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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 engagement ring. While it might seem like something you could get to later, if you’ve ever dropped your iPhone and didn’t have the funds to repair a cracked screen, then you know the obvious risk of not being insured – multiply that horrible experience by a million. Not only does insurance protect something that is both physically and emotionally irreplaceable to her, but it also prevents you from having to spend the money all over again.
You might be wondering if ring insurance is as complicated as figuring out your policy and what it covers (and more importantly, doesn’t cover). The short – and awesome – answer is pretty simple: Jewelry insurance is a lot like auto or home insurance, where you pay a certain amount of money annually, to protect your ring against everything 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 behalf finger, your lady misplaces or loses her ring. What will be a happy vacation could become a tearful trip if the ring you saved up for, worked hard for and gave her so romantically is lost forever.
When something is quite near your heart – say, like your marriage, you wouldn’t desire to risk any damage, right? Jewelers Mutual® offers worldwide travel coverage so if some of those earlier mentioned disasters occur, you will be properly protected. In a nutshell, without jewelry insurance, each and every time your bride-to-be and then-wife sports her left hand jewels, you have a chance on losing it forever.
Know What THE VARIOUS Types Are
First thing it is advisable to find out is if deciding on an upgraded policy or cash return policy may be the right move for you personally. An upgraded or repair policy are certain to get you back a ring of exactly the same kind and quality (given that the ring wasn’t underinsured), sufficient reason for an organization like Jewelers Mutual , who focus on jewelry insurance, you’re more prone to get yourself a ring of same kind an quality. A different one of the advantages of insuring using them is they work directly together with your jeweler of choice.
Of course that is just a primer to jewelery plans, so for additional information speak with professionals at Jewelers Mutual Anything you decide to choose, it’s important that you understand the maximum you may 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 of 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 value of the ring and the type of policy and add-ons you select – overall, with experts like Jewelers Mutual it’s not that expensive: typically 1-2% of the ring’s value. So for example, if you got her a $10,000 ring, the insurance will cost you around $100 a year. If that seems like a lot, think of the value of the satisfaction of never having to worry about the ring getting damaged or lost.
Know The Importance Of A Thorough Appraisal
Just like with anything that needs to be appraised, you need to have some sort of proof of the value and attributes of the ring. Appraisers need this information in order to be as accurate with its value as possible. But be careful because there are dangers to receiving a bad appraisal.
An inaccurate one can lead to not recovering enough funds from a claim, and an incomplete one can lead to a dispute in the ring’s worth between you and the insurer. According to the ring, the hourly rate of a thorough appraisal can be anywhere from $50 to $150 and it includes full-on market research, lab work and a written copy of the appraisal. It is critical to know how much the ring is worth if you need 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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