WASHINGTON, D.C. — This Valentine’s Day, partners across the United States will get down on one knee, open a velvet box with a sparkly ring and pop the big question to their loved one. While this special moment is about the joy of two people making a commitment to one another, it is also about the ring. When couples get engaged, their social media feed lights up with pictures of them excitedly displaying their new bling. While a symbol of love, engagement rings are often a significant financial purchase, and as such, couples need to protect this asset by purchasing insurance.
“We have all heard the nightmare stories about engagement rings that are lost or stolen,” said Jessica Hanson Hanna, senior vice president of public affairs for the American Property Casualty Insurance Association. “This is why couples need to get valuable jewelry, like engagement rings, properly insured so that it can be replaced if something were to happen.”
Valentine’s Day is the second most popular day of the year for couples to get engaged, according to WeddingWire.com, and recent data shows that the average engagement ring prices are continuing to increase. Brides’ American Wedding Study found that the average engagement ring cost in 2018 was $7,829, up from 2017’s standard price point of $5,023.
“With couples spending more and more on engagement rings, obtaining a written appraisal and jewelry coverage is more important than ever before,” said Hanson-Hanna. “A quick call to your insurance agent or company can get the process started.”
Homeowners and renters insurance policies generally cover up to $1,500 if jewelry is lost or stolen. For more valuable jewelry, a special add-on to a current policy or a separate policy may need to be considered.
Insurers want to help consumers make the best insurance coverage choices, so it is important to contact your agent or company to talk through options.