Sure, it is all fun and games looking at bridal magazines. Do not try to deny that we all haven’t looked at them imaging our dream wedding because I have been looking at Bride Magazine since I was 10. It is a very different matter planning an actual live breathing wedding and the other matters that come with an engagement.
Here is one item I never thought of before the engagement. Insurance! So here is the low down on what I have recently learned.
What were to happen if you lost your ring or God forbid you were robbed? Your fiancé may have spent months saving for it or it may have been in his family (or yours) for generations. How would you replace it?
You may have renter insurance and for some policies, like the one I have through State Farm, covers jewelry up to $1000. After that, you are on your own. The answer to that is a rider. What is a rider?
A rider is: An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage.
WHAT?
Basically this means that you are covered above the amount stated in the original policy. A rider will only cover you to a certain amount as well. So if you have an article, say an engagement ring that is worth around $10,000, your best bet is to get Personal Articles Floater. From the Travelers Insurance website:
Personal Articles Floater provides even more comprehensive coverage than the Valuables Items Plus endorsement. The Personal Articles Floater is the right coverage for you if you wish to protect items that have been carefully selected and whose values exceed the limits of either a Homeowners policy or a Valuable Items Plus endorsement.
You have to have an appraisal of your ring to send into the insurance company. This was probably given to your honey when he bought the rock, but if you don’t have it, no fear. Call a local jeweler; ask nicely if they could appraise your ring for you for insurance purposes. Most should be happy to help, since after all, you are going to need to buy a wedding band for your man soon.
Now, the question that everyone wants to know, but does not want to ask.
COST
A Personal Articles policy will run you about $100 per year. There are different deductibles that will dictate how much you have to pay.
I hope this is useful to someone as it would have been helpful to me. I also hope you never have to actually use the insurance and you ring stays safe and close to you at all times!