Purchasing Property Insurance in Michigan

7 Mar 2016 Admin

Property insurance in Michigan comes in many different forms. Aside from houses, condos, apartments, boats, and other equipment, there are policies that are issued for valuables such as rings and jewelry. Ring insurance is particularly important for those who make their investments in the form of this fine accessory. If you have a valuable ring with sentimental value that you want to protect from the unique perils that surround jewelry, purchasing property insurance in Michigan for your ring might be the best solution.

What is Ring Insurance?

Ring insurance is coverage that you can purchase to protect a specific ring that’s in your ownership. The insurance can either come in the form of a rider or extension on your homeowners insurance from here. This can cover your ring for up to a certain value when perils cause damage or loss to your property. Another way you can get insurance for your ring is through companies that offer specialized property insurance in Michigan particularly tailored for rings. This type of coverage will offer a more extensive protection for your ring than standard homeowners insurance will.

Why Buy Ring Insurance?

Whether your wedding or engagement ring cost you $500 USD, or if it set you back a value three times that, buying insurance for it will protect not only the value of the ring itself but the sentiment that comes along with it. While the memories and symbolisms behind the ring can’t actually be replaced, you can be sure that you will be able to buy a ring to take the place of the original if and when something happens to them.

How to Get Ring Insurance

When you approach your insurance provider here, you should have a couple of documents in handy. These include the receipts and proof of ownership as well as an appraisal from a jeweler. If your rings were insured along with the bride or groom’s previous residence before they got married or started living together, you should also bring the rider documents along with you. Present all of these to your insurance provider to get an estimate of how much it would cost to have your rings insured and what you need to do in case you plan on putting the rings under a different policy (if they were previously insured.) Because ring insurance isn’t quite as popular as other types of insurance, you should ensure that you understand everything that’s written in the policy before you sign the contract.