Planning and putting an insurance policy on your engagement ring might not sound like the most romantic thing to do but it is one of the most important things to do while buying a piece of jewelry. Engagement rings are pricey and investing in expensive jewelry comes with a lot of responsibility and precaution. Insurance protects the value of your purchase and offers you peace of mind. Here is everything you need to know before you dive into the seemingly complicated world of insurance for your engagement ring.
What’s an Insurance Policy?
There is more than one way to protect and insure your engagement ring. Renters and homeowners insurance policies usually do cover jewelry theft to an extent but you probably will not be protected for other losses such as flood or fire. You can insure sentimental items in your home like engagement rings, electronics and other valuables through scheduled personal property coverage, which is an insurance policy extension that has its own advantages and limitations. You can always insure your diamond from a company that specializes in jewelry insurance. These insurance policies normally offer more coverage than a basic homeowners policy, like covering loss due to theft or various other reasons and also the routine damage that comes with regular wear and tear.
An insurance policy is an important part of buying jewelry, especially if the piece of jewelry is meaningful and holds sentimental value for you. Whether it be an engagement ring, wedding band or something you bought for an anniversary as a couple; it could be $5,000, $50,000 or $500, if it is important to you, you need to protect it with an insurance so that in case it’s lost or damaged it can replaced.
How to Go About It
First of all you need to go to a professional appraiser and have your engagement ring appraised. Getting your jewelry appraised is the best way to protect your jewelry correctly; you can always ask your jeweler for an appraisal at the time of your purchase. A valid receipt of your jewelry purchase may also work as well so make sure you inquire with your insurer about the necessary requirements beforehand. Many couples have their engagement ring insured at the bride’s home before marriage and so if you are planning to move, you need to remember to add it to your new home.
You also need to be completely aware and informed about your renters and homeowners policy. Make sure that the policy covers your engagement ring perfectly and if it doesn’t then you definitely need to get a separate policy for your jewelry. You need to make sure that your existing policy covers your loss when you’re traveling, loss from theft and also other various reasons. Make it a point to ask the right questions – How will you need to prove the loss of your engagement ring? Are the items covered for full replacement cost? How exactly is it covered?
Remember – Prevention is always better than cure, and it’s always a good idea to have a cure ready to go just in case!
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