Things To Do When You Insure A Diamond Engagement Ring

Your soulmate has been found. The ring has been purchased. Perhaps you have already proposed. Best wishes on your wedding!

In the excitement of this time, it can be easy to overlook important details, but when you receive a Diamond ring insurance quote, making sure it’s in perfect condition should be one of your top priorities.

You probably paid a significant amount of money for the ring when compared to your income.  You can make sure that symbol of love is protected in a seamless and cost-effective manner by following these tips.

The Ring You Wear Is a “Special Article”

If you have a home, apartment, co-op, or other property insured, you might ask yourself, “How does that work?”.  How can I protect my ring with insurance?”.”

Jewelry and other special articles are generally not covered by standard homeowner’s insurance, depending on the cause of loss.  Consequently, Jewelry coverage should be purchased separately.

Understand The Fine Print

The Loss Settlement Valuation for your ring is determined by your insurance policy in the event you have to make a claim.

Others offer Replacement Cost, while others offer Agreed Value.  In some cases, only Repair & Replace options are available.  It is important to understand these differences before selecting your policy. Your broker will be able to do this for you.

You may be offered insurance at the time of purchase by your jeweler, for example.  This service might seem appealing due to its ease of use, however, the policy might not meet your specific settlement needs.  With the assistance of an experienced agent, you can find the right option while receiving a seamless experience along the way.

Make Sure You Know The Rates

Insurance companies charge very different rates for jewelry. Through a broker, you can compare companies and prices quickly.

Consider adding a home insurance policy if you don’t already have one to lower your rate even further.  If you combine your home and ring insurance, more insurance companies will offer you quotes.

Yet, even if it is a standalone policy, an independent agent can locate the best insurance rates in the shortest time frame.

Estimate The Value

An insurance policy that covers at least the cost of replacing the ring is recommended.  Wholesale may be cheaper than your jeweler’s suggested retail price if you managed to buy the ring wholesale.

In any case, your ring purchase price provides the most accurate estimate of the replacement cost today.

An invoice, bill of sale, or a jeweler’s appraisal showing all of the item’s details must be provided to verify this.  This must be provided by the jeweler.

Keep in mind that you should look for a replacement ring with the same kind, quality, and cost as the original.  Jewelry should be re-appraise periodically, and the insurance should be adjusted to reflect the change in value.

Request a Discount

A bank vault or a home safe can provide discounts to insurance companies if the ring is protected.  With more insurance policies bundled together, the lower the rate can be.

You may wish to consult an independent insurance broker when you decide whether or not to insure jewelry or any other special article, given that each individual’s situation is unique.