Engagement Ring Insurance Policy
by Vanessa
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Shopping for the best engagement ring insurance policy doesn’t have to be as unpleasant as it sounds. Finding the best policy to fit your needs and your budget will require a little research and some comparison shopping, but if you ever need to submit a claim you will be glad you put in the effort.
Where To Start Your Search For Diamond Ring Insurance
When it comes to diamond ring insurance, whether you want wedding ring insurance or jewelry insurance for another item, one of the first places you may want to start is with your homeowner’s or renter’s insurance carrier. In most cases you can add what is called a rider to your homeowner’s policy to cover your engagement or wedding ring. Even if you don’t add ring rider or jewelry rider insurance to your homeowner’s policy, you may be able to get a discount by using the same company to insure your home, car and other valuables in separate policies. If you are able to add jewelry insurance to your homeowner’s policy make sure the engagement ring insurance coverage moves with you if you move into a new home after you get married.
Because it is important to comparison shop ask friends and family who they use. Make a list of companies and call for quotes. Of the companies you call include a couple that specialize in insuring jewelry and insuring engagement rings, companies like Jewelers Mutual and Chubb. You can also check with the jewelry store where you buy the ring.
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Know What To Ask Before Insuring An Engagement Ring
As with most insurance, including wedding insurance policies, you hope you won’t need to use it, but if you do you will want to know exactly how the ring will be covered? What types of situations will be covered, what won’t be covered, and to what degree. Here are some good questions to get started:
- Will the ring be covered for theft and loss? What about damage?
- Is the full cost of the ring covered or only part of it?
- How is the ring replaced, with a check to cover the cost or do you need to replace the ring through a specific jeweler?
- Are there any instances where the ring wouldn’t be covered?
- If it is a unique ring or one that was handed down from a grandmother how will they handle a replacement?
- What proof of loss or theft do you need to file a claim?
- Is there a deductible? If so, how much?
If your engagement ring appraisal states the value of your ring is more than what you paid for it be sure to take both the jewelry appraisal and the sales receipt to your insurance agent. Ask what will be reimbursed if the ring is lost or stolen. You don’t want to pay higher insurance premiums than you need to, for example if your diamond ring is appraised at $10,000 but the replacement value is really only $8,000 you would be paying extra for that $2,000 difference.
Do You Really Need An Engagement Ring Insurance Policy?
Purchasing diamond insurance is a very personal decision you may want to make together. For some the sentimental value of the original engagement ring is something that can’t be replaced. But you need to consider how you will feel if the ring is lost or damaged. Will wedding ring insurance give you peace of mind, or would you rather bet you won’t lose or damage it and pay the price at that time if you do?
When making this decision you may want to evaluate the engagement ring insurance rate over several years versus the cost of the ring. Of course a lower priced ring will cost less to insure. Most people who have a higher priced ring decide to insure the engagement ring for pretty obvious reasons.
If you’ve had problems in the past with damaged, lost or stolen jewelry you should definitely consider getting an engagement ring insurance policy. If you are good at holding on to things and taking good care of them it comes down to what gives you more peace of mind. But either way it is good to at least consider buying an engagement ring insurance policy.
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