Congratulations on your engagement! From this moment on you will constantly be wearing your engagement ring. Basically it is always at risk. It is not the least expensive thing among your belongings to completely neglect its safety. Even though right after your engagement might not be the time to think about practical things such as your ring insurance, it’s the right thing to do. You never know what can happen. You might lose it or it might get stolen or damaged. It’s in your best interest and your responsibility to ensure your engagement ring. Getting insurance for your engagement ring can help to soften the blow just in case. If you are on the crossroads and know nothing about rings insurance, here’s everything you need to know:
1. When to buy an engagement ring insurance?
The best idea is to insure the ring right away, immediately after you got it. If your fiance didn’t insure it when he purchased it (at times like this we rarely think about money and safety), then you should get insurance right after you said “yes”. This way you can ensure nothing bad happens to the ring without you having some form of a back-up.
2. How to insure an engagement ring?
First of all you should look for a good insurance provider. With jewelry you have two options – you can either purchase an extension for your homeowners’ or renters’ insurance or, if you don’t have this insurance, you can take out a policy through an independent company that specializes in jewelry insurance. This will also work if your initial insurance company doesn’t cover jewelry for some reason.
3. Get acquainted with engagement ring insurance plan pricing
The estimated costs to get ring insurance vary depending on many factors. The pricing depends on your area, your insurance company policies towards jewelry, and the ring’s initial price. Usually the insurance will cost you $1 to $2 for every $100 of your ring worth.
4. Know all of the details of your engagement ring insurance policy
Make sure you know all the details about your insurance policy. Who repairs the ring? Is it adjustable to inflation? How often do you need to reevaluate it? What does it cover? Is your ring still insured if you are out of the country? Get your questions answered before making a final decision on the insurance provider.
5. Get an appraisal before insuring your engagement ring
You can’t insure the ring without knowing its worth. Before going to the insurance company, figure out your engagement ring’s market worth. Some companies require your ring to cost no less than a certain amount, so this is important.
6. Reappraise your engagement ring from time to time
Usually, jewelry is a good investment. The market value of your engagement ring will go up over time. So it’s important that you reappraise your ring every two to three years for insurance purposes. Otherwise, in case something happens you will not get the real amount of money the ring is worth back.