(NEENAH, Wis.) - According to a spending and saving survey by American Express, 13 million couples are expected to become engaged this year. In many cases, their commitment to each other is marked with a ring. Unfortunately, while the groom is busy planning the perfect proposal, he is likely to forget one critical detail to protect the symbol of his love: jewelry insurance.
A recent survey from Jewelers Mutual Insurance Company found that approximately 40 percent of U.S. households that own an engagement ring do not have insurance to protect it. Of those, one-third of the households - largely younger - consider their engagement ring one of the most expensive items they own among other investments such as their home or vehicle.
“It’s taking a big leap of faith,” said Don Elliott, director of claims at Jewelers Mutual, of couples who do not insure their fine jewelry. “Unlike the house or car, the engagement ring is one of the smallest, most likely household assets to become lost. It’s important for us to educate consumers early on, as they start building their jewelry collection, that they can and should insure special pieces that have both financial and sentimental value.”
According to Elliott, mysterious disappearance, or unexplained loss, is the most common reason for personal claims filed with Jewelers Mutual. Many jewelry owners find out too late that this is also a type of coverage not always covered by standard homeowners or renters insurance.
“People often don’t think about whether they have the right insurance until it’s too late,” added Kelley Green, director of personal lines. “Whether a couple is getting engaged or has been married for 5, 10, 20 years, it’s important for them to evaluate their options and feel confident that if their jewelry becomes lost, they won’t have to re-invest to have it replaced.”
Jewelers Mutual’s Perfect Circle® Jewelry Insurance provides coverage that can go beyond standard homeowners insurance to protect against loss, theft, damage and even mysterious disappearance, with no limits on the coverage value. Learn more about the benefits of having customers insured with a policy from Jewelers Mutual at JewelersMutual.com.