Beaverton, OR 97005
Engagement and wedding rings are not only a memento of your unwavering commitment, but also a significant investment. More often than not, these pieces of jewelry come with a hefty price tag and aren’t always covered under your homeowner’s or renter’s insurance. As such, you may want to consider purchasing jewelry insurance, which will ensure that your investment is protected should anything unexpected befall your treasured wedding or engagement ring.
In this guide, we’ll go over some of the most convincing arguments for getting ring insurance, and walk you through how to obtain coverage for your jewelry.
The Advantages of Insuring Jewelry
In some instances, your homeowner’s insurance will offer minimal coverage for jewelry. However, jewelry insurance offers a wide range of advantages that you won’t find with other types of policies.
Here are just a few of the benefits associated with diamond ring insurance:
- More comprehensive coverage. In many cases, homeowner’s insurance won’t cover your engagement or wedding ring if it’s damaged or lost. There may even be certain limitations placed on jewelry coverage, such as the circumstances surrounding the loss. Generally, you have to be able to account for how you lost the item, or else it’s deemed a “mysterious disappearance”. If it’s a classified under this category, your homeowner’s insurance may deny the claim. Wedding ring insurance, on the other hand, usually covers these “mysterious disappearances” and may even offer protection against routine damage or wear on the ring.
- Won’t affect your homeowner’s insurance. When you file a claim with engagement ring insurance companies, this has absolutely no impact on your homeowner’s insurance policy. Your rates won’t go up and you won’t have to worry about losing coverage for your other household items. Insuring jewelry is completely separate, meaning that it won’t have any bearing upon your household insurance premiums or deductibles.
- Flexible replacement options. If you do have homeowner’s insurance that covers your jewelry, you will typically have to choose from the insurance company’s list of approved jewelers in the event that you need to replace a lost item. This means that you aren’t able to pick and choose from your preferred jewelers. Conversely, engagement ring insurance allows you to have much more flexibility in this regard, given that you’ll have the opportunity to go to a jeweler who can provide you with an item that closely resembles your lost piece, both in terms of quality and style.
- More cost effective. When dealing with homeowner’s insurance companies, there are always deductibles involved. The same is true for reporting your jewelry lost or stolen. More often than not, you will be required to pay a hefty deductible before you can have your jewelry replaced. If you don’t have homeowner’s insurance, obtaining insurance for jewelry is undoubtedly more cost effective. Just think about how much you would have to pay out of pocket in order to have your ring replaced if you didn’t have jewelry coverage.
How to Insure Jewelry
You will first need to have your engagement or wedding ring appraised in order to determine its value. This will allow you to obtain the current market value of the ring, so that you can purchase the correct amount of jewelry insurance. The appraisal will cover the quality of the gemstone, the carat weight, the manufacturer, the craftsmanship, the number of diamonds, and the types of materials used to make the ring.
After you’ve received the appraisal report, you’ll want to research jewelry insurance companies to find the policy that’s right for you. Ask about the deductible, and annual premium, and the details of the policy. For example, you’ll want to find out the amount that’s going to be covered, what kind of protection it offers (loss, fire, theft, etc), and how you can report a claim. When signing up for insurance, you will most likely be asked to provide proof of purchase as well as the appraisal.
When it comes to priceless valuables, such as diamond rings, it’s always better to err on the side of caution and purchase jewelry insurance. After all, for a minimal premium you can ensure that your engagement or wedding ring is protected against loss, theft, or anything else that may lead to you being parted from your prized possession.
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