As soon as your partner says yes, in your marriage proposal, you all go to cloud 9. Wearing a sparkling gem on her left-hand finger is every woman’s dream after meeting their charming prince.
Since everyone wants the best for their engagement or wedding ring, these don’t come cheap. And you also have to consider the cost of engagement ring insurance in your budget. Most people start saving early to meet the price of their desired ring.
When Is The Best Time to Insure Your Wedding Ring?
It must be exciting to add a sentimental token to your jewelry. But most people forget that anything can happen to their precious metals. You don’t want to lose your unique rock, so you must ensure it immediately.
Picture this; you don’t first drive your car and insure it later. So, it’s best to do the same with your wedding ring. After receiving the appraisal, and sales receipts, you can start looking for insurance providers. However, the timeline might vary depending on each person. Others might even take days after their purchase.
What is Engagement Ring Insurance?
So, this is a written contract of risk management of an engagement ring bought by a client. It protects the product in the event of theft, loss, or damage, saving you from financial repercussions. You may get a repair, replacement, or reimbursement.
The price of engagement ring insurance will depend on the value of your precious jewelry. Other factors include the type of ring bought, (is it customized?) metal, and the size of the stone set. And where the client lives.
But the general rule for insuring such a ring is usually $1 to $2 for every $100 paid annually. For instance, if your engagement ring costs about $5,855, it would cost you $59 to $118 annually to insure it. And if your resident area has a high risk of theft, you might even pay more for your coverage.
Jewelry insurance offers you financial protection and gives you peace of mind. If you’re unsure if you should ensure your engagement or wedding ring, try to imagine how you would feel if you lost it. If this traumatizes you, when you think about it, that shows it’s valuable enough to insure it.
Types of Engagement and Wedding Ring Insurances
Most people are familiar with home insurance, which also covers a wedding ring. A standard homeowners insurance policy can include theft, fire, and tornado losses. However, this might limit the amount they’ll pay you in comparison to the actual value of your product.
A standard homeowner policy usually imposes a $1,500 limit for jewelry theft, including precious and semiprecious stones. It has a low limit because providers perceive it’s easy to lose a ring through robbery.
You can raise this amount for better coverage, but a raider cover can be much better. It gives you specific coverage which matches your ring.
After paying the cost of engagement ring insurance, you should get the related documents you need to store in a safe, secure place. Other documents you would want to keep safe include jewelry appraisal, receipts, and gem certificates. Take clear images of your ring and keep them as well.
If you can get a safe deposit box or jewelry storage box, that would be brilliant. Lock them there when you’re not wearing your ring.
If you can invest in a valuable engagement or wedding ring, then acquiring an insurance cover is prudent. Shop around and compare the cost of engagement ring insurance from various providers. Ensure to read the fine prints so you don’t get disappointed when some misfortune strikes. Also, ensure to get a jewelry appraisal every 2-3 years. It helps to keep your ring’s evaluation up to date.