Did you get engaged on Valentine's Day this year?  Congratulations if you did!  If you are a newly engaged couple, or if you've been engaged for awhile now, do you know how you are supposed to be covering your engagement ring?  

Your engagement ring is a very valuable and important piece of your personal property.  Your standard homeowners policy includes coverage for jewelry, and these items are covered for losses caused by all perils included in your policy such as fire, windstorm, theft and vandalism but they also have a limit.  If you have a valuable item like an engagement ring that is difficult to replace, then you can schedule this item on your home insurance policy.  By scheduling this item you are covering the ring for any type of loss. 

Scheduling your engagement ring is important to do, but do you know who is supposed to schedule it on their homeowners policy?  It's okay if you don't, I didn't know either until our agency owner Jeff Zignego explained it to me.  Your ring should be insured on your fiance's policy, until it is given to you.  Once you have possession of this engagement ring then you should put it on your own policy.  It's important to put it on your own policy so that there isn't any possible lapse in coverage if there is a claim for it.  

Normally these policies cost very minimal amounts of money, but they are worth it if there is a claim on the ring.  To get an accurate quote for a piece of jewelry, such as your engagement ring, you should give your agent an updated appraisal.  This appraisal will be the amount that the item is scheduled on the policy for.  

Make sure to call your local agent to get your new engagement ring accurately scheduled on your policy.



Source
Eagle Point Insurance Group Website
Image courtesy of antpkr at FreeDigitalPhotos.net

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