Often people think their jewelry is protected by insurance until it comes time to make a claim. Then they discover that they never had enough coverage to replace their engagement ring. Or that the policy covers everything except what happened to the jewelry.
There are many different insurance policies and many insurance providers each with its own rules and regulations. But there are a few basic things that you need to do every time you take out a jewelry insurance policy. So use these 7 steps to get all your bases covered.
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Buy Your Ring and Get It Appraised
You should get diamond ring insurance as soon as you purchase the engagement ring. This means that the fiancé is usually the one who will get the ring insured, even before he proposes. Ask the jeweler that you buy from to appraise the ring. And if he is not qualified as an appraiser, go to an independent appraiser. You can also ask your insurance provider to suggest a reputable appraiser. After the appraisal is done, keep the appraisal document safely as you will need it when you apply to buy your jewelry insurance policy. You should also keep the purchase receipt from when you bought the engagement ring.
Document Your New Jewelry
This may sound silly, but if you ever have to make an insurance claim you will be glad that you have an accurate record of your engagement ring’s appearance. Take photos of the ring from several angles, and write down a full detailed description. This will be very useful if you ever have to replace your original ring with a replica.
Choose An Insurance Provider
These days you don’t have to visit an insurance provider in person. Go online and choose your insurance provider. It is best to choose a company that specializes in jewelry and watches insurance and not a general insurance company. Don’t be tempted to add your new engagement ring to your homeowners insurance or renters insurance. This will not give your ring adequate coverage. If you include your engagement ring in your homeowners insurance and you need to make a claim, you will not get enough compensation to cover the replacement or repair of your ring. So choose a dedicated jewelry insurance company with good online reviews and years of experience. They should offer comprehensive policies, and their services should be digitalized to make your life easier.
Fill in Your Application for an Insurance Policy
Go online to your chosen insurance company’s website and follow the directions for filling in an application for jewelry insurance. It is usually a straightforward procedure. You will probably have to upload a copy of the appraisal and perhaps photos of the engagement ring, the purchase receipt, or any other documentation you have on the ring.
Get a Free Quote
The insurance company will give you a free quote of how much your jewelry insurance will cost. This is often instant, and you’ll get the quote on the same day that you fill in the application form.
Pay for your Insurance and Receive the Insurance Certificate
Once you have finalized the details of the jewelry insurance you will receive an insurance certificate. This is an important document and should be kept safely.
Now You Have Engagement Ring Insurance
Now that your engagement ring is insured it doesn’t end there! You still need to renew your insurance annually. And due to the fluctuating gold price and price of precious gems, you should regularly get your engagement ring reappraised. Do this every 2-5 years and if the appraisal is different to the original value assessment, you must inform the insurance company so that they can update your policy. Some insurance companies do annual value updates to keep your insurance coverage current without you having to get involved.
Get Engagement Ring Insurance Now
Don’t wait to get your engagement ring insured. It should be done as soon as the ring is purchased. You never know what could happen, you could be mugged as you step out of the Jewelry store, or your home could be burgled that same night. Protect your jewelry from risk, and get insurance so that you can have peace of mind knowing that you could always replace your lost, stolen, or damaged engagement ring.
