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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.

This is the time of year when, it seems, everyone is tying the knot -- strolling into wedded bliss.  All the checklists and plans are underway, and dreams of the wedding march and the honeymoon dance in your head.  But does that checklist include the possible changes to your insurance portfolio as you join two lives and become a couple?  Will you need different financial protection?  What will managing two careers as a couple mean for you?  How will merging two households affect you?

Do your future plans depend upon two incomes?  If so, your lifestyle will reflect that.  You will have expenses that you have not yet anticipated, and perhaps you have existing education loans or even medical bills to pay.  Then there's retirement... yes, it seems so far away, but who knows what the future will bring? Will you buy a home?  Will you start a family?  In fact, one never knows what life holds in store, so it is important to make plans now to protect what you have and what you expect to have.

If the worst happens and tragedy strikes in the future, having started a life insurance policy now could ensure that the surviving spouse is protected.  There are two types of life insurance policies: term which expires and permanent (whole life) which does not. Life insurance is a popular financial planning tool which is much, much more than just a way to pay ones final expenses; and the younger you are when you establish your policy, the less you will pay in premiums and the greater the financial benefit will be, no matter how you decide to use it. Check out Life Insurance details here on our website to find out all the options and prepare to be surprised.

You might already have decided whether you will rent or own your first home.  If you intend to own a house, then your realtor or banker might already have spoken to you about homeowners insurance which will cover your investment if your home is damaged and will also protect you if someone else files a claim for injury or damage for which you are responsible. In fact, homeowners insurance might also cover your own belongings if they are damaged, destroyed or stolen.  If you will be a condo owner, then you will find the terms of your insurance somewhat different; and if you will be renting your home, the terms will be still more different. You can find out the differences and all you need to know about Homeowners Insurance, Condo Insurance and Renters Insurance here on our website.

Just as you merge your households, you will likely own at least two vehicles, as a couple. The good news is as a married couple, you might expect to pay a somewhat lower auto insurance rate, and there might be other discounts that you need to know as well.  If you both are already using the same insurance company and the same insurance agent, it could be easier to arrange for the best rates and the best coverage for your new lifestyle.  If, however, you use separate companies and agents, then it is worthwhile to schedule a review of your policies to see which company offers you the best rates and terms before making any changes.  If you need to brush up on your auto insurance knowledge before you meet with the insurance agent, you'll find all you need to know here on our website.

So while you might feel overwhelmed with all the details to be handled before you take that walk down the aisle, you can understand why reviewing your insurance needs is one item that should not be left off your list.

Best of luck for a long a happy life together!

In future posts, we will discuss other important things for newlyweds to consider and also take a look at the challenges that we face in other stages of life.  So stay tuned...