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 (or floater) to your 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.
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 must be appraised, or you can provide a receipt dated within the past three years to the insurance agent.
“Each carrier has specific underwriting rules,” said Chris Wukovits, agency manager at AAA New York Insurance Services. “Sometimes they don’t require an appraisal depending on the value of the item or how long you’ve owned it. But generally you should. Especially if you’re going to get insurance on the item, you will either need to provide a recent receipt or an appraisal. It’s a good rule of thumb that you update your appraisals every three to five years.”
Jewelry, diamonds, gold and art can change in value over time, which is why it is important to keep an appraisal updated, Wukovits said.
Taking care of a furry friend can get expensive. Approximately $24.5 billion is spent annually on veterinary care in the United States. It’s estimated that your pet has a 33 percent chance of becoming injured or ill each year, and there’s a 92 percent chance that your pet will need emergency medical care at least once in its lifetime.
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.
AAA partners with Healthy Paws Pet Insurance to help cover trips to the vet, medication and more. Members receive a 10 percent lifetime discount on enrollment, and can go to any veterinarian.
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 and 70 percent. 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.
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. “I always give the example of if your pipe breaks in your house,” Wukovits said. “Your broken pipe is not covered. You’ll have to get a plumber … but that water seeping in your basement that ruined all of your belongings and your electrical, that’s all covered. The ensuing loss is always covered if it’s a covered peril.”
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.
The most important thing here is to create a home inventory – a detailed list of your possessions and how much they are worth. This list can include photos and/or videos, and can be stored online and accessed if you have to file a claim.
To learn more about how AAA provides insurance, from wedding ring insurance to pets, furniture and everything in between, contact an agent.