Your diamond engagement ring is quite an investment. A physical symbol of your love and hold both financial and sentimental value. The thought of anything happening is devastating; however, you can secure adequate protection for your engagement ring.
Consider buying insurance for your engagement ring; note that jewelry appraisal for insurance is equally important. And if you’re in doubt whether it’s worth buying insurance for your engagement ring, think how much worse it would be if you’d lose it. Dive in to learn more about jewelry insurance.
Why Insure Your Engagement Ring?
If you think that nothing would happen to your valuable gems, think again. Accidents do happen, and that’s a fact. Your precious ring can get lost, damaged, stolen, or even disappear mysteriously.
Assessing Your Engagement Ring
Your insurance company will require jewelry appraisal before you insure your jewelry to determine the value. Ensure to visit a professional jeweler such as Alex and Company to have your diamond ring appraised. Get all the documentation of your diamond engagement ring’s current market value, ready to insure. Depending on your ring’s complexity, most jewelers charge appraisal services at an average cost of $50 – $150.
Choosing an Insurer
You can either insure your engagement ring under your homeowners and renter’s insurance; or through specialized jewelry insurance companies. Homeowners and renter’s insurance offers limited cover, as the insurer will only cover if you lose your precious ring within your home. And besides, you may need additional coverage as the amount covered is insufficient for your ring’s value.
Conversely, specialized jewelry insurance offers a better package that ensures that your precious pieces are fully insured. They’ll protect your engagement ring if it gets stolen, lost, damaged, or mysteriously disappear. Don’t forget, as earlier mention, jewelry appraisal for insurance is a must when purchasing insurance. Be sure that you fully understand all the facts and when evaluating your options. An average cost of $1 to $2 percent of your engagement ring’s replacement value will apply.
In Conclusion: If you’re planning an engagement, be sure to consult with a reputable insurance company. And based on the diamond engagement ring that you want to be insured, choose the best package for you. It’ll, without a doubt, give you the peace of mind you deserve for years to come. Remember, jewelry appraisal for insurance is recommended every two to three years.
