Engagement Ring
insurance

How to Insure your Engagement Ring

How to Insure your Engagement Ring?

Engagement rings hold immense monetary and sentimental value, as they symbolise the anticipation of a happy marriage that will ideally last a lifetime. Unfortunately, engagement rings themselves do not always last a lifetime, and in some cases they can be lost, stolen, or damaged long before the date of the wedding.

Obviously, it would not be ideal to have to tell your fiancé that you somehow misplaced your engagement ring and will not be able to replace it. Fortunately, you can avoid such a disaster by taking the necessary steps to ensure your engagement ring so that it can be replaced or repaired in the event that it is lost, stolen, or damaged.

Appraising the Value of Your Engagement Ring

Before you can insure an engagement ring you'll need to have the value appraised by a licensed professional jeweller. In order for the jeweller to appraise the ring accurately they'll need to examine it in person.

Most jewellers that offer appraisals will provide something in writing that states the value of your engagement ring so that insurance companies know how much is needed to provide adequate cover.

Since the cost of appraisals vary, its best to call around and compare prices. While appraising the value of your engagement ring you may also want to take several photographs to create detailed documentation of the condition that the ring was in at the time it was insured.

In order to reduce the likelihood of having a claim denied and maximise your chances of receiving adequate compensation after filing a claim, it would be wise to have the engagement ring appraised periodically.

As insurance companies are more likely to honour claims that are accompanied by recent appraisals.

As for the answer to the question "Is this cover likely to pay out?" most people that provide a professional appraisal and then purchase sufficient cover, do have their claims approved.


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Determining Whether Adequate Cover Already Exists

If you've already taken out some type of homeowners or renters insurance policy, you may already have adequate cover for your engagement ring. To avoid unnecessarily spending money on a new jewellery insurance policy, it is important to determine whether any of your current insurance policies provide a specific amount of cover for jewellery or personal belongings.

How to Insure your Art

Some homeowners/renters insurance policies will allow you to insure some of your personal belongings and jewellery, particularly engagement or wedding rings, without paying a deductible.

It may also be possible to add a cover for your engagement ring to your existing insurance policy for a small amount extra per month.

The fastest and easiest way to accurately determine the terms of any of your insurance plans is to contact the insurance company and inquire via phone.

Shopping for a New Insurance Policy

If you do not have homeowners or renters insurance, or your current policy does not provide cover for your engagement ring, you'll need to begin shopping for new insurance policy. Fortunately, the insurance industry is extremely competitive and there are plenty of affordable plans to be found if you're willing to compare rate quotes.

In general, more expensive engagement rings carry higher monthly insurance payments, although the exact rate you'll be given will also depend on other factors such as your credit. When shopping for cover for your engagement ring it is advisable to provide the true details about the ring's value in order to receive the most accurate rate quotes.

Since almost all insurance companies will require you to provide some proof of an appraisal, there is no way to lie about the value of the engagement ring to obtain cheaper insurance payments, so being honest up front is the best course of action.


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