If you already have San Antonio Renters Insurance, it’s very easy to insure an engagement ring on that policy. Whose policy it goes on depends if you’re already living together, and if you’ve already given the ring. The person whose ring it is generally should be the one to insure it. Already given it? It should go on the recipient’s policy.
That’s often irrelevant, since many people live together before getting engaged and as a result already are sharing a renters insurance policy in their San Antonio apartment. You might be asked what the recipient does for a living, and when they take off the ring. Those are directly relevant to the risk.
It’s important to insure the ring in the proper way. Generally, if it’s under $10,000, it can simply be endorsed onto your policy. You’ll want some documentation, of course, but a receipt is often sufficient. You’ll want to increase your personal property limit, as well in order to make sure that a large loss leaves you with coverage for the other things that you’ve lost.
If it’s in excess of $10,000 it’s important to add a personal articles floater. This type of policy offers open perils coverage. Direct physical loss or damage to the ring is covered, except for things that are excluded such as nuclear war. That is the best type of coverage to have on an expensive object, of course. In order to finalize the policy, you’ll want a copy of a recent appraisal, as well.
On average, insuring an engagement ring costs anywhere between fifteen and twenty dollars per thousand dollars of value, per year. This can, of course, vary based on the total value of the ring, the risk, and underlying policy factors. Considering the total value of the ring, the coverage is quite affordable and is designed to make sure that you’re made whole even if there is a loss.
Don’t forget to have the ring reappraised every few years, to make sure that you’re insured for an appropriate amount. The price of diamonds, gemstones, and precious metals can fluctuate somewhat, so this is important. To find out more about how to protect your most valuable possession, just call (800)892-4308 or click to get covered - whether you need San Antonio renters insurance quotes online or coverage anywhere else!
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Photo Credit: TVZ Design Three Stone Ring With Pears CC BY 2.0