Congratulations on your engagement!
After all, that’s how you ended up here, right? It took months of careful planning, booking and looking for the perfect ring. But your significant other finally said “yes!” Now it’s time for even more planning. But in the midst of booking the venue, band, and photographer, there’s one more important thing you have to address. Insuring your engagement ring.
This will help give you a peace of mind in case anything happens to the precious diamond ring down the line. Backed by insurance, you would be able to replace the ring in case something happens to it like being lost, stolen or damaged. Even though all are unlikely and uncommon scenarios, you should not get stingy on insuring the most expensive purchase you’ll likely ever make.
However, not a lot of people are familiar with engagement ring insurance. In this article, we’ll cover the basics and explain why this type of insurance is important for every newly engaged couple.
What Does Engagement Ring Insurance Entail?
Engagement ring insurance is similar to any other type of insurance, like the ones you might have for your home or car. When insuring your ring you have two different options. The first is to purchase a rider, an insurance extension that specifically covers the engagement ring provided you already have a home insurance policy. The second is to insure the ring through a company specializing in jewelry insurance. In this case, the company will replace your lost or stolen ring rather than simply compensate it financially. Depending on the value of the ring, the insurance company and their policy the specifics of both types of insurance vary.
Are there Any Prerequisites?
To insure your ring you first need to know how much it’s worth. To do that, you need to have the ring appraised. An insurance appraisal is a document proving the value of your ring. It includes all the information such as the quality of the diamond, the metal, and setting of the ring as well as the total weight in carats. Based on all of these items, the appraisal lists the total value of the ring. You need to have an official appraisal before you insure your ring. Respectable companies like Leo Hamel Fine Jewelry & Engagement Ring Store include the necessary documents with every purchase. If you did not receive an appraisal document when you bought the ring you can have it valued by a certified appraiser.
How Much Does Engagement Ring Insurance Cost?
The cost of insurance varies depending on the policy. Different companies offer different prices and coverage options, so you should take the time to compare what a company offers versus how much you’ll have to pay. In general, a policy costs up to $2 dollars for every $100 you’d need to purchase the ring. So if your ring is valued at $5,000 the insurance policy will cost up to $100 per year.
Do I Need an Insurance Policy?
Many newlyweds feel that they don’t need a ring insurance policy as they did not pay for the ring too much. However, even if you paid $1000 for your engagement ring, you’ll find that you can still find it useful. After all, what’s $10 for your peace of mind?
Contact Leo Hamel Fine Jewelry & Engagement Ring Store at 1851 San Diego Ave, San Diego, CA 92110, USA, 619-299-1500