Is an engagement ring part of your plan for this year’s holiday?
Whether it is an engagement ring or some other valuable token of your love, you’ll want to protect your investment.
And as you start planning for the big day, you’ll want to guard your wedding against costly problems.
Insurance Protects Your Pricey Valentine’s Day Gift
Have you set the scene?
Maybe it’s an elegant dinner with champagne. Maybe it’s a walk in the moonlight, poetry and roses – or a single rose.
Whatever you have planned for your Valentine’s Day proposal, or gift-giving, be certain to protect your investment.
The writers at Insider recommend a number of steps to take when insuring an engagement ring. In addition to insuring a ring immediately after purchase, it says to get an appraisal. You want to know the value of your love token.
A grading report from your jeweler would be especially helpful.
Life Hacker reports that insurance for any expensive jewelry would normally be a rider to your existing Homeowners Insurance or Renters Insurance. If you don’t have one of those policies, you can get a standalone policy. However, a rider is usually more cost effective. Also, you really should protect your other possessions with a Homeowners or Renters policy.
Of course, once your proposal is joyfully accepted, it’s time to plan the wedding. Depending on what type of wedding you both want, you’ll be looking for locations, florists, caterers, photographers, printers, and more.
The unfortunate fact, is that problems with any of these vendors could derail your big day.
KSAT.com reported that a popular wedding venue closed its doors. The company declared bankruptcy, but didn’t warn clients who already paid for events. This left countless couples out thousands of dollars and without a venue.
New York Times writer Daniel Bortz suggests considering wedding insurance for just this reason. Two types are liability insurance and cancellation insurance.
Liability insurance in particular protects your guests and the venue. If a guest is injured, the policy can cover medical expenses. If your guests trash the venue, it covers that, too.
Cancellation insurance protects you against one of your vendors closing without refunding your deposit. This could be the location, the florists, or anyone else who fails to provide service or a refund.
But before we get too far down the road, it’s Valentine’s Day. You are with the love of your life and preparing to take the next big step. Or perhaps you purchased your Valentine an expensive gift.
Whatever, the occasion, the Keating Agency is here to help. We’ve been your local, independent insurance agent for more than 50 years. We have the knowledge and experience to help you find the right policies at the right price to meet your needs.
Give us a call.