How To Insure Your Engagement Ring

Every engagement ring has both financial and sentimental value, so it is best to insure it in case that it gets lost, stolen or damaged.

Thinking of an engagement ring insurance policy may not be too romantic, but it certainly is very practical. Regardless of how much you paid for it, you will want to keep it for the rest of your life and it would be very sad to lose it. However, accidents sometimes happen and it is better to be safe than sorry. If you ensure your rings, you might be able to buy an exact replica, or a similar ring.

Evaluate your ring

Before you purchase insurance you should have an engagement ring evaluation. If you lose your ring and don’t have the appraisal, you will most probably not be able to recover the ring’s actual worth. Most insurance companies will ask for an appraisal if your ring costs more than $5,000 anyway. If your ring is less than $1,000 it is probably not necessary to make an independent appraisal.

Appraisal of the ring should be thorough and include evaluation of cut, clarity, carats and colour of diamonds, shape and colour of any other stones, identifying marks, as well as the type of metal used for the band. Since the value of your ring may go up after it is purchased, it is a good idea to re-appraise it every two or three years.

Choosing your insurance provider

There are two different ways to insure your engagement ring. The first option is to add an extension to your homeowners Home and Contents Insurance Policy which will cover the costs of your engagement ring. If you are not a homeowner, you can insure all your jewellery and other belongings through a Contents Insurance Policy.  

What to ask your insurer

A good insurance policy will cover all potentially dangerous situations from theft to a misfortunate accident such as putting your ring in a washing machiner. Before you decide to purchase insurance you need to ask if it covers your costs in case that the ring is accidentally damaged or lost, because some insurers will reimburse you only if it is stolen. You should also ask if it covers the full or partial value, and find out what would happen if your ring rises in value over time.

It is also important to know how the ring be will replaced. Some companies will compensate you with a cheque whilst others might ask you to purchase another ring through a selected jewellery store. In the event that you accidentally lose your ring you will need to provide some kind of proof, so you should check what kind of evidence is required. Moreover, you need to check if you need a specific type of appraisal in order to claim a benefit.

How it works

In order to insure your engagement ring, you will need to provide photographs, receipts, diamond certificates and a valid appraisal. You should first check what policies are available, the engagement ring insurance price and what does the insurance actually cover. The more expensive your ring is, the more you will have to pay for the insurance. You can expect to pay at least $1 or $2 per year for every $100 of your ring’s price. It is also very important to keep your documents in a safe place because you will not be able to make a claim without them.

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