FAQs About Engagement Ring Insurance
Your fiancé has gotten you the princess cut engagement ring of your dreams. It has everything you ever wanted — 14K white gold, accent diamonds along the band, and a few unique touches to make it seem like it was made for you. Now imagine losing that ring. While that might be hard to picture, you’ll be wearing this ring for a long time, and there is a possibility that you might accidentally lose it at one point or another. And let’s face it: that princess cut engagement ring is more than just a ring. It has memories and emotions attached to it. That’s why it’s a good idea to get ring insurance. Don’t know anything about ring insurance? We’re here to help:
1. What is ring insurance?
Ring insurance is just like any other type of insurance — it’s a way of protecting an investment in case something were to happen to it. Different companies will protect your ring against different types of circumstances. For example, most ring insurance policies will cover the ring if it’s lost, stolen, or damaged.
2. Won’t homeowner’s insurance cover my ring?
Probably not. A lot of people don’t realize that most homeowner’s insurance plans do not cover jewelry. That’s why it’s important that you call and ask your insurance company before it’s too late and something happens to your precious ring!
3. How do I get ring insurance?
Again, call and see if jewelry is covered under your homeowner’s or renter’s policy. If not, you can easily add another policy just for your engagement ring. You could also insure your rings through a company that specializes in jewelry insurance, which might offer more coverage.
4. I’m ready to enroll in ring insurance. Now what?
You’ll have to present both original receipts and proof of an official appraisal (which will cost a small fee) to the insurance company. The insurance premiums will be based around the appraised value of your rings. After you have your ring insured, make sure you keep up with that paperwork.
5. What questions should I ask the insurance company?
Be sure to ask them specifics about the policy. Will they cover your ring if it’s lost or only if it’s stolen? What circumstances aren’t covered? How will you have to prove the ring is gone if you make a claim? How will the ring be replaced?
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