This post originally appeared on POPSUGAR Smart Living.
Your commitment is what matters, but you'd still be pretty upset if you lost your engagement ring, right? Before you get too caught up in showing off your bling like Carrie Underwood, make sure to protect your prized possession with jewelry insurance.
A good personal-article insurance policy will cover your engagement ring, wedding ring, or other jewelry — up to whatever amount you choose — in the case of theft, loss, fire, or something crazy, like the diamond falling out during a water-ski excursion. Policies vary depending on your coverage and the value of your ring, but there are some general rules. Now that you've found the perfect ring, here's what you need to know about ring insurance.
Check Your Policy
Just because you have renter's or homeowner's insurance doesn't mean your ring is fully covered. Generally, these policies only cover personal articles up to a certain value, such as $1,000, so check to see what your policy covers. Even then, this only covers jewelry in the case of theft or fire in your home.
Get an Extension
You can add jewelry insurance as a "rider" (or extension) to your homeowner's or renter's policy, or you can purchase a separate personal-article policy to cover jewelry and other valuable items. Either way, this will cover the ring even when it's outside your home.
Know Your Options
Talk to your insurer about options. Prices vary depending on the value of your ring, the value of the stones, and what disasters your insurance covers, such as theft, loss, damage, or other unexpected issues. Some policies will reimburse you with a check —the best option for one-of-kind or heirloom pieces — while other coverages might require that you actually purchase a replacement ring via an approved jeweler.
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