Getting engaged or getting married is one, if not the biggest decision, you will ever make. When you decide to do “take the plunge”, it will change you and your partner’s life, forever. People typically spend months or longer, saving money to buy an engagement ring. But purchasing a ring carries a lot of responsibilities. In a way, it is a huge investment you are making both emotionally, financially and personally. That is why having engagement ring insurance is so important. These 5 things you should know about getting ring insurance, will help shed light on many issues. They are important whether it’s for an engagement or a wedding ring.
Although some may think of wedding ring insurance or engagement ring insurance, as that of a prenuptial agreement, it is essential. While prenups are critical in some relationships, jewelry insurance is important in every situation. Think about how long you saved to finally purchase your priced engagement ring. How much it means or it will mean to your partner? And how much it will cost to replace it, if it’s ever lost, damaged or stolen. Countless of people have lost their prized engagement or wedding rings at the gym, mall, pool or beach. In other cases, it was stolen in a blink of an eye. Whatever the situation, you need to have the protection necessary. Knowing where to find and what to look for in top rated jewelry insurance companies, is also crucial.
The following guide was put together using the expertise of 5-star jewelry insurance experts. Using this guide will help you protect your investment.
Get The Ring Appraised –
Having a thorough appraisal done on your jewelry will help and protect you in countless of ways. A good appraisal will contain the cut, color, clarity and most importantly, the karat weight of the diamond. There is also the metal type, marks, stamps or hallmarks, which may help identify it. The truth is that if you have an expensive ring, you will need to get it appraised anyway. If the ring is worth $5,000 or more, an appraisal will be required by insurance companies. You will also know if you got what you paid for when you purchased it as well.
Get Your Ring Insured –
The minute you have given the ring to your fiancé or even before, you need to have it insured. Think of engagement ring insurance in the same way you have to obtain insurance for a vehicle before driving it, or about flood or any other type of insurance for your home. The idea is to have it in place before anything happens. Using a preemptive approach will save you money, stress, and loss down the road. Most people who get their ring insurance should do right after the purchase is completed.
Ask The Right Questions –
Before you decide to obtain engagement ring insurance from a top rated ring insurance company, you have to know what to ask. There are many important questions you should know the answers to. Knowing these questions and asking them, will save you time, money and headaches down the line. Be sure to ask a potential engagement or wedding ring insurance provider the following:
- Will the ring be covered if it is lost accidentally? Or will it only be covered if it’s stolen?
- Who will get to repair your ring and can you choose who does?
- If you make a claim, what will you have to do in order to prove that it was stolen, lost, etc.?
- In what manner will the ring insurance company replace the ring? Will it be by cash, check? Or will you have to buy another ring through a jeweler they specify?
- If you are out of the country, will your ring still be under policy?
- Will your ring be insured for a fraction of the cost or for full?
- Is or will the policy be adjusted, according to inflation?
- Under what circumstances will the damage or loss of a ring be covered? If the ring flies off your hand while you are on ride or during a show, and it is trampled by something or someone?
- What circumstances are the ones for which your ring will NOT be covered?
You can also ask other questions you may think of on your own or that someone else may suggest. There are no wrong or stupid questions when it comes to protecting your investment. Having the answers to these questions will give you a greater sense of the engagement or wedding ring insurance company as well.
Find The Right Provider –
There are several options you will have available to you when it comes to obtaining engagement or wedding ring insurance. Some people will have it added to their renter’s or homeowners’ policy. If you do have either one, you can buy what is called a ‘Rider’ extension. That will cover your ring specifically. Still, it is recommended by most jewelry experts, to have separate insurance for your high priced valuables such as an engagement or wedding ring. There are many top rated jewelry insurance companies to choose from. Shop around and find one that will provide the right coverage, at an affordable price.
Know The Engagement Ring Insurance Process –
There are several factors which will determine how much ring insurance will actually cost. Issues such as where you live and the value of your ring, are some. If you live in a high-crime area, you may have to pay more than those who live in safer neighborhoods. Insurance experts recommend that you ask your provider what kind of repairs will contribute to the cost of your deductible. That’s because the monthly premiums for policies without deductibles will be higher. In most cases, the cost of an average ring insurance is about $1 to $2 dollars for each $100 increment of the price of your ring. An estimate can be about $75 to $200 a year, depending on variables.
When it comes to what an engagement or wedding ring means to a person who is wearing it, the answers may vary. What never changes though, is how significant a ring becomes to them. No matter which engagement ring insurance company you choose, the important thing is to have your ring insured. The best thing you can hope for, is that you will never have to use the wedding insurance policy.
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