Engagement rings are very precious and cost a lot of your money, this is why it is important to protect them with engagement ring insurance. Since engagement rings is most of the time worn even on daily events, then it is important to secure it from damages, or loss with some form of an insurance. The usual way of insuring engagement rings is by getting insurance from those companies that specializes in jewelry insurance, otherwise, you can also get insurance for it as a rider to your existing personal property insurance, home insurance or renter’s insurance policies.
Now you may be asking why you should go for engagement ring insurance. Your engagement ring deserves to have some form of insurance because the engagement rings stand for more than just a money investment. It may stand for the story of love you share with your future fiancé, and that is all the more a reason to ensure the engagement ring, because it can seem kind of depressing if the engagement ring gets damaged or lost. This is a good way of preserving your memories for a long time. Also, it avoids the hassle of having to keep the engagement ring just to avoid unexpected things to happen to it as the engagement ring insurance takes away all the worries of unexpected events for your engagement ring.
The engagement ring insurance works well for those who have expensive engagement rings and also those who have engagement rings that hold a high sentimental value. How the engagement ring insurance works is that they can be replaced in the event that the engagement ring is lost.
The way that engagement ring insurances usually work is you have to secure your engagement ring receipt, and bring them to the insurance company for it to be appraised, or you can have a professional gemologist or jeweler to appraise the engagement ring. If you are going for the home or renter’s insurance policy, make sure that the address of the engagement ring is transferrable, in case you will be moving to a new home with your future wife. The thing is, if you have the engagement ring insured in the bride’s home, and you move to a new home after the wedding, then any event that may occur to the engagement ring may not be covered because it is technically under a different address’s policy.
If you want a hassle-free way of insuring your engagement ring, then you can go for engagement rings sold by jewelry stores who work in partnership with insurance companies. The advantage of going for this kind of arrangement is that the policies have terms that are specially made for pieces of jewelry, and these cover the whole amount of the engagement ring, unlike the engagement ring insurance rider that only partially covers the price of the engagement ring.
Before going for a specific engagement ring insurance, then you have to ask a few questions to the insurers like what happens if you accidentally lose the ring, or if the ring gets stolen, the process on how they replace the ring (do they give a check, or will you be required to purchase the ring through a specified jewelry store), terms if you are going for vintage engagement rings, if the full amount will be covered, which documents are required to prove that the ring is lost, and if there are specific situations that can cancel your claim. The best way to do it is to inquire from different insurers and ask from different policies with rates so you can compare the prices according to the offered benefits.
The average cost of the engagement ring insurance is around 1USD-2USD dollars per 100USD of the ring’s price based on the appraised value. If you want to save on your yearly engagement ring insurance, then you can get a vault so have a way of storing the engagement ring in a secure way as the rates of insurances for jewelry are affected by the possibilities of the ring being stolen. Also, make sure that you read all the terms of each policy and discuss the terms with your insurance agent to make sure that you understand them well, and so you can manage your expectations in the event that you will need to make a claim.
Have your engagement rings ensured once you buy it for added security of your investment!