Insuring the Bling
Tuesday, November 27th, 2007Is your engagement ring insured? If not, it needs to be! Most homeowners insurance policies will allow you to add a rider to cover your ring (or other expensive jewelry) very easily – just call your insurance agent and ask about insuring it. Don’t assume that you are covered under your standard policy – most homeowners only cover jewelry up to a certain dollar amount which is usually much lower than the value of a diamond engagement ring. Adding the rider really is quite inexpensive per year and costs a lot less than replacing that diamond!
If you are already insured, do you have a current appraisal? Many insurance companies require a current appraisal to be on file. What is considered current? Nationwide requires it be within the last two years – if you don’t have a current, professional appraisal, they can deny your claim! Kind of tricky, huh? Check with your insurance company for their requirements regarding the appraisal including how current it should be and if the appraiser must have any specific certifications.
You can find a professional appraiser at the American Society of Appraisers website.














