Congratulations on your engagement! After spending countless hours shopping for the perfect engagement ring, it represents not only an investment of time and money, but it symbolizes your hopes for the future.
Engaged couples have a million things on their mind: venues, guest lists, cake, the dress, and so many more. But if there is one thing that should be at the top of the wedding to-do list, it should be purchasing engagement ring insurance. Unfortunately, many people do not think to insure their engagement ring, because they believe it is covered under their existing home insurance policy.
“Homeowner insurance policies cover the loss or damage of your personal belongings, but coverage is usually limited to a dollar value of $2000, less your deductible.” ~Chad Mullen, Lane’s Insurance
Homeowner insurance policies cover the loss or damage of your personal belongings, but coverage is usually limited to a dollar value of $2000, less your deductible. In fact, jewelry is one of the items in most insurance contracts that is subject to special limits of coverage. Expensive items like engagement rings, or even electronics, need to be scheduled.
Scheduling your engagement ring will require you to have your ring officially appraised, and submit that appraisal to your insurance company. The insurance company will then add your ring to a “schedule” which will ensure proper coverage in the event that you lose your ring.
It is a good idea to talk with your Calgary home insurance broker so you can fully understand your policy, and choose the coverage that is best for you.
This blog post is part of the “Top 10 Home Insurance FAQ’s” eBook.