Insuring Your Engagement Ring – The Ins and Outs
An engagement ring is a sign of love and commitment that you give to your significant other. The ring gets placed on the left hand of your partner on their ring finger. It gets placed on that finger because at one time it was believed that there was a vein in this finger that led directly to the heart. As a fair amount of planning is involved with how to present the ring to your partner and ask them to marry you, there is also a fair amount of planning on how you will pay for such a pricey piece of jewelry. You can make sure you are covered with that jewelry should anything happen to it by considering engagement ring insurance. This will be an asset to you, and if you keep reading below we can tell you how.
What Is Ring Insurance?
Ring insurance is much like home or auto insurance in the way that it can cover your investment in the loss, theft or damage of your partner’s engagement ring. In fact, in some cases you can purchase engagement ring insurance as an extension of your renters or homeowners insurance. Home insurance covers the belongings in your house up to a certain amount, while your more specific smaller expensive items like electronics and engagements rings can be covered through an extension of home insurance called personal property coverage. This is just one option of insuring your engagement ring. Another option could be to use a company that specialized in the insurance of jewelry. This method of insurance can provide better coverage for you because it could cover a replacement of your ring as opposed to a dollar amount that homeowner insurance would provide.
How It Works.
To get ring insurance there are a few things you need to provide the insurance provider. They will need the receipt of the ring and to get an appraisal done, which costs a small fee. A key thing to remember is if you move after your wedding, you must update your insurance provider at your new home. Some couples purchase ring insurance under their homeowners insurance at a certain location, and then after their wedding they move and forget to bring their ring insurance onto their new residence insurance.
What Question Can You Ask Before You Choose The Best Engagement Ring Insurance Policy For You?
Engagement rings are a huge investment. They are very pricey pieces of jewelry and they mean so much more to people as just being an object; it is the meaningfulness behind it. This being said, you will want your ring to be covered in cases of theft or damage, and you can ask some of the following questions before you choose a ring policy that is right for you.
– Does the insurance cover you if the ring is stolen? Lost accidentally? Or both?
– Ask how the insurance company will replace the ring. Will you be given a check to cover the appraised value? Or will you have to purchase a replacement ring through a jeweller of their choosing?
– If your ring is a family heirloom or another unique piece, how will your ring insurance be effected?
– Does your insurance cover the full cost of the ring or just a portion of the cost?
– If you accidentally lose your ring or if it is stolen, how will you have to prove it when you make a claim?
– Are there any rare special instances where your ring will not be covered or will be covered?
Limit Your Costs.
Keeping your rings and other jewelry safe when it is not being worn will be a great asset to you in keeping your ring insurance costs down if you have a safe or a security deposit box, you can keep these items in there for protection when not in use.
Make Sure You Read The Fineprint.
When you are shopping around for an engagement ring insurance policy, make sure you get all of the information about what the policy entails and how you will be covered. Once you narrow down a policy that you think will work for you, read the fineprint for any hidden fees, restrictions or refusals. You will want to know specifically what coverages you will have and what coverages you won’t have, and how your insurance policy can be cancelled due to irresponsibility or other negligent behaviour.
So now that you have some information about how to insure your engagement ring investment after you purchase it, you can have confidence in knowing you are covered, and start thinking of clever and romantic ways to present the little work of art to your future wife.
