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If you’re here, you’ve probably decided to get married, right? There can only be two scenarios: either you’ve just purchased the engagement ring, or you’ve already accepted it and you now have a beautiful piece of jewelry on your finger.
Congratulations!!! Either way, you might still have butterflies in your stomach and many thoughts of the future racing in your head, among them the important question of whether it is possible to protect the ring now.
Yes, it is. Keep reading below and you’ll learn all about how jewelry is insured.
The first thing you need to do is learn about which insurance policies can protect your ‘precious’ and exactly how the coverages act, so that you can make an informed decision.
If you paid attention to the coverages available when you took out your home insurance, whether it was Homeowners or Renters, you know that your personal property is covered. However, the basic home insurance theft coverage has somewhat low limits when considering the average value of an engagement ring.
While your Personal Property coverage pays up to $1,500.00 (in total) to reimburse stolen jewelry, the average value of engagement rings is around $10,000. That is, even if you got it as a gift, it is important to understand the value of the ring to decide which coverage will suit you. An appraisal with a trusted jeweler can be the best way to find out the value. This way, no one is embarrassed and you confirm the value of each element of the piece.
If your ring is within your home insurance coverage value, great! If not, talk to your agent; there are endorsements, extra coverages and even specific policies to protect objects with high values and special meaning.
Another thing to consider: if your partner is in possession of an insured gem such as a pair of wedding rings, it is possible that one of them won’t always be with you, right? In this case, you must add your partner to your home insurance policy. Please note that for this to be authorized, you must live in the same house.
Your ring will be covered from the same dangers and damages that any other personal property is. Fires, burglaries, damage caused by mold, explosions, vandalism or intense winds, depending on the type of risks outlined in your policy, whether it is a named or open risk. Always review and check your coverage.
I understand how painful it must be to think about the possibility of something happening to your ring, whether you are the buyer, who worked so hard to save the money in order to purchase it, or the recipient, who waited so long for this moment.
The good news is that if we didn’t believe in the possibility of something happening, there wouldn’t be any insurance for it, would there?
There are two types of personal property coverage:
– Replacement cost
If you took out a replacement cost policy, you will receive the dollar amount needed to buy a new ring at the time you claim the insurance.
– Real cash value
The actual cash value policy takes into account depreciation to provide a refund based on the current value of an item.
You can insure as many jewelry, watches, pens or other valuables as you like. You can even add new items as your collection grows. The point is that your premium increases along with the growth in the number of insured parts.
And don’t forget to always include the new item with the correct value so that there is no discrepancy at the time of refund.
When the part to be insured is irreplaceable and its commercial value is irrelevant to the sentimental or artistic value, you should take these nuances to your insurance company.
This type of insurance goes beyond normal insurance and it is important to inform your insurance agent so that you can look for a customized solution for that specific ring together.
Some jewelry stores offer an upgrade service. That is, you take the ring that was purchased some time ago, return it and pay the difference to purchase a new and more sophisticated jewel. Another way to upgrade is to exchange some stones and materials and increase the value of the piece.
Regardless of how, if your ring becomes more valuable, you will need to inform your insurance company and upgrade your policy, both in value and in the item description, so you don’t run the risk of not being fully covered.
Review your home insurance policy to know your coverages and extensions and to understand how we can protect your engagement ring. We’re here to care about the safety of your valued items while you can care for and enjoy the things that really matter to you.
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