It may not seem romantic, but many consumers are choosing to purchase coverage for this sizeable investment.
As people across the country get ready to pop the question on Valentine’s Day, they are also purchasing engagement ring insurance coverage. These policies are meant to provide protection against the unexpected. After all, this piece of jewelry is considerably more expensive than a box of chocolates or a bouquet of roses.
It’s clear that a growing number of people are hanging onto their financial sense even in romantic moments.
Before people get down on one knee, engagement ring insurance policies are often being purchased. The reason is that this one piece of jewelry is quite expensive. Last year, the average engagement ring price tag was $5,871, according to a popular wedding website. This is certainly a great deal more costly than the average teddy bear holding a plus heart – even when taking into account the typical Valentine’s Day markup.
Today’s engagement ring insurance covers this precious piece against loss or theft.
After all, it would be emotionally upsetting enough if the ring should ever go missing. However, it isn’t just its sentimental value that would need to be taken into account. Most couples wouldn’t be able to easily replace an engagement ring if they were to lose it through loss or theft. The majority of couples are simply not in a financial position to do so.
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US Bank wealth coach, Liz Deziel, explained “It is one of the first major purchases that you’ve made if you’re getting married in your 20s, or even if you’re older.” She added, “If you did lose that ring, think about the severity of that loss and what it would cost to replace.”
According to a Jewelers Mutual Insurance Company survey, over half the respondents had lost a piece of jewelry of some nature during 2012, the most recent year of the survey. Among the lost pieces, none had a value greater than $5,000. Of the women who participated in the survey, two out of every three said they did not replace the lost jewelry because they didn’t have the necessary insurance policy to cover it and it was too expensive to re-purchase.
Despite the fact that many jewelry companies have said that expensive traditional engagement rings are going out of fashion, the trend is far from done. Among the couples who do keep up the tradition, engagement ring insurance has become a serious consideration.