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Insurance can pay off when it comes to engagement rings

February 14, 2012

Photo by Victoria Stanish - According to families.com, about 10 percent of marriage proposals in the United States take place on Valentine's Day. People whose engagement rings are especially valuable may want to consider taking out an insurance policy for added protection and peace of mind.

Now that Valentine's Day is over and everyone is admiring the engagement ring he surprised you with, it's time to think about how to protect that symbol of love so that it will last as long as the many happy years you will have together.
An engagement ring is a symbol of commitment and usually has great sentimental value to the owner. It can also have significant monetary value: The average cost of an engagement ring in the United States today is $5,200, according to a survey by XO Group Inc., which owns websites TheKnot.com and WeddingChannel.com. Luxury rings start at around $10,000. With this type of investment involved in the symbol of their love, couples may want to review their insurance policies and talk to an agent about what type of coverage they may have if the ring is lost, stolen or otherwise damaged.

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