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Insure that Valentine’s Day Engagement Bling

engagement ringIf you’re planning to pop the question on Valentine’s Day, make sure your homeowners or renters insurance covers that engagement ring.

Rings are the third most popular purchase item in the two weeks leading up to Valentine’s Day, according to Slice Intelligence, which gathers purchase data from hundreds of millions of aggregated and anonymized e-receipts.

The average engagement ring costs about $6,000, and most standard homeowners and renters insurance policies cover jewelry. But many policies limit that coverage to only $1,000 or $2,000, not enough to cover the cost of big bling.

So you should contact your insurance agent to check your limits. If your ring and other jewelry are worth more than your policy covers, you’ll need to purchase an add-on to your insurance policy called a “floater” or endorsement. That will boost your coverage to the higher level needed.

Floaters don’t have deductibles, so there is no out-of-pocket cost if your jewels are lost or stolen.

Don’t forget to keep the receipt and give your agent a copy. If the ring is an heirloom passed down from a relative, get it appraised to establish its value for insurance purposes.

Finally, add the ring to your home inventory, perhaps by using the Insurance Information Institute’s “Know Your Stuff” app available for Apple and Android phones, or check with your insurer for its branded home inventory app.