While love can be indestructible, your jewelry may get damaged, lost or stolen. And although you could never replace the engagement ring you inherited from your great-grandma, wedding ring insurance can help cover the cost.
Some homeowners policies cover damaged or stolen jewelry for up to $1,000 – but that’s only a fraction of the price of most rings. There are two ways to cover the difference:
- Ask your insurer to raise the liability limit.
- Add a rider/floater/endorsement to your policy. A rider is an optional addition that allows you to customize your insurance policy. It costs extra, but there is typically no deductible in the event of a claim, plus it protects the jewelry from nearly all kinds of losses – even if you lose it or drop it down the kitchen sink. However, wedding ring insurance will not cover damages if your ring was already falling apart from regular wear and tear.
You probably didn’t have to think twice about getting your car, motorcycle or boat insured. But like your wedding bands, there are other valuables and investments in your home that should be protected as well.
Collectibles
Do you have old baseball cards or comic books in your house? Paintings or fine art? Priceless family heirlooms? These collectibles can be pretty valuable, but they can also be easily damaged.
Like wedding ring insurance, you can purchase a floater for your collectibles on your policy (you will need to purchase a floater for each item.) However, the insurer must know what each item is worth. To do that, an item typically needs to be appraised, or you may be able to provide a recent receipt.
Jewelry, diamonds, gold and art can change in value over time, so it’s a good rule of thumb to update your appraisals every three to five years.
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Taking care of a furry friend can get expensive. Pet owners spent an average of $123.6 billion on their pets in 2021, according to the American Pet Products Association. $34.3 billion of that money went to vet costs.
Depending on the policy, pet insurance can help offset the expense of routine and emergency medical care. With most pet insurers, you select a reimbursement and deductible amount, pay your vet and then get reimbursed. When looking at pet insurance, it’s important to determine which conditions are covered, how reimbursement is calculated and if there’s a limit or cap on coverage.
Furniture
Homeowners polices typically come with a built-in percentage of personal property coverage based on the overall value of the home. This percentage is usually between 50% to 70%. While most policies typically cover the cost of replacing your property minus depreciation, some insurance companies will write you a check for what it would cost to purchase brand new versions of your belongings at the time you make your claim.
If you have renters insurance, you pick and choose which belongings to insure and pay a rate based on their value. This is beneficial, as long as you accurately estimate the price of your possessions.
Electronics
The modern home has a lot of technology: laptops, video games, cellphones, computers, tablets and more. Replacing all of these items after an emergency can get costly without insurance.
Often, insurance policies cover technology alongside personal property from damage by fire, windstorms, hail, lightning, explosions, vehicles, smoke, theft, vandalism and other unavoidable natural disasters. Say a covered peril such as a burst pipe happens in your home; while the pipe itself would not be covered and need to be repaired by a plumber, all of the damage that it caused to your belongings – including any electronics – would be.
No matter what, it helps to keep track of the electronics in your home, as well as all other valuable items. It makes claiming losses easier and gives you an idea of how much insurance you need.
When you need to make an insurance claim, a home inventory – a detailed list of your possessions and how much they are worth – can be very helpful to your insurance provider. This list can include photos and/or videos, and can be stored online or in a safe.
To learn more about how AAA provides insurance, from wedding ring insurance to pets, furniture and everything in between, contact an agent.
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