Engagement Ring Insurance Settlement
by Vanessa
______________________________________________________________________________________________________________________________________________________________________________________________________
When you obtain engagement ring insurance, you need to establish and verify your ring insurance plan in a manner that keeps an eye on how an engagement ring insurance settlement will be reached if you ever need to take advantage of that wedding ring insurance plan. Don’t make the mistake of quickly glancing over the fine print and don’t simply think in terms of keeping the process simple and inexpensive up front; in the long run this attitude could cost you time, money and stress. Anticipate difficulty and prevent it in advanced so your engagement ring insurance settlement can go as smoothly and as painlessly as possible.
There are two critical steps you need to take to better prepare yourself when insuring jewelry: obtain accurate and independent jewelry appraisals on a regular basis and keep plenty of high quality images of your jewelry.
Then there are three documents you need to secure and be able to present with ease should the time come for an engagement ring insurance settlement: Your original purchase receipts, your most recent jewelry appraisal certificates, and your diamond certificate or gem lab report. Do not confuse the diamond certificate or gem lab report for the appraisal certificate.
The Importance of Third Party Jewelry Appraisals
The first critical step to making sure you have properly covered your engagement ring is to obtain a third party appraisal from a certified and independent jewelry appraiser. You need this no matter where you buy as even highly reputable companies and jewelers sometimes inflate their appraisals. This value discrepancy can make things difficult when it comes time to seek a jewelry insurance settlement on a lost or stolen engagement ring.
Take Plenty of Pictures of Your Engagement Ring
One of the most important steps you can take to help make sure your engagement ring insurance settlement goes well is to have plenty of clear, high quality pictures of your whole ring and especially of the gemstones within your ring. In the long run, this not only helps you with your settlement, but it helps your jeweler better maintain or repair your engagement ring. Make sure you take pictures from different angles, in different lights and with different backgrounds.
Try to obtain pictures of the diamond or gemstone out of its seat, or setting, as well. Do not attempt to do this delicate process yourself. Instead try to obtain your pictures when you purchase the ring as well as when you take it to your reliable jeweler for maintenance or ongoing ring appraisals.
_____________________________________
_____________________________________
Obtain Regular Jewelry Appraisals Over Time
Another major step towards obtaining a proper diamond ring insurance settlement is by obtaining additional appraisals over time. Your ring’s value may fluctuate over time and if you maintain it well, it may hold or increase its value better than the market average. I encourage you to obtain a quality, trustworthy appraisal every two years or so.
Obtain And Secure Your Gem Lab Report
You should always keep all your diamond certificates safe and readily available. These may also be called gem lab reports. This is separate from the diamond ring appraisal. It provides a detailed account of the gem’s grade and type. While a good jewelry appraisal obtained through a certified gemologist will provide the market value of your jewelry, a diamond certificate or lab report will provide a more scientific profile of your diamond, regardless of its appraised value. This will help reassure your engagement ring insurance company should there be any question of the diamond’s validity or quality.
Keep All Receipts
Finally, it is critical you keep the original receipts when you purchase your engagement ring. When you can provide a recent appraisal, a diamond certificate or gem lab report along with the original receipt for the engagement, you will be in great shape to complete your engagement ring insurance settlement with your jewelry insurance provider.
Calculate Engagement Ring Insurance Into Your Investment
Obtaining and keeping appropriate diamond ring insurance should be a critical component of your engagement ring investment. So when you purchase this precious piece, try to consider the annual cost of engagement ring insurance into your annual, long-term budget. Typically, $200 each year isn’t unusual for engagement ring insurance, so calculate that annual expense over the length of time you expect to be wearing it, which will likely be a very long time.
Always be thorough before you commit to both your engagement ring purchase and your engagement ring insurance purchase. This goes for any expensive jewelry and jewelry insurance purchase. Don’t leave any variables up to chance. Review some of my other articles regarding different things you should consider with different jewelry insurance companies and jewelry appraisers. Always do your homework. As they say, try to measure twice and cut once. You will be thankful you did should you ever need to seek an engagement ring insurance settlement to repair or replace your engagement ring.
_____________________________________
_____________________________________