Buying a diamond engagement ring is a huge investment. Your diamond ring likely cost thousands of dollars, and if something happens to the ring it can be a terrible experience – both emotionally and financially to you and your fiancée (or husband). That’s why it is highly recommended and absolutely worth it to protect your diamond ring with an insurance policy.
Basic Coverage Under Homeowner’s Policy
Most people will insure their diamond ring under their homeowner’s insurance policy. If you have renter’s insurance, you also can typically add a diamond engagement ring to your existing policy. It may only take a call to your homeowner’s insurance company to get your ring added to the policy. You should do this immediately after you purchase the diamond engagement ring to protect your investment.
If you do not have homeowners insurance it is suggested to protect your diamond by purchasing coverage through a company such as Jewelers Mutual Insurance.
What You Need
Each insurance company may require different paperwork depending on what type of policy you take out on the engagement ring. In most cases, a homeowner’s insurance policy will require a copy of the retail replacement valuation in order to insure the diamond ring. Trusted brands such as Hearts On Fire supply this paperwork automatically with your purchase in order to streamline the process of securing coverage for the diamond ring.
An appraisal may also be required by your insurance company. It may be your responsibility to pay for an independent appraisal to be done on the diamond engagement ring in order for it to take effect. Any receipts related to the purchase may also be required by the insurer. Be sure to keep all paperwork you receive during the purchase in case you need it for the insurance company.
Jewelry Insurance Inclusions
You must ask your insurance agent exactly what types of incidences are covered. For instance, some homeowner’s insurance policies may only cover your ring in the case of theft. However, coverage may not include if your ring is misplaced or a natural disaster occurs such as hurricane, flood or fire. If you’re worried about these events causing the loss of your diamond engagement ring and other fine jewelry items, you can take out a separate policy specifically for the items. The Chubb Group and Jeweler’s Mutual offers different insurance options including cash value, repair and replacement policies for a diamond ring. Before you take out a policy, find out how much coverage you have and if there are any exclusions on your policy.
Jewelry Insurance Tips
Compare rates between companies before choosing one to insure your diamond ring. Your rate will depend on the cash value of the ring and may be adjusted depending on where you live. If you live in a high crime area, your premium may be higher. If you’re living apart before your marriage, the ring is typically put on the homeowner’s policy at the bride’s residence. However, once you move in together, remember to transfer the policy to your joint residence.
Don’t let an unforeseen event ruin any happiness surrounding your engagement ring purchase. Policies are inexpensive enough that it may cost you as little as a few dollars each month for comprehensive protection and piece of mind.
Author Bio: This post was written by Brianna Baldauf on behalf of Heartsonfire.com, worldwide diamond jewelleryretailers.