Insuring Your Engagement Ring
The first option available to you is purchasing a specialty, standalone insurance policy for your jewelry with Zillion. Our specialized plans are often more affordable and, frankly, less hassle for you.At Zillion, we offer comprehensive standalone engagement ring insurance policies that come with a wealth of benefits like:Coverage for your jewelry against loss, damage, theft, disappearance, and natural disasters.
- A quick, easy, hassle-free claims process.
- Policies with a $0 deductible.
- Free shipping on repairs.
How Do I Cover A Ring
Engagement ring coverage can vary, so its important to ask what specifically is covered in the policy. Typically, adding itemized personal property coverage to your ring covers it if its lost, stolen, damaged, and it even covers you when youre traveling, whether in the country or overseas. Be sure to ask your agent what happens if its lost, stolen or damaged and check if there are requirements for documenting a loss and/or damage. Finally, make sure you know what jewelers you can use for repairs or replacement.
Is Jewelry Insurance Worth It
Only you can decide whether your cherished jewelry or valuable items are worth protecting with insurance. Ask yourself the following questions to explore whether jewelry and valuable items insurance is right for you:
- Can you imagine losing your jewelry?
- If your jewelry was lost, stolen or damaged, would you want it replaced or repaired?
- If the answer is yes, how much would you be able or willing to pay out of pocket?
Get a jewelry or valuable items insurance quote today and see how affordable jewelry insurance can be.
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Why Get Wedding Insurance
Consider these scenarios:
- Jordan and Blake spend months planning their winter wedding. But on the wedding day, their reception site is made inaccessible by an ice storm. With the right wedding insurance policy, the couple can postpone their wedding and receive every penny they lost including money for the invites, cake, catering, attire and nonrefundable deposits for ceremony musicians, a floral designer and other vendors.
- The bride’s father is injured in a car accident just before the wedding and cannot travel. If the couple has to postpone their wedding, with wedding insurance they could be paid back their expenses to enable them to have the wedding when the father recovers.
- Right before the ceremony, Brittany’s gown catches a gust of wind. Unfortunately, the tulle dances right over to the end of Uncle Howard’s cigar and the dress instantly goes up in flames. Fortunately, the right insurance policy covers the replacement of the veil and gown.
- There is an unprecedented, global pandemic that creates undue economic hardship, limits all air travel, and results in laws banning large gatherings. Sound familiar? Wedding insurance protects the costs paid for your ceremony from similar extraordinary circumstances beyond your control.
What Are The Costs Involved With Engagement Ring Insurance Companies
The biggest cost of engagement ring insurance is the premium. Most insurance carriers advertise rates between 1% and 2% of your rings value. So, for instance, a $3,000 engagement ring could cost anywhere from $30 to $60 per year to insure.
However, several factors impact the cost of engagement ring insurance, besides your ring. The insurance company you choose, your location, your coverage limits, and your deductible can also affect the price.
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Should I Have A Jewellery Valuation
You’ll certainly need to find out how much your jewellery is worth before you can insure it properly. Don’t assume that older items lose their value some classic watches, art and other collectibles can age well, and be worth more now than when you acquired them.
To ensure your valuables are valued properly:
- Find a valuer registered with the National Association of Jewellers.
- Get a jewellery valuation done every 2 to 5 years. This will help in a claim where an item is lost or destroyed.
- Ask for a report on damage and general condition.
- Keep your valuation certificate in a safe place, along with your original receipt or proof of purchase.
After each valuation, tell your insurer about any change to your item’s value. If you don’t have an up to date valuation certificate, your insurer might question your claim.
Do I Actually Need Jewellery Insurance
Hold on! Your jewellery will be covered under the contents policy of your home insurance, either as personal belongings or valuables, each item up to a certain value.
Your contents policy may also have a value limit for the cover of valuables. If it’s £10,000, and your new diamond pendant is worth £15,000, you’ll need to increase the cover level. Otherwise you’ll be underinsured and out of pocket if something happens and you want to replace it.
Remember, even just adding a few valuables can take up a sizeable part of your overall level of contents cover, so try our contents calculator to make sure you’re not underinsured.
But the important thing to bear in mind is the single item limit, especially if you have one item that’s worth a lot more than any of your other valuables.
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Do I Need To Tell My Insurer I Have An Engagement Ring
If the item is below the single item limit , you don’t need to let your insurer know. If it’s worth more than the single item limit, you’ll need to add it to your policy so you can claim for it if you lose it, damage it, or it’s stolen.
If you’re lucky enough to have an expensive ring, your insurer may decide that they can’t cover it as part of your standard cover, and they may ask that you insure it separately. This also applies in the case of wedding ring insurance if you have a valuable wedding ring, make sure you let your insurer know.
Can I Insure An Engagement Ring Before I Propose
You do not need to wait until you have proposed to insure the ring. Your engagement ring is a valuable investment and insurance companies will usually have a solution to help you out without ruining the surprise. There are two options: Call your home insurance company and add the ring to your policy as a rider , or, if you want to cover the engagement ring with its own policy, contact an engagement ring insurance company and explain the situation.
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How Much Cover Do I Need
Its up to you to determine how much it would cost to replace your investment property and any contents you own if they were totally destroyed, for example, by fire the sum insured.
This is the maximum amount well pay, so its important youre comfortable the sum insured you nominate is sufficient to replace your entire property and all of your contents at todays prices.
Insurance is arranged by Auto & General Services Pty Ltd on behalf of the insurer, Auto & General Insurance Company Limited ABN 42 111 5 86 353.
Because we dont know your financial needs, we cant advise if this insurance will suit you. Please consider your needs, Financial Services Guide, Product Disclosure Statement, Target Market Determination, and Key Facts Sheets when deciding to buy insurance. Home & Contents Insurance not available in NT, North Qld and Northern WA. Subject to meeting underwriting criteria.
^Online Discounts Terms & Conditions
How To Insure An Engagement Ring
When thinking of insurance for an engagement or wedding ring, a primary question might be: Who should buy the insurance the person who purchased the ring, or the recipient? The answer lies in the current ownership if the couple isn’t living together, then the person who is currently holding onto the ring, whether on a finger or at home, is the person who should insure it.
So, let’s say John bought an engagement ring for Melissa, but has yet to present it to her. At this point, the ring is still John’s personal property. In this case, John needs to make sure the ring is covered under his homeowners, condo or renters insurance policy. Once John proposes and Melissa accepts the ring, Melissa owns the ring. It is now Melissa’s personal property. So Melissa needs to purchase coverage for her ring under her homeowners, condo or renters policy.
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What Do Jewelry Insurance Companies Cover
Jewelry insurance companies cover different things, but its usually fairly comprehensive. Most providers offer coverage for damage, disappearance, loss, and theft. Some providers cover your jewelry on an all-risk basis, which means that your jewelry is covered from any event that is not specifically excluded from the policy. Keep in mind that jewelry insurance does not typically include damage from wear and tear or intentional acts.
What Is The Jewelry Insurance Claim Process Like
Insurance claims for jewelry go through a very similar process to car insurance claims. A policy agent will assign you a claim number and you will be asked to provide any relevant photos, police reports, and documentation about your stolen jewelry.
Two documents that will be essential to filing a jewelry insurance claim are a value appraisal for the stolen piece and, if it is a piece of diamond jewelry, the center diamonds GIA or AGSL certification report. If you purchased your ring from a reputable jeweler, theres no need to worry if you lost your appraisal or diamond grading report. You should be able to request another appraisal and the grading laboratories should have no problem sending you a replacement report.
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How To Increase Coverage For Your Jewelry
If your jewelry is worth more than what’s set forth in a typical homeowners insurance policy, you can purchase an additional endorsement or floater. Also known as scheduled personal property coverage, this is a way to raise the coverage limits of specific high-value items, such as valuable family heirlooms, that you own.
Premiums for floaters depend on the types of items you’ve added, how much the items are worth and the area where you reside. Unlike with personal property coverage provided by your homeowners insurance, there’s no deductible for items covered by a floater.
An added benefit of a floater is the additional protection some offer. Some floaters cover you for situations in which you lose a ring or leave it behind on vacation. Personal property coverage under your home insurance policy would not cover you in that case since it’s not a listed peril.
When scheduling the items you wish to raise coverage limits for, your insurer will likely require you to have the items appraised, unless they were recently purchased and you have receipts available.
Contact Your Insurance Agent To Add Your Ring To Your Homeowners Or Renters Policy
Doesrenters insurance cover engagement rings? Yes, it can. You may be wondering about combining an engagement ring and renters insurance. Whether a policy insuring an engagement ring is added to a renters plan or another existing policy,your local insurance agent can help you work out the details so that a small monthly contribution to your regular bill can offer you a wealth of security for your ring over the long term. This is also a good time to evaluate all of your insurance needs as soon-to-be newlyweds, and an engagement ring insurance quote is an important first step toward becoming a responsibly insured couple.
How Do I Insure My Wedding Ring
Once youve decided to get coverage for that sparkler, youll want to consider a few different options. After all, getting insurance for an engagement ring deserves at least some of the consideration you had when you picked it out.
The first option is to add your diamond ring to your renters of home insurance policy. Most insurers have max amounts that cap off how much coverage is automatically included for valuable items like engagement rings.
At Lemonade, $1,500 worth of jewelry is insured in the base plan for theft. In other words, the total cost of all your jewelry is covered only up to $1,500 if someone comes in to take your stuff.If you only have a simple wedding ring, $1,500 in coverage is probably enough to replace the band.
In general, diamond rings might require additional coverage. In 2018, the average price of an engagement ring added to Lemonaders policies was $10,902, so you should go ahead and assume youll need to add Extra Coverage for your glittery diamond engagement ring.
Best part? At Lemonade, you wont have to pay a deductible for anything scheduled as a personal property endorsement . So if your ring worth $12,000 mysteriously disappears, Lemonade can pay you up to the full replacement cost, deductible-free!
Best Overall: Jewelers Mutual Insurance Company
Jewelers Mutual Insurance Company
Jewelers Mutual is the best jewelry insurance provider overall because it has more than 100 years of experience insuring jewelry and includes coverage for all major perils, all while offering customizable coverage with no deductible.
Strong reputation in the industry
Option for $0 deductible policy
Coverage is for all perils
Some losses are excluded, like wear and tear
Doesnt offer 24/7 customer service
No free appraisals
We chose Jewelers Mutual as the best jewelry insurance company overall because the company has a strong reputation in the industry. Jewelers Mutual has been in business since 1913 and is backed by leading organizations, like the American Gem Society and Jewelers of America.
In addition, we were impressed by Jewelers Mutuals coverage. Every piece is covered on an all-risk basis and is protected against losses like theft, mysterious disappearance, and damage, including damage from floods and earthquakes. Jewelry is covered worldwide and during travel.
Overall, insurance from Jewelers Mutual is affordable. The annual cost of coverage is typically 1% to 2% of the items value. You can get a quote online to see what you will pay based on the value of your jewelry and set your own coverage limits. We also like that Jewelers Mutual offers $0 deductible policies.
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Where To Get Engagement Ring Insurance
You have two main options when it comes to engagement ring insurance:
The easiest route is option one .
One company offering up some of the best engagement ring insurance is Lemonade. With Lemonade, you add your engagement ring as an Extra Coverage to your existing policy. Theres no deductible if you need to file a claim and it covers nearly everything, including accidental damage and accidental loss.
According to Lemonade, the only thing it doesnt cover is normal wear and tear and damage caused by war/nuclear fallout .