the insurance policy of love

“Palms are sweaty, knees weak, arms are heavy.” While we are not talking about a rap battle in Detroit, the same feeling can be had by those popping “The Question” this Valentine’s Day.

And while we know you don’t need us to receive a “yes!” response, insurance does play a role in keeping those tears joyful.

Engagement Rings Aren’t Cheap

The average cost of an engagement ring is $5,900 and now that you own it, you better never let it go.

While a typical homeowner’s policy will cover around $1,500 for jewelry, you could still be in the hole.

So what can you do to protect the bling?

A Little Common Sense & A Little Security

First things first, be smart when you are in possession of the ring.

Don’t forget the ring in a coat pocket if you are checking it in at a restaurant. This will not only save you an awkward moment when you get down on a knee and realize your pockets are empty, but you can also never be too careful around people you do not know.
Keep your ring (box) out of plain sight and on you at all times. Even if you are running into a gas station for a snack and leave the ring in your car, an opportunist could seize the moment.

Be Prepared

Two items you should be armed with to make the process of obtaining insurance for your ring smooth are:

A copy of your receipt, which will provide the rings retail value. (be sure to keep a copy yourself)
A copy of the appraised value of the ring.

Contact Your Insurance Agent

With more than 2 million weddings annually, your insurance provider has plenty of experience sharing how you can insure your ring.

A recommendation you may receive is to purchase a floater or endorsement policy for the ring. A typical floater for a ring can cost as little as $1 to $2 per every $100 in ring value annually.

And if you don’t have an agent, we invite you to find a local Westfield appointed agent here!

Home Inventory

Now that your ring is protected and you have returned home safe from your Honeymoon, it is wise to add the ring to your home inventory. And if you do not have a home inventory, it may be a good idea to create one. This tool will keep all your personal possessions documented in one place in the event of a loss. And it helps verify you have the right amount of coverage.

So, consider the insurance policy of love because this opportunity comes once in a lifetime.