Thursday, August 13, 2015

Insuring your engagement ring.












As I stare down at my stunning engagement ring, I can’t  help but wonder when the age old tradition of engagement rings started.
 

Some believe ancient Egyptians twisted and braided rushes and reeds into rings. Roman adopted the tradition of the wedding ring. However, it wasn’t a symbol of never ending love, it was given as a symbol of ownership. Roman men would “claim” their women by giving them a ring. It wasn’t until 860 that Christians began using the rings in wedding ceremonies. The rings were considered to be a symbol of the union of two hearts. The first recorded account of giving a diamond engagement ring was in 1477 when King Maximilian of Germany proposed to Mary of Burgundy. Jewelry stores around the world have been rejoicing since that moment!!
 

Today’s rings have come a long way since the braided reeds of Egypt. Should your ring be lost or stolen, you can’t run down to the river and braid another one. The sentimental value is priceless; having your ring own properly insured will allow you to replace it in the event “something” happens (knocked down the garbage disposal, flying off your finger while bungee jumping, vanished from the hotel nightstand, etc.)

Most standard home owner’s policies offer limited coverage if your ring is stolen. Coverage is typically under the $5,000 average value of an engagement ring in the U.S. In addition, there is usually NO coverage if the ring is lost or a stone falls out or breaks. To insure that you have your ring covered for nearly anything that could happen, you need to add additional coverage. This is called scheduling property….you’re insuring an individual item. For jewelry, you can expect to pay under $1 for every $100 that it would cost to replace. If your ring’s value is $9000.00, you can expect to pay under $90 per year for insurance. Think of how much happier your marriage will be if your ring is fully covered when it slides off your finger while gardening, kayaking or whatever your fancy!