5 Things You Need To Know About Insuring An Engagement Ring

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5 Things You Need To Know About Insuring An Engagement Ring
Everything You Need To Know About Protecting Her Ring (And Your Engagement)
Even if your to-do list before getting down on one knee is only in your mind (or in the notes section of your iPhone), you’re probably getting right down to those last nitty-gritty details. You made the trip (or the call) to ask for your girlfriend’s hand in marriage from her father – and ahem, her mother, too. You’ve talked to her best friend to obtain the scoop on how she’s always dreamt of being 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 with regards 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 just 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 as well as, 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 should 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 for more info speak with professionals at Jewelers Mutual Anything you decide to choose, it is important that you understand the utmost you can aquire back from each plan – a good choice can soothe any emotional pain the effect of a lost or damaged ring.
When you consider different policies and consult with a representative, come armed with your entire questions. You need 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 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.
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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