Getting married soon? You may want to increase your homeowners coverage.

Popping the big question this holiday? Time to raise your coverage

Some of the biggest gifts come in small packages, something that’s certainly true this time of year when the holiday buying season and marriage proposals become more common as we draw closer to the new year.

If you’re thinking of popping the big question to your significant other during this, “most wonderful time of the year,” you’re in good company. According to two international surveys – one conducted by, and the other by Facebook – wedding proposals increase in the days leading up to Christmas Eve, Christmas Day, and New Year’s Eve. In fact, of the social media users who changed their profile status last year to “Engaged,” most of them occurred around the end-of-the-year holidays.

Proposals have become increasingly elaborate in recent years, as soon-to-be groom and prospective brides – aim to get their answer they’re hoping for when asking, “Will you marry me?” But virtually all of these proposals share at least one thing in common: the engagement ring.

Engagement rings cost a pretty penny these days.  According to matrimonial website The, the typical ring costs approximately $5,600, making it among the single-most expensive purchases in the entire wedding planning process.

The sentimental value and cost of engagement rings make it worthy of protecting in the event the band is lost or stolen. This is something you can do by updating your homeowners insurance policy.

What is an insurance rider?

Perhaps the most efficient way of going about this is by purchasing an insurance rider, which serves as a supplement to your homeowners insurance policy. Otherwise known as a floater or endorsement, a rider is a policy you can purchase separately that insures content-related items, including gifts. Homeowners insurance policies typically include coverage for contents, but they all have limits. The rider increases the amount of coverage you have so that you won’t experience a major financial loss should something happen to the pricey purchase or gift item.

“In the event an expensive piece of jewelry is lost or stolen, the added gift of coverage can help alleviate any monetary woes,” explained Jeanne M. Salvatore, chief communications officer for the Insurance Information Institute. “So if you’re planning a proposal, consider getting the coverage before presenting the ring.”

Among content-related insurance claims, jewelry losses are among the most common, according to the III. The following tips can help you decide how much coverage is appropriate before purchasing an insurance rider or floater:

Get it appraised

How much you spent for the engagement ring may not be a truly accurate representation of what it’s worth. To err on the side of caution, contact an appraisal company so they can “put it under the microscope” to analyze its monetary value. You should also have it appraised if the band is a family heirloom that traces back generations.

Hang on to the receipt

Your insurer will want a hard copy of the receipt for record-keeping purposes. See to it that you don’t lose it and make copies so the appropriate parties can have a paper trail of the purchased item.

Speak with your homeowners insurance provider

Your insurance professional will provide you with everything you need to know to make sure that your floater covers the item sufficiently. A rider can also be added onto your renters insurance policy if you lease an apartment or house.

As you prepare to get hitched to your better half, here’s hoping that your proposal goes off without a hitch. On behalf of all of us here at Elephant, best wishes to you and yours this holiday and a very prosperous new year!


This article is intended for informational purposes only. It does not replace or modify the information contained in your insurance policy.