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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 achieve the scoop on what she’s always dreamt to be proposed to. You probably even downloaded Pinterest – much to the teasing of your buddies – to roam around her Wedding Wishes” board. And if you’re definitely 100% ready, you likely already shelled out the cash for that sparkly number she’ll wear for the rest of her life.
But one thing you might 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 may 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 simply 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 you should 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 (as 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 learn more speak with professionals at Jewelers Mutual Anything you decide to choose, it is important that you understand the utmost you can find back from each plan – a good choice can soothe any emotional pain the effect of a lost or damaged ring.
UNDERSTAND HOW Much It Costs
When you consider different policies and consult with a representative, come armed with all your questions. You will want to know what you’re spending money on and if your unique plan covers for accidental damage, theft, jewel replacements as time passes, annual check-ups (yep, for a ring) and much more.
While, needless to say, your premium and payments depends entirely on the provider you select, 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 a year. If that seems like a lot, think of the value of the peace of mind 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. With respect 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 critical to understand how much the ring will probably be worth in order to get back cash, or perhaps a ring of equal value, should something eventually it.
So, remember that if you are insuring jewelery – especially an gemstone – you’re protecting the emotional value of a bit as much (or higher so) as the value of it. So given that you know the fundamentals of jewelery insurance, don’t sleep on insuring the gemstone or you may find yourself starting your brand-new life together in the doghouse.
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