Appraise and Insure Your Engagement Ring
After you say I do, and you get to wear that dazzling gem on your finger, you are responsible for taking care of that significant investment. Start by getting a jewelry appraisal for insurance from a reputable jeweler.
A jewelry appraisal
The appraisal document will account for the critical elements of your engagement ring, such as material used, shape, four Cs of the diamond, i.e., color, carat weight, clarity, and cut. A qualified jeweler is the only one who can give the accurate value of the diamond, and that’s why insurance providers insist on this.
Have you regularly thought about how you would assume if you lost your engagement ring by misplacing it or if stolen? An accident is inevitable, and getting ring insurance will protect you from the harrowing possibilities that life might throw your way.
After you are through the excitement of donning that gorgeous engagement ring, it’s time for some serious business since you could be wearing a valuable ring. If your fiancée didn’t get an appraisal for it upon purchase, ask him first to get a jewelry appraisal for insurance, preferably from the place he bought the ring.
What type of insurance should you get?
Two options you will find when it comes to your jewelry insurance. One of them, which you might already have, is homeowner’s or renter’s insurance.
Homeowners insurance; while it might seem more comfortable for you to add your engagement ring or other valuable jewelry, there might be some limitations. A typical renter’s insurance has a coverage limit of $ 1000 per item, $ 5000 for fire and theft claims subject to some deductible. And it does not cover a jewelry loss or accidental damage. It only covers loss through theft or fire.
When you file a jewelry claim against this policy, it could affect your whole approach. If your wedding ring gets stolen, your premiums go up, and the policy gets affected at renewal.
If you find this limiting to your precious ring, you might consider an extension called rider insurance.
Rider insurance; a rider can specifically cover your engagement ring. Also known as a floater, it targets the small valuables that are movable. It’s ideal when the traditional insurance cover ends or won’t cover losses such as jewelry loss and theft. However, an insurance company would request a jewelry appraisal for insurance before protecting it from a reputable jeweler.
Questions you should ask your insurance provider
- What should you expect when making a claim? Should you purchase a replacement and get a reimbursement, or will you get a cheque first?
- Will the coverage limit likely fluctuate with the precious metal or gem price?
- After how long will they need a reappraisal for my jewelry?
- Do they offer a full replacement cost cover? And how do they determine that price if the piece is antique?
- What kind of proof do they require when making a claim?
- What exclusions do they have, like types of losses that are not covered?
What’s the cost of an engagement ring appraisal?
Most of the time, appraisal price may vary from place to place, mostly charged per piece or hourly. If they charge per hour, an engagement ring appraisal may range from $ 50 to $ 150. And that depends on the lab.
Get a jewelry appraisal for insurance?
Whether an engagement ring is new or an heirloom, first you need to know its worth to insure it. A jewelry appraisal from a reputable and experienced jeweler, especially for antique jewelry, is crucial.
If you recently got a new engagement ring, it might help to go to the same place and ask for an appraisal document. Some jewelers offer this free if you buy from them.
If you got an heirloom that might be antique or vintage, consider a specialist who has this experience. He will check the intricate details of the piece and craftsmanship before determining the right value.
The majority of the insurance companies usually ask their clients to get an appraisal for insurance. That is if they have higher value jewelry (engagement ring worth $ 5000 and above). But if it’s below that amount, a receipt or invoice is enough.
Points to remember
- It’s crucial to have your jewelry appraisal for insurance as soon as you purchase it.
- Take clear photos of your engagement ring or other items from every angle.
- It’s prudent to consider a safety box for your valuables
- Keep your jewelry’s photos and paperwork that includes receipts, certificates, and appraisal in a safe place where they can be easily accessible.
- Avoid traveling with valuable jewelry that might break your heart if lost.
In conclusion, if you think it would be devastating to lose a sentimental ring, ring insurance like homeowners or a rider would soften the blow. When buying the ring, inform your jeweler-you will need a jewelry appraisal for insurance, which will make things easier.