Ladies and gentlemen, it’s that time of year again. Love it or hate it, Valentine’s Day is right around the corner and for many of you – it might mean a proposal. The latest American Express Spending and Saving Tracker consumer report found that six million couples are likely to get engaged on Feb. 14.
While you’re planning your fairy tale wedding, you might want to consider getting that ring insured. The average cost of an engagement ring was $2,410 in 2013. So while engagement ring insurance may not sound romantic, it might grant you some peace of mind.
OK, so how do I get it?
Well there are a few ways that you can insure that ring. It can be purchased as an extension of your homeowners’ insurance policy or renters’ policy. You’ll need your receipt and an appraisal from a certified gemologist. The most important thing to remember is to update that policy if you move.
If you don’t have an existing homeowners or rental insurance policy, the other option is to find a company that specializes in jewelry insurance. These kinds of policies can vary greatly in terms of coverage, so be sure to ask lots of questions about the kind of coverage provided in case you lose the ring or if it’s stolen.
You should expect to pay around $1 – 2 for every $100 that it would cost to replace the engagement ring annually.
Whichever route you choose, always make sure to call your local insurance agent first to ask what they would suggest. At Lakewood Financial Services, we’re your personal safety net.