Love is in the air. It takes me back to Valentine’s Day of last year when Dave & Carley finally got engaged.
It was a beautiful evening. They went to a 5-Star restaurant to celebrate. They had the works; champagne, shrimp cocktail, reuben sandwiches.
At the restaurant that evening Carley runs back to the powder room to freshen up a bit. She took her ring off to wash her hands. She didn’t think anything of it.
Until later that evening…and it hit her. Her heart sank. She ran back to the restaurant and unbeknownst to her the ring was gone. No where to be found.
SEE ALSO: An Insurance Guide for Newlyweds
However, luckily for Carley, prior to the engagement Dave had added the ring to his homeowners insurance policy. So they were able to replace the ring with no deductible and live happily ever after.
Who says insurance can’t be romantic?
Is It Necessary?
If Dave wouldn’t have added Carley’s engagement ring to his homeowners policy he may have had limited coverage, if any. Plus it would have been subject to his deductible.
Generally homeowners insurance has limited coverage for jewelry if it happens to be stolen or accidentally misplaced. The solution is to add a jewelry rider to your homeowners policy that provides full replacement of the lost or stolen jewelry.
When you add this type of rider you will be required to provide an appraisal. Most of the time the deductible for a jewelry rider is $0, $50, or $100.
This also applies to firearms and other collectibles of high value in your home.
This year, give us a ring. Let us create a plan to protect you and your family.