Losing It on Your Wedding Day

BLOOMINGTON, Ill., April 12, 2011 /PRNewswire/ -- June may be the most popular month for weddings, but on April 29, the world will turn its attention to the spectacle that will be the Royal Wedding. The engagement ring that Prince William gave to Kate Middleton is the same ring his father presented to his mother, Princess Diana. In fact, when Prince Charles presented the ring to Diana in 1981, it was purchased for about $60,000. After Diana's death in 1997, the ring was appraised at approximately $500,000.

Whether it is a royal event or a backyard ceremony, a couple's wedding day is one of the most cherished events in their life. The last thing any couple should have to worry about is losing or damaging a ring. State Farm® urges consumers to consider purchasing a personal articles policy (PAP) to cover unexpected jewelry loss.

For most consumers, a standard homeowner or rental insurance policy includes coverage for loss to personal property. However, there are deductibles and coverage limits. For example, a standard homeowner's policy won't cover an accidental loss such as dropping a ring in the toilet or sink. If you lose the ring, you can lose your entire investment.    

For valuable items, such as jewelry, a PAP can provide you with the additional affordable coverage you need. A PAP is a separate policy you take out on valuable items that your home insurance won't adequately cover. Insured jewelry is covered for accidental physical loss or damage. In other words, if your best man loses the wedding ring, it is covered.

When getting personal articles policy coverage, consider these tips:

• Keep your home inventory list updated every time you make a major purchase. Include the receipt, serial number and photograph of the new item as proof of ownership.
• An appraisal with a proper description is required on each jewelry item in excess of $5,000.
• If your jewelry has been appraised, make sure you keep all documentation with the purchase receipt and photos. Should you need to file a claim, this will help with the claims process.
• Consider having jewelry re-appraised every so often to ensure that the policy is providing appropriate coverage. Since 1981, Princess Diana's ring has seen an increase in value of 733 percent.

For more helpful information about getting married, visit the State Farm Learning Center.

About State Farm®

State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. Our 17,800 agents and more than 66,000 employees serve 81 million policies and accounts – more than 79 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 34 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®. 

SOURCE State Farm