What is ring insurance? Reasons why you should get your ring insured.

One of the happiest days of your life will be the day you get married, and your wedding ring symbolizes the promise you made to each other, of spending the rest of your lives together. However, the magnitude of happiness which you are experiencing after getting engaged should not cloud your rationality. The world we live in is highly unpredictable which is why it is even more important for us to take necessary precautions. What happens if you accidentally lose the ring or it gets stolen? Ring insurance will offer financial protection and peace of mind when you need it most. Insurance is a way of protecting the ring’s actual value.

Get an Appraisal

You need to know the worth of your ring if you want to protect its value. A thorough appraisal of the ring will include the carat weight, color, cut and clarity of the diamonds, the metal type as well as identifying hallmarks or stamps. In simple words, an appraisal is a form of assessing a diamond ring. Most insurance companies will require an appraisal for higher value pieces while an invoice suffices for less expensive items. We would suggest you get your ring appraised from a credible gemologist. Once you have an official appraisal, you will easily become eligible to receive the full financial reimbursement for your ring through an insurance company.

Apply for Early insurance

Selecting an engagement ring is a long thoughtful process and one must do so patiently. Most of us don’t know the in depth features of a ring or jewelry in general, which is why it is important for you to go through some tips for finding the perfect ring before you place your order. After purchasing your ring, immediately look for insurance providers, the sooner you get your ring insured the better. Securing sufficient protection can prove as essential as any other wedding-related task, especially because the average cost of the ring is so high.

Coverage Policies

You will stumble upon primarily two options while choosing a policy for ensuring your engagement ring. If you already have a renters or homeowners insurance policy, you can purchase an extension which will cover your engagement ring specifically. However, these policies can cover the loss of your ring up to a certain amount depending on your policy’s stated limits. Do not forget to ask your insurance company about the details of this type of policy. The second option which you can turn to is jewelry insurance companies. You can insure your ring through a company that specializes in jewelry insurance. The advantage of these types of companies is that they usually offer more comprehensive coverage than a general homeowners policy.

Get a Diamond Certificate or a Grading Report

Your jeweler will provide a diamond certificate or a grading report from an independent gemological laboratory that evaluates the color, cut, clarity, and carat weight of the diamond. This detailed information will help your appraiser as well as help you track down your specific diamond if it ever gets stolen. The cost of your wedding ring insurance coverage will vary greatly based on various factors such as your home address and the value of your ring.

Policies without deductibles will have higher monthly premiums, so talk to your insurance agent to find the best-suited deal for yourself and do not hesitate to ask questions. Make sure to ask a potential policy provider whether you can choose who repairs your ring or whether you are covered for damage or just loss and theft.

Reevaluate your decisions

Your engagement ring is definitely a smart investment because its value has most likely gone up since it was purchased. Therefore it is important to have your ring reappraised every three to four months. Retain a copy of your original appraisal and move forward from that instead of starting all over again. Jewelry is a unique form of money and it does not necessarily depreciate the same way a house or a car does and you will receive a larger payout at the time of a claim if your insurance is based on replacement cost.The nominal cost of insurance can secure your peace of mind for years to come.

The senior vice president of public affairs and consumer spokesperson for the Insurance Information Institute, Jeamme Salvatore said that this is a time when you should be reevaluating all of your insurance needs as newlyweds. Last but not the least, look into types of repair or replacement policies. With such a policy you will not have to worry about how the insurance company calculates your reimbursement as long as your jewelry was not underinsured because they will pay back the amount almost entirely.

We hope this article was helpful and that you get safely insured as soon as possible.