Valentine's Day is one of the most popular days for engagements, and stands out as one of the biggest times of year for making fine jewelry purchases. While there is much excitement around enjoying a sparkly new piece of jewelry, or the sentiment of a new engagement ring, people sometimes forget about the importance of protecting these valuables. We have a few tips to help give you peace of mind about protecting your jewelry.
Knowing how much personal property insurance coverage you have under your standard homeowners or renters policy is a good place to start. Most of the time, you'll be covered up to a certain limit if the ring is stolen. But with the average value of an engagement ring in the US costing around $5,000, insurance policies may not cover the full value.
|Your standard coverage may only cover part of the ring's cost, and there's usually no coverage if the ring is lost or damaged, so you may have to add additional coverage to insure the full cost should you ever need to replace the ring. This is called scheduling property, which means you're increasing the amount of insurance coverage for an individual item. For high valued items, like engagement rings, the item is on a "schedule" and insured separately - not covered under the general personal property limit. Usually you can expect to pay around $1-2 per $100 of the item value.|
|"Remember that the value of jewelry can change over time. It is important to have a recent appraisal done every 2-3 years and update your policy when the value of jewelry changes to ensure adequate coverage," advises Emily Lyons, Liberty Mutual personal property insurance expert.
Another important factor is insuring your new jewelry in a timely fashion. You'll want to make sure you're covered even if it something were to happen in the days after purchasing or receiving it as a gift.
Following these tips will keep your mind at ease that your sentimental pieces of jewelry are protected.
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