How To File A Renters Insurance Claim On A Wedding Ring
In the event that you do need to file a claim for your stolen or damaged wedding ring, youâre going to want to get started on the process right away. If your wedding ring has been stolen, you should call the police before filing a claim.
You should call your insurance company as soon as possible to report the claim and to make sure your wedding or engagement ring is covered by the policy. Many insurance companies have a deadline for when you can file a claim, which is typically between 48 to 72 hours since the incident. To make the ordeal smoother, you should have these things handy:
Your policy number
Details about the damage or theft, including the last time you had the ring on you
A police report recording the theft
A phone number where you can be reached easily
Documented photos or videos of the damage if possible
You will then need to fill out a claims form to file your claim. Once you submit your claim, your renters insurance company will begin their investigation process. Some claims take longer than others, so you should ask your provider to give you an estimated timeframe.
How To Buy An Engagement Ring Without Debt
11 Minute Read | September 24, 2021
So, youre thinking about asking one of the most important questions ever:
Will you marry me?
But no man wants to ask the love of their life to marry them empty-handed. Yeah . . . Im talking about buying an engagement ring. And whether you pick out the ring together, surprise her with your incredible taste in jewelry, or ask her best friend for tips, you have to know your budget. So, how much should you spend on an engagement ring?
Believe it or not, an engagement ring can be one of the biggest purchases of your life, outside of maybe a house or a car. And according to The Knot Jewelry and Engagement Study, the average cost of an engagement ring comes in at $5,500!1
If youre feeling a little overwhelmed, thats okay! Take a deep breath, because Im going to teach you how to buy an engagement ring that makes her eyes light upwithout going into debt to do it.
But before I get into the ins and outs of buying an engagement ring, lets start with the basics:
When You Should Get An Appraisal
As soon as you have your ring in hand, you can have it appraised . The earlier you have your ring appraised, the better. That way, you can get your ring insured immediatelyleaving you with one less thing to worry about.
Because the cost of diamonds and precious metals rise over time, have your ring appraised every five years. With an appraisal thats a decade old, the recorded value of your ring will likely be far less than what its actually worth. And you want to make sure you receive the full current value of the ring should anything happen to it.
Best For Market Protection: Chubb Insurance
- Valuable articles coverage through a homeowners insurance policy
According to a representative, you must call a local broker for a quote on premiums.
The real stand-out feature for engagement ring insurance from Chubb, though, is that there are no deductibles. The website also says Chubb has liberal appraisal requirements and doesnt require an appraisal for engagement rings below $100,000. Chubb only asks for a detailed description and estimated value.
A representative confirmed there may be discounts for a safe or alarm, but you will need to speak to a local broker about the specifics. You can report a claim by phone, fax, online form, or by contacting a local agent.
In some cases, Chubb will pay 150% of your engagement ring’s value to account for market increases. Otherwise, you can expect to receive 100% of the agreed value in cash.
We chose Chubb because, although there isnt an easy way to get a quote online, the companys policies offer a unique feature we didnt see from the otherscoverage up to 150% in most states. As the market changes, precious metals like gold may increase in value. This means your ring could be worth more when you make a claim. With Chubb, you can rest easier knowing you have the extra protection.
Diamond Sellers Who Provide Complimentary Appraisals
If youre purchasing through a highly reputable diamond vendor, like James Allen or Blue Nile, your diamond ring will likely already come with an official appraisal. This saves you time, hassle and money.
With a James Allen diamond ring, your package arrives with your lab report and an appraisal. You wont need to hunt down an appraiser or find a jewelry store to have your ring appraised.
Similar to James Allen, Blue Nile engagement rings come with a calculated appraisal using current market data. This appraisal document can be given directly to your insurance company.
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Is My Ring Covered Under My Homeowners Or Renters Insurance
That depends on how much its worth. In most cases, standard homeowners and renters insurance only cover theft of jewelry to a specific dollar amount thats known as the sublimit. At ERIE, the sublimit for lost or stolen jewelry is $3,000. This covers any single piece of jewelry and the total amount lost or stolen.
However, many engagement rings are worth more than $3,000. According to The Knots 2017 Real Weddings study, the average couple spends $6,351 on a new engagement ring .
With that in mind, its a smart decision to consider insuring your engagement ring on its own. When you schedule a piece of jewelry, such as an engagement ring, you can insure your jewelry based on its cost or appraised value, rather than limiting coverage to the $3,000 sublimit associated with a homeowners or renters policy.
Is A $2000 Dollar Engagement Ring Cheap
A budget of two thousand dollars for a diamond ring isnt exactly high but its still a decent price range to find something nice. While it is possible to find affordable options that are both beautiful and elegant, you shouldnt harbor any unrealistic expectations like buying a 1 carat diamond ring with a 2k budget.
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Why Get Wedding Ring Insurance
Wedding and engagement rings are some of our most treasured possessions. Often these are extremely expensive, or hold sentimental value having been handed down from previous generations. Losing or damaging these can be emotionally stressful.
This is why wedding ring insurance can make sure that your most valued possessions are covered if the worst happens.
The 5 Best Engagement Ring Insurance Companies Of 2021
Jewelers Mutual has been protecting jewelry since 1913 and has earned an A+ ranking from AM Best for 34 years. The company is accredited with the Better Business Bureau and has an A+ rating. Jewelers Mutual has received a slew of endorsements, including plugs from authorities like the American Gem Society and Jewelers of America. Jewelers Mutual offers both personal and business jewelry insurance policies.
Jewelers Mutual doesnt use a simple price per $100 formula to calculate customer premiums. Instead, the company looks at your zip code and the value of your ring. In addition, there are four deductible options, ranging from $0 to $500, which impact how much you will pay per year. The company offers a loss prevention discount if you have an eligible home alarm system installed.
Jewelers Mutual will repair or replace up to the full value of your ring, so you should expect to provide a current appraisal. The claims process includes four steps:
- Start the claim with a phone call.
- Choose a jeweler to repair or replace your ring.
- Pay your deductible.
- Insure your replacement jewelry .
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How To Save Money On An Engagement Ring
I know what youre thinking . . . Am I being cheap if I want to save money on an engagement ring? Absolutely not. In fact, youre trying to get the most diamond for your buck. And thats a great thing.
So, how do you find a ring that fits your budget? You have to shop around! You probably wont find the best deals at those popular jewelry stores in the mall. Try checking out stores outside the norm. These are local or small jewelers in your area, pawn shops, Etsy shops and even diamond brokers. These places are in the business of selling you a beautiful diamond, but not trying to rip you offmost of the time.
Now, lets talk about other ways to save. Here are three out-of-the-box ideas that can really help you make the most of your budget:
Make An Engagement Ring Budget
You guessed itno shocker here! The first step to buying an engagement ring is being intentional and making a budget.
One months worth of your annual income is usually plenty to get a great ring, but definitely no more than two to three months of paychecks. And if youve got a family heirloom youd like to use, thats great! You can get the stone reset, get a new diamond, or keep it as is. The options are endless.
But just because you want to buy your girl the perfect ring doesnt mean you need to go into debt to do it. Yeah . . . Im talking about credit cards, financing or a bank loan. Run! Far, far away! I repeat: You do not want to get credit or financing involved.
Pay as much as youve budgeted for in cash. Why? Because many times, paying with cash will get you a better deal! Theres not much that has more markup than jewelry, and paying with cash opens the door to negotiation.
Many big box or chain jewelry stores arent known for handing out discounts. But it never hurts to ask for a percentage off your purchase. Theyll either say not a chance or theyll surprise you with a yes.Because even the salespeople in the jewelry store know the truth: Cash means money in their hands right now, not the possibility of payments in the future.
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What Perils Are Covered
When it comes to personal property damage, renters insurance covers perils like fire, falling objects, damage from riots, theft, and more. That being said, if youâre trying to insure expensive jewelry, most providers will only consider theft a covered peril. This means if your wedding ring gets damaged by a fire, your renters insurance policy probably wonât cover it. Some insurance providers will reimburse you up to your policy limit if you lose your wedding ring due to a covered peril, but not all. This all depends on your policy, so you should check with your provider before adding any additional riders or coverage.
How Much Should A Jewelry Appraisal For Insurance Cost
First things first. There should be no difference between a “jewelry appraisal for insurance” and any other type of jewelry appraisal.
All too often, jewelers hear, “I don’t want to pay a lot for an appraisal. I only need it to get my jewelry insured.”
Shelling out your hard-earned cash for something intangible, that you will hopefully never use, is never fun. However, there is no point in paying for your insurance if it will leave you hanging when you actually need it – all because you didn’t want to pay more than the minimum to get an accurate, thorough appraisal.
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Insuring Your Wedding Or Engagement Ring
Insure your new engagement ring or wedding ring.
Did you get engaged for Valentine’s Day? It’s one of the most popular times of year for couples to commit. By now, you’re probably getting tons of adviceand hopefully some nice messages from the friends who’ve seen the photo you added to Facebook last night. So, congratulationsand now here’s our helpful advice about protecting your new ring.
Check your homeowners or renters policy first If you have home insurance, a condominium owners policy or renters insurance, your policy will most likely include coverage for a limited amount of jewelry, usually $500 or $1,000. The limit of coverage applies to all jewelry you own, so be sure to consider the value of all your jewelry before deciding that it’s enough coverage.
You have two options for buying more coverage than your home insurance offers. You can add more coverage to your home or renter’s policy by adding an endorsement to cover the appraised value of your ring or all of your jewelry. This type of policy endorsement is sometimes called a floater or jewelry floater or a personal articles policy. The cost is based on a certain price per thousand dollars of insured value, usually around $2 to $5 per $100. So, the cost to insure a $3,000 ring might range from $60 to $100 a year. If you have a loss, your insurance company has the option of paying you the appraised amount or replacing the ring.
What About The Shape Setting And Band
Diamonds can be cut into several different shapes: round, cushion, princess, pear, marquise, oval, emerald . . . the list goes on and on. Its really all up to your future fiancées taste and your personal budget.
The setting is how the diamond is placed on the ring: solitaire, pavé, halo, channel, or tension. Make sure you know what your future fiancée likesor more importantly, doesnt like. When in doubt, ask her what she likes, or consult one of her trusted friends if youre trying to keep things hush-hush.
Then theres the ring band, which can come in yellow, rose or white gold, platinum, silver or palladium. Just like with most things, each metal has pros and cons. For instance, platinum is a little more expensive than gold, but its also more durable. Gold is classic, timeless and easy to polish, but it wears down faster and could require more maintenance over the lifetime of the ring.
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Engagement Ring Insurance Cost: The Quick Answer
Rates usually depend on where you live. But for most people, insuring your jewelry will cost 1-2% of its value.
For example, a $5,000 ring may cost as little as $50 per year to protect. To put that in perspective, jewelry insurance can cost less than getting one coffee every month for a year.
Curious to see how much jewelry insurance would cost for you? Simply click the button below to get a quote in under a minute.
Option Two Specialised Insurance
If you would prefer to insure your engagement ring separately to your contents or combined home and contents policy, you can do so through a standalone specialist jewellery insurance firm.
Policies on offer from specialist jewellery insurance providers tend to carry a higher level of cover than what is on offer from standard contents insurance, and the premium may cost you more.
Additional benefits of this type of cover may include:
- An agreed value policy
Specialist insurers may be more likely to provide agreed value cover, meaning they will pay the actual amount shown on your policy minus the excess if your ring is lost or stolen. This is in comparison with some insurers who may impose a cap or choose to replace your ring at the lowest price they can buy it for at the time of your claim.
- Additional replacement cover
If the replacement value of your ring has increased due to changes in the exchange rate or the cost of materials, some specialist insurers will cover you for an additional amount on top of the agreed value, typically up to an extra 25%, to help cover the difference.
- Free annual revaluation
Under some policies, you may be able to have your engagement ring revalued annually at no additional charge. This can help you ensure your ring is insured at the right value.
- Worldwide cover
- Repair and replacement at your preferred jeweller
Some specialist insurers may give you the option to replace or repair your ring at a jeweller of your choice.
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