Thinking about getting married? It all starts with the engagement ring. Making sure your future homeowners insurance will cover this expense should be a consideration before and after your wedding. An engagement ring can be pretty expensive, so protecting this investment is a high priority. Already engaged? There are a few things you should know:
- If you aren’t married, the person who has the engagement ring should be responsible for its protection.
- Once you obtain Florida home insurance, your policy may need to have an addendum to provide insurance for the ring. Depending on the cost of the ring, you may need additional coverage.
Are there any limits or requirements for personal property on a homeowners insurance policy?
Most likely, yes. Your insurance agent should be able to provide that information to make sure your engagement ring and other valuables are properly insured. In order to place an engagement ring under the policy at a higher protection value, you must provide a receipt that is no more than one-year-old; or have proof of an appraisal that is no more than one-year-old. Additionally, the sub-limits range between $1500-$2500, which may not be enough to properly insure your ring.
Knowing the type of insurance coverage you have under your Florida homeowners insurance policy is very important. Your insurance agent should be able to provide the information you need to make an educated decision that will properly protect your investment. You may also want to obtain an individual engagement ring insurance policy. Any valuable piece of jewelry you own should have proper insurance, so make sure you ask the right questions to make the best decision. As a consumer, asking your agent how much is homeowners insurance, especially when considering adding extra protection is key. Knowing the answers to these questions will help decide the best homeowners insurance policy that will work for you. You may also want to read about 7 homeowners insurance questions to ask your insurance agent.