Should you be insuring your jewelry?

Going to the chapel and I’m gonna get married…

Late summer and early fall in New England is my favorite time of year and (if there isn’t a hurricane coming up the coast) a great time to get married. This insurance agent just celebrated my second wedding anniversary a few days ago and I’m not alone. As I scroll through my Facebook feed I am reminded of all the weddings of family and friends I have attended over the years as they post memories of their own big days.

She said yes! Now don’t forget to call your insurance agent.

Calling your insurance agent is not top of mind when you are planning your wedding, but it should be. Weddings are expensive and so are the rings. Engagement rings, wedding bands, and family heirlooms passed down to the bride and groom have significant financial and sentimental value, don’t forget to insure them properly.

Isn’t jewelry coverage provided by my homeowner’s or renter’s policy?

While some coverage is automatically provided it is somewhat limited. Generally special limits apply for jewelry, watches, and precious or semi-precious stones which apply to the most common type of claim for these items – theft or mysterious disappearance. Every insurance policy is different, so check with your agent for the specific limits, but coverage for these items are usually limited to $1,000 per item with a maximum limit of $1,500.

In this day in age, most engagement rings and wedding bands are individually over that $1,000 sub-limit and collectively well over the maximum limit. Many men save for a long time to buy and engagement ring. Imagine how heartbroken your fiancé would be if that ring was lost or stolen before the wedding. With all the other expenses of planning a wedding, could you really afford to replace it on your own?

Now is the time to schedule your jewelry

If you are in the process of getting married or are a newlywed, this is the best time to contact your agent. To schedule your engagement and wedding bands on your policy, you are going to need a recent appraisal (within the past three years.) If you just bought your ring, most jewelers will provide you with an accurate appraisal that you can use to insure your rings at the correct limits. Trying to get an appraisal for the rings that your fiancé/wife is wearing every day can sometimes be a hassle.

Consider a separate jewelry policy

If you live in Rhode Island you likely live close to the coast. There are a limited number of companies looking to write homeowners policies in Bristol, Newport, and Washington counties due to that coastal exposure. Finding an affordable homeowners policy without crazy hurricane or wind deductibles can be a challenge.

Even if you don’t live by the water, your independent insurance agent has worked hard to find you the best homeowner’s or renter’s policy for the best price. It is far more likely that you will have to file a claim because of lost or stolen jewelry than you are for a fire, lightning, hail, explosion, etc. Claims can and do affect your insurance rates and a big enough claim can cause your carrier to non-renew your coverage.

Shove Insurance has access to special insurance companies that write stand-alone jewelry policies that will help you to diversify your coverage. Not only do these specialty companies provide better levels of coverage and claims handling, but by writing a separate jewelry policy you can insulate your homeowner’s policy from future rate increases caused by a scheduled jewelry claim.

Don’t let an oversight in your insurance coverage ruin the memories of the most important day of your life. Contact our office today to see how we can provide you with the options that best suit your risk exposure.