People around the world will be tuning in to the wedding of Prince Harry and Meghan Markle on Saturday with great anticipation for the reveal of her wedding dress. Royal wedding mania began with the one-of-a-kind ring 5-carat diamond diamond from Botswana, where the couple had vacationed together, and diamond side stones that were given to the prince by his mother, Diana, Princess of Wales. Some jewelry appraisers estimate the ring to be worth $350,000.
Americans on average spend $6,351 on an engagement ring, according to The Knot’s 2017 Real Weddings Study. Even though it is often the most expensive piece of jewelry a woman will own, many people fail to realize insurance coverage for jewelry is fairly limited under their policy. Insuring that ring is easier and more affordable than you think. Coverage can be added to your existing renters or homeowners policy or purchased as an individual policy. Most renters and homeowners policies cover items inside your home, but they only do so up to a certain dollar value- not everyone needs the increased coverage so it isn’t automatically built into typical policies. A jewelry endorsement can cover your wedding ring and any other fine jewelry including watches up to their true value (usually set by an appraisal). Jewelry insurance is affordable at Broome Co-op and easy to purchase. Coverage only costs around 2% of the total value of your jewelry, so a $5,000 engagement ring will cost about $100/year to insure.
Before you tune in to the coverage on the royal wedding, be sure your own royal treasure has the coverage it needs. It’s easier and more affordable than you think Contact one of our Independent Agents for a quote today.