Should You Insure Your Engagement Ring – Congratulations! You’re engaged, and for most of us, that gorgeous new engagement ring is the most precious piece of jewelry we own. After you’ve posted your first Instagram photo and TikTok video (don’t forget to tag us), the next thing you should do is secure your ring.
Simply put, we see the most damage and loss in the first two years of wear, when the ring is new and just getting used to wearing it. Your jeweler can repair most damage caused by wear and tear, such as catching the ring on something, pulling back a prong, or bending the ring band out of round. But the loss is devastating and the jewel is rarely returned or found.
Should You Insure Your Engagement Ring
As a high-value item, your new ring should be insured separately, just like your home, car and health care. All home, condo and renters policies have limits set on jewelry coverage, they can be as low as 500.00 or as high as 5000.00 and may or may not have a deductible. Check your policy with your existing insurance company to be sure. If you don’t already have adequate coverage, you can use your receipt to add coverage to your current policy or use an online insurance company like Jeweler’s Mutual or Gemshield. It is so easy to do and reasonably priced (usually around 50.00 a year for a 5000.00 ring) maybe check with both companies for the best price and coverage! The short answer is absolutely! After all, engagement rings are special. It is a symbol of the love and commitment you share with your future spouse, which makes it priceless from an emotional perspective.
How Much Is Engagement Ring Insurance?
This particular piece of jewelry is also often a large financial investment for many couples, and you want to make sure that investment is properly protected. While it would be devastating to lose your engagement ring or have something happen to damage it, what would be an even bigger loss is if you budgeted for an engagement ring, spent a good amount of money, and then forgot about it to replace it or pay for repairs out of pocket.
While talking about investment and risk in relation to your marriage and engagement ring is a bit romantic, it is a necessary discussion that you should sit down as a couple and participate in deciding on ring financing. commitment and your best options. However, we know that talking about things like insurance can be confusing, so read on as we try to clear up the subject of insuring an engagement ring!
In most cases, you will be asked to have your ring appraised, usually by a certified gemologist. This is especially true for valuable and high value items such as engagement rings and wedding bands. We recommend an initial appraisal of your engagement ring and then having it re-appraised periodically, as the values of metals and gemstones tend to increase with inflation.
However, there is a small cost to getting your engagement ring appraised, so keep that in mind and plan ahead. If you choose to assess him regularly, you should make sure the assessor is experienced and try to stick with the same person each time. Building a relationship of trust with your fine jewelry appraiser is key. A good relationship could even reduce your repeat appraisal costs, because they can often work with your original appraisal instead of reinventing the wheel each time.
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Keep in mind that even if your chosen insurer doesn’t require an appraisal when you open your policy, your insurance agent will often require one if you ever have to make a personal property claim. At the very least, you’ll need to give them an itemized receipt, so it really doesn’t hurt to go ahead and have the ring appraised. You’ll also need to provide your receipt to your insurer, whether you’re insuring through a homeowners policy or a jewelry-specific insurance company.
You should always ask plenty of questions before choosing an engagement ring policy to ensure that all of your needs are met and that the personal items policy is communicated clearly and in full transparency. Rules and coverage can vary quite a bit from company to company, so don’t assume because one insurance provider offers one version, they’re all the same. They definitely aren’t! Some of the questions you can ask a potential insurance provider include:
These are all very important questions to ask before purchasing a policy. It would be a shame to buy a policy thinking your engagement ring was fully covered, only to find out later that it isn’t. Do your due diligence and ask the relevant questions to ensure your valuable items are protected.
There are a couple of different ways to go about securing your engagement ring. One of the most common options is to use your home insurance policy and add the engagement ring as personal property.
Best Jewelry Insurance Of 2023
You likely have some type of liability limit, which is the maximum amount an insurance company is willing to offer in coverage for your ring. If the maximum coverage you can get is only $1,500 and your ring was $2,000, you’ll keep the final $500 unless you ask for a jewelry-specific rider. This can cover the full replacement value of your ring and protect it from most loss scenarios.
When you file a claim with a homeowner’s insurance policy, they cut you a check and it’s up to you to go out and buy your new engagement ring. The downside is that a claim against your engagement ring could affect your entire policy and increase your premiums or affect your eligibility for renewal.
Another downside is that you rarely reassess when you insure through an owner’s policy, meaning your insured value remains the same even if the market value goes up.
The other option that many couples look for is to go with an insurance company focused on jewelry. When you file a claim with a jewelry insurer, you get the benefit of a jewelry professional working with your jeweler to help you replace your engagement ring, ensuring you get the same quality and style as the ‘original. It also means that if you file a claim, your homeowners insurance policy is not affected because they are covered separately.
Jewelry Insurance Online Quote
The other advantage to a specialist jewelery insurer is that they will usually have some sort of value adjustment clause that you can opt-in for, which will help you avoid being underinsured as the market values of your engagement ring increase.
It’s not mandatory and may increase your premiums, but it helps ensure your engagement ring is adequately covered if something happens to it. The best engagement ring insurance is coverage that fully mitigates loss or damage in as many foreseeable scenarios as possible.
There’s not much you can’t plan for, other than less common events that rarely happen. Most insurers don’t cover things like:
You are also not usually covered for maintenance issues such as cleaning, resizing, inspections or assessments. However, many jewelers will offer these services as a free bonus when you purchase your engagement ring, so be sure to ask.
What You Need To Know About Engagement Ring Insurance
Premiums can vary from one insurance company to another and where you live can have a big impact. However, on average you can expect to pay between $1 and $2 for every $100 of your coverage. This is approximately 1-2% of the value of your engagement ring. So if you buy a $5,000 ring, you could be paying $50-$100 a year to properly insure it.
However, in cities where theft is a higher risk, these averages could rise even higher. Insurance companies usually base their prices on historical losses in the area where the carrier lives. Deductibles also take premium costs into account. As with any insurance policy, the higher the deductible, the lower the premium each month. The lower the deductible, the more you’ll pay monthly.
It is highly recommended that when you are not wearing your expensive jewelry, you keep it locked up in some type of safe along with all of your insurance and appraisal documentation. Leaving your jewelry on the bathroom counter or in easy-to-open jewelry boxes is too risky. If someone were to break into your house, that would be the first place they would look.
A locked safe makes a thief think twice before trying to break into it, which gives law enforcement more time to stop the thief in his tracks and gives your precious jewelry the best chance of not being kidnapped. Also, it’s always a great idea once your ring is secured to have all your documents, jewelry certificates and receipts in a safe place, preferably waterproof and fireproof. That way you’ll know exactly where to find them when you need them.
How To Insure An Engagement Ring
The bottom line is that we believe that insurance for different types of engagement rings is essential, especially if you have invested a lot of money to buy it. Not only is it valuable in terms of sentiment and emotion, it is valuable for what you paid for it.
You should be able to rest
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