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With engagement season in full swing, some of you lucky ones have already plunged into the hectic world of wedding planning.\u00a0 You\u2019ve got to find the who, what, when, where, and how. At Answer Financial, we don\u2019t have advice for avoiding the poufy ’80\u2019s nightmare of a dress your future mother-in-law thinks your bridesmaids will just adore, but we do have a majorly helpful hint to avoid certain catastrophes. Before all of that planning begins, there is one very<\/i> <\/b>important<\/i> step that some brides either forget or do not even realize they should take: insure your engagement ring.\u00a0 Think you\u2019re already covered?\u00a0 Best read on and make sure.<\/p>\n
Did you know that a typical homeowners or renters policy only includes $1,500 of jewelry coverage?\u00a0 Furthermore, most insurance companies place a limit on how much they will pay out on a single item that has not been listed on the policy.\u00a0 This limit usually ranges from $500-$1,000 for items of jewelry.<\/p>\n
Can you imagine experiencing the loss of your engagement ring only to find out that the true value of the item is not covered?\u00a0 Scheduling your high value property on your renters\u2019 or homeowners\u2019 insurance policy is a great way to prevent such a tragedy.<\/p>\n
A scheduled item is different from your general homeowners\u2019 or renters\u2019 insurance policy. It is a single item that has a declared value. Your insurance carrier will want either an appraisal or certificate to verify the value of the piece.\u00a0 For some items, they require annual appraisals to ensure that they are insuring for the correct amount.\u00a0 When you\u2019ve got a newly purchased ring, the necessary documents should be easily obtained from your jeweler.<\/p>\n
![\"happily](\"https:\/\/blog.answerfinancial.com\/wp-content\/uploads\/2014\/01\/ring-300x131.jpg\")
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