The Diamond Ring – Insurance, Then and Now
The scarlet outline of a beautiful sun setting beneath the clouds’ vista is the scene where a young man proposes to the woman he wishes to marry.
He: Will you marry me?
She: Oh, yes, yes, yes!
After reaching into the inner pocket of his jacket, the man opens up a small velvet box and removes a sparkling diamond ring. The woman stretches out her finger to accept the jewel that promises a lifetime of married affection, happiness and harmony…
Somewhere back in the 1940s, receiving a diamond ring after breathlessly saying yes to the popped question meant more than pre-nuptial practice. To the bride, it became the guaranteed object of value that she would be left with in the event her future husband developed cold feet and jilted her.
Most women who experience a broken engagement today actually give the ring straight back. While modern trends dictate that the engagement ring is not an insurance policy of sorts, couples realize that the ring itself does in fact require adequate insurance.
A study into standard homeowners insurance or renters insurance will reveal that they typically do not cover a diamond engagement ring’s total value. For the responsible couple, acquiring suitable protection for the object of sentiment and fiscal worth is a must, ensuring its eternity.
The ransacked family home is the scene that greets the married couple one evening. Along with a computer, entertainment center, money and golf equipment, the woman’s diamond ring is gone!
He: Are you sure it’s not in the jewelry box?
She: It’s not there! It’s worth $24,000 and that’s nothing compared to the sentimental value attached to it!
He: Quick! Call the insurance agency. We have to find out how much we are covered for!
Homeowner Coverage Plus
Because of the limits presented by a standard policy, an engagement ring that is lost or stolen would not net its full worth in an insurance claim. Rather, a claimant can usually expect to receive anywhere between one thousand dollars to two thousand dollars in compensation – far less than the typical value.
In order to have the necessary peace of mind, along with the guarantee of full-value reimbursement, it is advisable to purchase something known as a ‘floater’ or ‘endorsement’ on top of a standard home owners plan. Officially referred to as ‘scheduled personal property coverage’, it is the agreement between the insurance company and the insured that secures the appropriate upsurge in a policy’s limitations: in the event of a loss, the ring’s appraised value will be upheld and reimbursed.
The time to certify you’ve got proper coverage is now – not later.
Don’t wait until misfortune strikes to find out if you have the diamond ring coverage you need. Later may be too late!
An independent, family-run insurance agency, PRIME Insurance is your number one address for all forms of auto, home, business, life, workers comp coverage and more. Friends that care, we educate and inform so that you get the policy you require at competitive quotes, while being available after regular hours when you need us most. Working together with leading insurance companies, like ACE, MetLife, Travelers and Assurant, we service Lakewood, Deal and the entire state of NJ, as well as any other place nationwide. We’re on the web at http://www.primeins.com/ – visit us now!