Your engagement ring is a sizable investment. Aside from the market value, an engagement ring represents the first step towards sharing your life with your bride-to-be. As busy as the months before the wedding can be, taking some time to invest in engagement ring insurance will give you peace of mind in case anything happens to your bride’s precious jewel. You might be asking yourself, “Do I really need engagement ring insurance?” And the answer is: if you’ve spent so much time and money finding the perfect ring, you’ll want to make sure it’s covered. Plus, your fiancé will be more than impressed that her new ring is protected.
Engagement ring insurance is relatively easy to acquire. You can cover personal property items such as jewelry by getting an extension on your homeowners’ or renters’ insurance policy, also known as a “rider.” Another option is to seek out a company that specializes in insuring individual pieces of jewelry. Most jewelry retailers work with specific companies to provide their clients with easy access to insurance on new pieces of jewelry. Ask your jeweler if they work with an insurance company and what kinds of coverage options exist for your engagement ring.
Before you settle on an engagement ring insurance policy, ask your provider how they intend to replace ring. Do they offer a cash payout or will they replace the ring using a specific jeweler? You also need to find out which types of situations are covered through the company if the ring is lost or damaged. If the ring simply vanishes, do you need some sort of proof? A truly great policy will cover any type of situation that threatens your engagement ring. Thoroughly investigate each type of engagement ring insurance so you know exactly what you’ll be paying for.
Once you’ve found your insurance provider, you’ll need to get your engagement ring appraised to determine its value. The appraisal should include the 4 Cs: clarity, color, cut and carat weight of the diamonds as well as the ring type and any identifying marks. You need to make sure that your appraisal is accurate; overestimating the value of your engagement ring will cost you more money down the line. Many precious stones and diamonds tend to increase in value over time, so it’s a good idea to get your engagement ring reevaluated every two or three years.
Celebrate your love responsibly and get engagement ring insurance before it’s too late!
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