Engagement Ring Insurance
"How To" steps to ensure your ring(s) is insured:
Ask a local jeweller to appraise your ring. If you are uncertain of the appraisal get a second opinion from another jeweller. After they have appraised your ring, you can ask for a formal document that can be used when finding an insurance package.
2. Am I already covered?
Figure out if an existing homeowners or rental police covers your ring. This is significant if you already have some kind of property insurance. If you are unsure, call your insurer and ask them about adding your ring to the policy.
3. Separate Insurance Policy
If your homeowners insurance does not cover your ring, or if you would like it to be covered separately, then it is best to contact a jewelry insurance representative. Get information on rates based on your ring’s value. Make sure that the documentation you receive states where you sent your ring for appraisal and that it includes all of the specific limitations or conditions for coverage. Read it carefully. If you are unsure of specific details, ask the representative before signing or contact a lawyer to go over the policy with you.
The deductible is the amount that you will pay to replace the ring before the insurers pick up the tab for the rest. Most policies will offer a range and not a fixed price. Keep in mind, a higher deductible equals a lower annual insurance premium.
It is a good idea to take photos of your ring and keep it with all other documentation. Take photos from all points of view. Make sure to pick up on details. Keep one set of photos with your own documentation and send the other to your insurance representative.
6. And Finally …
send the appraisal with the photos and any other paperwork to the jewelry insurance company. They will send you a policy to keep on record.
Insurance does not insure against loss or damage caused by:
Wear and tear
Inherent vice (the nature of the material has caused it to deteriorate).
Keep in mind that your engagement ring is an investment. This means the value of your ring will more than likely increase since you have purchased it. It is a good idea to have the ring reappraised every 3 years. Go back to the same appraiser if you had a good experience. No need for a second opinion in this case. Bring a copy of your latest appraisal to save on cost, and make sure to obtain new documentation.