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Ieuter Insurance Group Blog

All You Ever Wanted to Know About Insurance

Love is in the Air! Now to Insure it...

Happy Valentine’s Day! It is estimated that 6 million couples are likely to get engaged this Valentine’s Days. Here are a few tips for the newly engaged couple:

  • The engagement ring, the average cost of a diamond engagement ring is $5,600. Most homeowners and tenants policies have a limited dollar value for jewelry and limited causes of loss. We highly recommend checking your insurance policy. We suggest scheduling your new ring under an inland marine policy. This allows you the ability to insure the ring for a specific value and also provides for all risk coverage versus named perils. Example: Your ring is accidently flushed down the toilet, without scheduling it, there would likely be no coverage. But by scheduling it you would have coverage and likely with a $0 or lower deductible than on a standard homeowners or tenants policy.
  • Pre-wedding day sit down and address important topics such as home, auto, health and life insurance. Review your property and coverage limits, to avoid underinsuring your most valued possessions.
  • Life Insurance – how much is enough? Revisit your life insurance coverage to determine the correct amount, consider future income potential, the cost of raising children and any outstanding debts
  • Update beneficiaries on existing policies and annuities. You most proactively contact your agent or individual life/annuity insurance provider to update the beneficiary on polices.