Get Engagement Ring Insurance Asap
Your soon-to-be fiancé can insure the ring as soon as it’s purchased and in their possessionmuch like you would insure a car prior to driving it off the lot. You might not initially be thinking of anything happening to your precious and sentimental token, but the sooner it’s insured, the sooner you’ll be protected. Once purchased, you or your partner can begin to shop for ring insurance providers. Krowiorz notes that the timeline can vary depending on the individual case. Coverage can be provided right away or may take an estimated two to four business days if subject to underwriting review.
Inquire About Coverage Options
If you already have a homeowners insurance policy, call your insurer and ask about coverage options for your rings. Most homeowners policies provide minimal coverage for jewelry and high value collectibles, so you may need to purchase a personal articles or floater policy to provide protection for these items. This way, if you lose your wedding ring while scuba diving on vacation or damage the metal band while working, your insurance company will pay the cost to replace or repair the ring. There is an extra cost for these policies, however, and this cost will be determined based upon the value of the items you are insuring. Talk to you agent to learn more about these policies.
Where Can I Insure My Ring
There are two types of companies that will insure your ring: homeowners insurance and jewelry insurance. But there are advantages and disadvantages to each.
Homeowners Insurance Companies
Typically, a standard homeowners policy does not fully insure an engagement ring. It might not cover beyond a certain dollar amount or for certain reasons such as a lost ring. But its easy to request an add-on, sometimes called a rider or scheduled personal property coverage extension.
Its also convenient to have all of your insurance with one company, especially in the case of theft or a natural disaster striking your home. Plus, you may want to add expensive items such as heirlooms or other pieces of jewelry.
Now for the bad news. A filed ring insurance claim may impact the cost of your other policies. Or, the company might require that you use a jewelry store of their choice for repair or replacement. Read the fine print before you sign the contract to determine if its a dealbreaker.
If you happen to be shopping for home or renters insurance quotes already, note that State Farm Indemnity Company has an A- rating and Interinsurance Exchange of the Automobile Club has an A+ rating, according to AM Best Credit Ratings, Or, you can contact your current insurance agent to ask for a quote.
Jewelry Insurance Companies
Note: Some homeowners insurance companies might cover theft loss but not unidentified loss.
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Lost Your Wedding Ring 6 Things To Do Immediately
A lost wedding ring is no laughing matterthe frantic search, the sinking in your stomach, and the inevitable guilt are seriously upsetting. Before you go into full panic mode, however, take a deep breath. No matter what the outcome of the situation, remember that it is your marriage that truly counts, not the jewelry that symbolizes your relationship.
Keep that perspective in mind, and then follow these stepshopefully, you’ll find your ring along the way.
What Does Jewelry Insurance Cover
We provide all types of jewelry insurance, including engagement ring insurance. Watches, earrings, and even loose stones while being set – yep, we cover those too.
No matter the type of jewelry you insure, it’ll be protected by our comprehensive repair or replacement coverage. This means that with specialized jewelry insurance, we step in and deal directly with your jeweler of choice in the event of a claim.
Our claim professionals work with your jeweler to make sure your piece is repaired to your satisfaction or replaced with a piece thats of the same kind and quality as the original.
Plus, your coverage includes worldwide travel.
You left your ring somewhereon a beach towel or in a public bathroom. Its out there somewhere and you cant find it. Its covered.
We all know that feeling of dread when something we cherish is stolen. But you can rest assured that your stolen piece is covered, too.
You hit your diamond ring on the edge of a table and it cracks, or you’re pulling on a sweater and a prong is bent. Accidents happen. We’ll cover that.
Sometimes jewelry just disappearsit could be lost, stolen or hanging out in a drainpipe somewhere. You may not be able to explain how, where or when it vanished. Dont worry, thats covered.
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Protecting Value And Emotion
The love and commitment your ring represents is just as valuable as its material worth.
No matter how much you paid for the ring, insurance is a way of protecting the rings actual value.
You have a few options when considering insurance for your ring:
- Renters and homeowners insurance policies: These policies can cover the loss of your ring up to a certain amount, subject to your policys deductible and stated limits on unscheduled personal property. Full coverage for expensive items like jewelry can be obtained by purchasing scheduled personal property coverage an insurance policy extension that covers specific listed items. Ask your insurance company or agent about this coverage for your engagement ring.
- Jewelry insurance companies: Another option is to insure your engagement ring through a company that specializes in jewelry insurance. These companies might offer more comprehensive coverage than a standard homeowners policy. For example, these policies may allow you to recreate a lost piece or repair a damaged one. The engagement ring is one your lifes biggest purchases honor it by protecting it.
Should I Get My Ring Appraised
Always save the receipt for your ring and any appraisals youve had done on it. This can give you an idea of how much you should insure your ring for, as well as document any unique identifiers for your ring if its ever lost or stolen. An appraisal will typically look at the rings stone shape and quality metal type and fineness and any identifying marks, such as an engraved serial or certification number.
Generally speaking: If your ring is worth less than $7,000 and/or newer than seven years old, then you dont need to get it appraised.
However, fine jewelry usually appreciates in value over time, so reappraise your ring periodically after that seven-year mark to make sure youre still insuring it for the right amount.
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Yesthose Worth Much More Than Standard Homeowners Insurance Pays For Jewelry
Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. He has 8 years experience in finance, from financial planning and wealth management to corporate finance and FP& A.
Should you insure your wedding rings? It certainly doesnt sound as fun as planning the honeymoon. But when it comes to wedding jewelryengagement rings and wedding bandssecuring sufficient protection can prove as essential as any other wedding-related task.
The national average spent on engagement rings variesanywhere from $5,500 and up, depending on the surveybut safe to say, its in the healthy four figures. Partners getting an expensive engagement ring should plan to insure it. Add in the cost of wedding bands for both spouses, and its clear that the average $1,500 of jewelry coverage offered by standard renters and homeowners insurance wont cut it for your carats.
Overview Of Wedding Insurance
So what is wedding insurance? Basically, wedding insurance protects a couple’s investment from circumstances beyond their control, and reimburses expenses incurred. For example, what if your limo driver doesn’t show up and you have to book another one the morning of the weddingfor three times the price? Or what if the groom’s custom-made tuxedo is lost in airport baggage, and he has to buy a new one the day before the wedding? What if your reception space goes out of business a month before the wedding, and you lose your deposit and have to book another space? These are the types of wedding day financial losses that wedding insurance can help to protect.
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How To Shop For An Engagement Ring
Alright, now that youve figured out your engagement ring budget, its time to start shopping. Im talking about how to buy an engagement ring. Are you ready?
Finding the right engagement ring for your sweetheart and your budget is going to take some time. You dont want to rush the process. Make sure you do your research!
Remember, buying an engagement ring comes with a lot of questions. But thats a good thing. So, before you hand over your stack of cash, lets dive into what you need to know when it comes to engagement ring shopping:
Can I Name My Engagement Ring On My Home Insurance Policy
Youll only need to list your ring individually if its worth more than the single item limit. When you compare with us, youll need to add your engagement ring to your quote individually if its worth more than £1,500.
|Top tip: Take photos of your ring and keep them with an up-to-date valuation certificate and any receipts. These may be needed by your insurance provider if you make a claim. The photos could also help police trace the ring if its stolen.
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Insure The Piece As Soon As You Can
Experts suggest purchasing insurance before taking possession of the ring. If that’s not possible, insurance should be purchased right when you receive the ring.
“Consumers should insure any piece of jewelry that they would not be able to replace on their own if it were lost or stolen. That amount differs from person to person, but can be as little as $1,000, says Oded Edelman, President and co-founder of JamesAllen.com.
“You also need to find out if the policy covers you fully if the item is damaged or lost outside of the United States, says Edelman. Youre probably more likely to be exposed to theft or lose your ring when youre traveling, so this question is key and many policies will have riders that dont allow this level of coverage. Finally, ask if your jewelry is covered at the full replacement cost and if you can receive a cash settlement instead of a replacement item.”
Prove Your Engagement Rings Value
Insurers will require proof of your rings value to cover it. Providing this could be as simple as printing your receipt if your ring was newly purchased.
If you have an antique or one-of-a-kind heirloom piece and you arent sure how to find out how much your ring is worth, youll need to get it appraised to assign the ring a value for insurance coverage. Most insurers can recommend an appraiser or gemologist to provide this service.
In almost every case of valuable jewelry, it is imperative to have the jeweler provide an appraisal on your jewelry item, Miller says. Think of the process youll go through when your ring is lost, stolen or damaged beyond recognition do you know the weight, color, clarity and all those important features that your professional jeweler will have included in the detailed appraisal?
For diamond ring insurance, its also a good idea to get a diamond evaluation or grading report . The stone will likely be the most valuable and expensive part of your ring, and quality can vary significantly from diamond to diamond. A diamond grading report can make it easier to prove the quality of the stone so you can keep it properly insured.
If you decide to upgrade your ring, then youll need to get it appraised again so that your insurance policy covers its current value.
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Take Steps To Protect Future Rings
In order to never go through the emotionally draining experience of looking for a lost wedding or engagement ring again, take a few simple steps to protect future jewelry:
First, make sure the ring fits snugly around your finger. You should be able to wash your hands and shake them vigorously dry without feeling movement from the ring.
Second, get your rings insured.
Third, remove your rings before swimming in the ocean, playing vigorous sports, or using your hands to sculpt messy things like bread dough and clay. When you remove your jewelry for any reason, put it in a zippered pocket or other secure and memorable place before proceeding with the activity. You may also want to consider wearing a fake ring instead of the original.
And rememberas expensive and emotionally meaningful a wedding or engagement ring may be, its still not as important as your marriage itself. Even though youve lost a valuable object, try to take comfort in knowing that you and your partner still have each others loveand theres no danger of losing that the next time you wash your hands.
What Exactly Does Jewelry Insurance Cover
Insurance companies will give you different options to insure your jewelry. A good insurance plan will cover the full value of your jewelry in the event of damage, theft, accidental loss, and mysterious disappearance. A jewelry insurance policy that promises to cover the full cost of your jewelry will almost always include sales taxes as a part of your coverage.
Insurance terms can get a little confusing, so lets dissect them.
How To Get An Engagement Ring Insured
It begins with a detailed receipt and description of the purchased jewellery. Then, youll want to obtain an appraisal from a member of the Certified Accredited Appraiser Program , according to the Canadian Jewellers Association,
Keep the appraisers report on hand it should include a detailed description, magnified photographs and a current replacement cost estimate, and comes in handy if you need to make a claim. It doesnt hurt to take your own photos, too. If you are going to the extent of insuring your engagement ring, you should include all jewellery in your home inventory, and keep the receipt. Also, if you bought the piece on sale, youd want an appraisal so its not under-insured.
Youll gather up your home inventory and submit everything to your home insurance provider. If youre renting, shop for tenants insurance quotes, and see which policy offers you the best value.
How Can I Find Out How Much My Rings Are Worth
Many people choose to visit a specialist jeweller for a professional, up-to-date valuation, to get a good idea of how much cover you really need. A professional valuer will give you a formal document that describes each piece of jewellery and confirms its value and how that has been decided. Talk to the jeweller about how youd replace your items if they were lost, as this can affect the type of valuation given. The formal document descriptions will include details of the precious metal and the size, colour, cut and clarity of any precious stones. A photograph is usually included. This can be useful if you end up having to make a claim, to ensure that you get an equivalent replacement. The National Association of Jewellers suggests having items revalued every three to five years to ensure the value is current. Your insurance provider might also specify how often your jewellery needs to be revalued, so check the policy details and make sure your valuations are up to date.
A professional valuation of your rings isnt just needed for insurance purposes. Other common reasons to get your jewellery valued are:
- For probate
- Family separation or divorce
- When selling items of jewellery
You should always insure your engagement and/or wedding rings for their current market value, especially if youve been engaged or married for quite a while. This is because gold and precious stones usually increase in value over time.
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