Engagements and weddings are exciting times. It can be easy to get wrapped up in the details and logistics of the simcha and forget about that new valuable piece of jewelry on the bride’s finger. It is important to insure new valuables when they are purchased so you don’t find yourself stuck without coverage.
Can I Add My Jewelry To My Homeowner’s Policy? Or Do I Need Specific Jewelry Insurance?
What now? How do you ensure that your wedding ring is safe?
The most common way to insure your jewelry is to list it under your Home Contents Insurance. Most plans can cover your engagement ring, but it’s important to check and ensure it is covered appropriately. Home Contents Insurance can protect your jewelry against all risk cases including theft, loss and accidental damage. That said, the policy will only cover your jewelry up to the specified amount listed in an appraisal report or in a receipt. From our experience of handling claims, we believe that it is worthwhile insuring your jewelry for “All Risk” and extending it to “Worldwide” cover – for those travelling abroad frequently. Determining how to insure your jewelry is not always an easy decision and should not be made lightly, but it doesn’t have to be an expensive business.
What Is The Difference Between Damage, Theft and Mysterious Disappearance?
Theft is when there is evidence that your valuables were stolen. If there is no evidence of theft, it can be considered a mysterious disappearance. Imagine you head to the beach for the day and before you get in the water, you put your ring in your bag. On the way home you discover your ring was no longer there. It mysteriously disappeared. With the right policy, your valuables would still be covered, even in this case. As part of the claims process, the insurance company will require a police report, be it to report a theft or a lost item. It is crucial to follow the correct steps in the event of a claim to make sure you can get paid out for the insurance event.
What’s The Biggest Mistake People Make When Buying A Homeowners Policy?
The biggest mistake you can make is to assume that all your valuables are covered under your home policy automatically. It is important to read over your policy carefully and to understand the fine print. That responsibility can be overwhelming, especially for new insurance holders. That is why at Goldfus Insurance, our team will explain the policies thoroughly. You don’t have to understand it all on your own. There is no making up for the sentimental loss of an engagement ring, but if you have the right policy for you, making up for the monetary loss can help ease the pain.
Adding Your Engagement Ring (Or Other Valuables) To Your Existing Plan
Adding on an item, such as your engagement ring is straightforward and should not be skipped. Generally, the receipt of the purchase or an appraisal from a jeweler is enough to add it to your plan. Sometimes, an appraiser will need to verify the value before adding the ring on the policy. It is also important to consider what kind of coverage you will need for the ring. Most likely you will want to protect it against theft and loss both in and out of the house. It is also important to consider if you would need the ring to be covered internationally.
At Goldfus Insurance, we want you to wear your beautiful new engagement ring with confidence, now and for many decades to come. Contact us today to learn more about how we can insure all your valuables with a new plan or adding to your existing plan.