How To Insure Your Engagement Ring – Getting engaged, is one happy moment every woman dreams of. This occasion comes with promises and affirmation of love for one another and with it also comes a shiny new addition on your left hand which necessitates that you learn just how to insure your engagement ring.
Have you ever thought of what will happen if you lose your ring? if it’s stolen? or if it gets damaged?. If you’ve ever had these flashes of the scenarios cross your mind, this is where insurance comes in. Insurance can help you ease the situation if any of the above cases occur.
How to Insure Your Engagement Ring
Buy Engagement Ring Insurance as Soon as you can
As soon as the ring is purchased by your soon-to-be fiancé (or fiancée) it can be insured immediately while it’s still in their possession. Even though no one prays for unfortunate incidents happening to their properties, it still goes to say that you’d be better off protected than sorry.
Settle for a Coverage Provider
If you want to insure your engagement ring or other valuable jewelry, there are two options open to you. If you have homeowners or renters insurance, you can simply purchase an extension otherwise known as a rider, which covers your engagement ring in the event of any eventualities.
If you do not have homeowners or renters insurance, you can take out a policy via an independent company that specializes in jewelry insurance. You can also check out independent companies if your wedding ring insurance provider does not offer the particular coverage you need.
Ask the Right Questions
The following questions are very vital, and is what every potential policy provider you are considering should answer:
- Can you decide on who repairs your ring?
- In case you are insured for replacement (instead of a cash payout), where can you buy a new ring?
- In the event where a suitable replacement cannot be found, what happens?
- How do you prove the ring got lost if you make a claim?
- What circumstances are not covered?
- Does insurance cover you when you are out of the country?
- Does the coverage include damage, or just loss and theft.
- Does the policy adjust according to inflation?.
Understand How the Price of Engagement Ring Insurance is Determined
Note the cost will differ greatly depending on several factors like the value of your ring, where you reside (and theft rates in the area), and whether or not your policy has a deductible.
Policies without deductibles have a higher monthly premium, thus it is essential you check with your insurer to know what types of repairs contribute to your deductible.
Get an Appraisal
Knowing the worth of your engagement ring helps you protect it the more. To know the worth, you have to carry out an appraisal which includes the carat weight, cut, color, as well as the clarity of all the diamonds.
Most companies will ask for an appraisal for higher value pieces and will make do with an invoice or receipt for less expensive items.
Get a Grading Report
Your jeweler will often offer a diamond certificate or grading report from an independent gemological laboratory if your center stone is around half a carat or larger.
This quality assessment will list all of the measurements your appraiser will require to make the most accurate determination of value. This detailed information will come in handy in recovering your specific diamond if it gets stolen.
Your Appraiser Should Have the Right Credentials
Scout for a reputable appraiser with excellent reviews, preferably one that holds a graduate degree in gemology and is a member of the appraisal society.
It is advised you reappraise your engagement ring every two to three years for insurance purposes as the value may likely go up from the time it was purchased.
It is also best that you go back to the same appraiser each time to avoid starting from scratch which helps you cut cost. For better clarification, you should bring along a copy of your original appraisal in the event where they do not keep records long enough.
It is never a waste to insure your engagement ring, as long as the price tag is worth it. This will help you protect your prized possession and give you peace of mind in case of any eventualities.