Did that special person in your life just propose marriage on Valentine’s Day? If so, then please accept our best wishes for both of you. We’re sure you’re on cloud nine, and you should be. This is a moment you won’t forget. However, don’t take too long, because there are a few pressing tasks that need your attention now that you are the proud owner of that sparkling diamond ring. We know you have not yet considered the safety of your new bling, but we have. Sometime very soon, you’ll want to “think insurance” as we are. Did you know that the Insurance Information Institute warns that the loss of valuable jewelry is one of the most common of all content-related home insurance claims?

So we hope you’ll take the following steps to see that your new engagement ring is financially protected in case it is lost, damaged or stolen.

• Seek the advice of your insurance professional immediately. Although most renters insurance and homeowner insurance policies typically offer some coverage for jewelry and other personal items, it is usually not sufficient to cover an item like an engagement ring; especially considering that the average value of such a ring runs about $6000, according to a 2016 survey by The Knot.
• Ask for two extra copies of the sales receipt for the ring. You’ll want one for your own records and one to pass along to your insurer to document the current retail cost of that diamond ring.
• If at all possible, get an appraisal. An appraisal from a reputable professional is likely optional if your ring is brand new. However, if it is a vintage ring or a family heirloom or if it has been custom-designed, then an appraiser’s report is necessary to determine the real value of the piece. Bear in mind that appraisal reports are only valid for a few years, after which you’ll need a new appraisal. Ask your insurance agent to help reach out to a reputable appraiser.

After you have taken the above steps to both document the value of that new engagement ring and to properly insure it, you’ll be able to better enjoy your time with your new fiancé so that you both can share your news with your friends and family. You’re off on a path of many “firsts” that will change your life as you’ve known it.

Personal Valuables Insurance Tip

Personal Valuables Insurance offers supplemental coverage for loss, theft and damage for many precious items. They include artwork, crystal, silverware, collectibles, cameras, firearms and more in addition to valuable jewelry. Take some time to talk about your valuable belongings with your insurance agent who can then help you decide whether you need increased insurance protection for valuable items.

The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent before making any decisions or choosing a course of action.  Ewing Hines & Associates is a full-service insurance agency offering auto insurance for your vehicle, home insurance for homeowners, renters and condo dwellers, business/commercial insurance and life insurance to all of Maryland (MD), Virginia (VA), Washington DC since 1960. Our experienced insurance agents at our office in Kensington, MD welcome your inquiries and are glad to discuss your coverage needs at any time.