Did you just give or get an engagement ring? According to TheKnot.com “37 percent of engagements happen from November to February[.]’
So should you insure your engagement ring?
An engagement ring at times costs as much as a car and as such you should insure your engagement ring as well as other personal items of significant value.
Scheduled Personal Property Coverage Insurance
Isn’t the engagement ring covered under homeowners insurance? While personal property coverage is a part of homeowner insurance, if you take a closer look you will most likely discover that your homeowners insurance is limited. You will realize in many circumstances, additional coverage known as scheduled personal property insurance is needed to protect high priced items that are not covered by limited coverage under a standard homeowners insurance policy.
Understanding The Limits
While a standard homeowners insurance policy usually offers you coverage for your personal belongings, the coverage is most limited. Scheduled personal property coverage offers protection against greater risks and raises the coverage limits. This is especially important for big-ticket items like an engagement ring. For example, there could be a $3,000 limit on what your homeowners insurance will pay for your jewelry despite its higher value. So if you file a claim for jewelry that costs $15,000, you will only be paid $3,000. That would be a loss for you.
Scheduled personal property Insurance can also cover additional risks. We already discussed that the standard homeowners insurance policy is limited to a certain dollar amount of personal property coverage that might not be sufficient to cover your loss. But it is usually limited to the type of circumstances that it will cover. For example, a standard homeowners insurance policy might offer limited monetary coverage if someone breaks into your home and steals your engagement ring, but what happens if your engagement ring is lost rather than stolen? Your standard homeowners insurance policy will not usually cover lost items. On the other hand, a Scheduled Personal Property Insurance policy would cover items that you accidentally lost.
What Items Can Be Insured With Scheduled Personal Property Coverage?
Obviously, scheduled personal property insurance can cover more than just engagement rings. You can cover watches, jewelry, art, guns, antiques, collectibles, and much more.
In Short
Accidents happen, no matter how responsible we think we are. You could lose your engagement ring or wedding ring while gardening or on vacation. Instead of weeping over the monetary loss, have the foresight to get scheduled personal property coverage.
WHY SHOULD YOU CONTACT E&Y AGENCY, LLC FOR SCHEDULED PERSONAL PROPERTY INSURANCE?
E&Y is an independent insurance agency that represents many financially sound and well-respected insurance companies. Therefore, we are in a position to shop through different insurance companies and find you the best coverage at the most competitive price.
Unsure if you need scheduled personal property coverage? Contact an insurance professional who can help you weigh out the options and find the best policy at the best price.
