding ring slips off your finger and goes down the drain or mysteriously disappears while swimming at the beach.
How Do I Get Insurance Coverage on My Wedding Ring?
The best way to obtain coverage on your engagement or wedding ring beyond what your homeowner’s insurance policy provides, is to secure jewelry insurance. Jewelry Insurance can be added as a scheduled property endorsement or floater to many homeowner’s policies. Alternatively, it can be purchased on a stand-alone Jewelry Insurance Policy. Having the jewelry specifically covered through a floater or jewelry policy will provide an adequate amount of coverage for perils beyond a standard homeowner’s policy and in many cases will feature a reduced or zero deductible.
Congratulations on the recent engagement and hopefully your ring will be a lifelong reminder of the love you share with your partner. But before you flaunt & flutter this spring, call your agent to insure your ring! For detailed information regarding the available jewelry insurance coverages or the limitations on your homeowner’s policy, please contact a licensed Moore Resources Insurance Agent.
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.