Friday, July 18, 2014

Insuring the Bling

The ultimate action after getting engaged is insuring your engagement ring. Must be done. ASAP. 

It turns out, sometimes it's not a phone call away. In fact, I found myself in an interesting predicament. Most people insure their ring by attaching it to their home owner's or renter's insurance. Ummm...I'm a Dave Ramsey fan, and I haven't been carrying renter's insurance. I know, it's shameful. Before I continue on with that topic, one quick note.

When you don't have renter's or home owner's insurance, some insurance companies allow you to insure your ring through what they call a jewelry floater. It's a bizarre little freestanding insurance policy for things like...your flashy engagement ring. At least, I've hard there's such a thing. I've yet to find anyone willing to provide the option. It's like a unicorn. Or Sasquach. Rumors are there, but no evidence has been produced yet. 

Ok, let's continue on with the concept of renter's insurance. Trying to insure my ring has taught what an incredible idiot I've been, going without renter's insurance all this time. It's not expensive (my policy is $16 per month). It's peace of mind. You can cheaply attach things like your engagement ring to it and sleep better at night. Of course, everyone hopes they don't have to use it. But we've all heard horror stories about people who needed it and didn't have it. Can you imagine the expense of replacing run-of-the-mill items? Pots. Pans. Pants. Shoes. Washer. Cosmetics! (Is there a meeting for Sephora addicts?) I don't need to go on. Those things add up to a huge bill. Most of us couldn't pay to replace many items. 

If you find yourself in a similar situation, I suggest shopping around. My insurance agent was able to reduce my car insurance so that I could not only add renter's insurance, update my car insurance, and add an engagement ring schedule -- but also I could do all of that and still come out saving money.

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