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5 Things You HAVE TO KNOW About Insuring An GEMSTONE
Everything You Need TO LEARN About Protecting Her Ring (AS WELL AS YOUR Engagement)
Even though your to-do list before getting down using one knee is only in your thoughts (or in the notes portion of your iPhone), you’re probably getting because of those last nitty-gritty details. You made the trip (or the decision) to require your girlfriend’s submit marriage from her father – and ahem, her mother, too. You’ve talked to her companion to have the scoop on what she’s always dreamt to be proposed to. You almost certainly even downloaded Pinterest – much to the teasing of one’s buddies – to roam around her Wedding Wishes” board. And when you’re definitely 100% ready, you likely already shelled out the money for that sparkly number she’ll wear for the others of her life.
But one thing you may have forgotten about until, oh, maybe right this very second is insuring her gemstone. While it may seem like something you can get to later, if you have ever dropped your iPhone and didn’t have the money to correct a cracked screen, you then know the obvious threat of not being insured – multiply that horrible experience by way of a million. Not merely does insurance protect a thing that is both physically and emotionally irreplaceable to her, but it addittionally prevents you from needing to spend the money yet again.
You could be wondering if ring insurance is really as complicated as determining your policy and what it covers (and much more importantly, doesn’t cover). The short – and awesome – answer is pretty simple: Jewelry insurance is like auto or home insurance, where you pay some money annually, to safeguard your ring against from theft to damage to loss depending on what plan you select.
Just like you’d want to carefully read through any contract you sign, engagement ring insurance is no different. The best and safest bet is to go with a company that specializes in protecting your precious items, like Jewelers Mutual Insurance Company , who have over 100 years of experience when it comes to jewelry – as it’s all they do.
Know About The Dangers Of Not Having It
Imagine this: After the greatest night of your life (that felt like a complete, beautiful blur), you whisk your bride away to your honeymoon. When you’re not busy spending time in your luxury suite, you’re exploring a new town, lounging on the beach or even, exercising your passport and the culture abroad. Maybe after too much wine or just out of forgetfulness for something that’s new on her finger, your wife misplaces or loses her ring. What would be a happy vacation could turn into a tearful trip if the ring you saved up for, worked hard for and gave her so romantically is lost forever.
When something is very close to your heart – say, like your marriage, you wouldn’t want to risk any damage, right? Jewelers Mutual® offers worldwide travel coverage so if any of those previously mentioned disasters occur, you’ll be properly protected. In short, without jewelry insurance, every single time your bride-to-be and then-wife sports her left hand jewels, you take a chance on losing it forever.
Know What The Different Types Are
First thing you have to figure out is if opting for a replacement policy or cash back policy is the right move for you. A replacement or repair policy will get you back a ring of the same kind and quality (so long as the ring wasn’t underinsured), and with a company like Jewelers Mutual , who specialize in jewelry insurance, you’re more likely to get a ring of same kind an quality. Another one of the benefits of insuring with them is they work directly with your jeweler of choice.
Of course this is only a primer to jewelery insurance policies, so to find out more speak with the experts at Jewelers Mutual Whatever you decide to choose, it’s important that you understand the maximum you will get back from each plan – the right choice can soothe any emotional pain caused by a lost or damaged ring.
Know How Much It Costs
When you look into different policies and speak with a representative, come armed with all your questions. You will want to know what you’re paying for and if your specific plan will cover for accidental damage, theft, jewel replacements over time, annual check-ups (yep, for a ring) and more.
While, of course, your premium and payments depends entirely on the provider you choose, the worthiness of the ring and the sort of policy and add-ons you decide on – overall, with experts like Jewelers Mutual it isn’t that expensive: typically 1-2% of the ring’s value. So for instance, in the event that you got her a $10,000 ring, the insurance can cost you around $100 per year. If that appears like a lot, think about the worthiness of the reassurance of never needing to be worried about the ring getting damaged or lost.
Know THE SIGNIFICANCE Of AN INTENSIVE Appraisal
Just like with whatever must be appraised, you must have some sort of proof the worthiness and attributes of the ring. Appraisers need these details to become as accurate using its value as you possibly can. But be cautious because you can find dangers to finding a bad appraisal.
An inaccurate you can result in not recovering enough funds from the claim, and an incomplete you can result in a dispute in the ring’s worth between you and the insurer. With regards to the ring, the hourly rate of an intensive appraisal can be from $50 to $150 also it includes full-on general market trends, lab work and a written copy of the appraisal. It is important to understand how much the ring will probably be worth to be able to get back cash, or a ring of equal value, should something happen to it.
So, remember that when you’re insuring jewelery – especially an engagement ring – you’re protecting the emotional value of a piece just as much (or even more so) as the monetary value of it. So now that you know the basics of jewelery insurance, don’t sleep on insuring the engagement ring or you may end up starting your new life together in the doghouse.
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