Engagement Ring Insurance
If you’ve taken the time to select and purchase the perfect ring, it only makes sense to protect it. You’ve gone to great lengths to choose the right metal, learn about diamond grades and values, find the style to suit you or your beloved’s fashion sense and all of this comes at a cost. Insuring this valuable and sentimental treasure against loss, damage or theft is a wise decision.
We believe you should consider these points:
- Obtain the widest cover you can, generally in the United Kingdom, this is referred to as “All-Risks“ insurance. Whilst it won’t cover you against every eventuality it will provide wider cover than a standard perils insurance policy.
- Make sure any policy you purchase covers you both at home and away from your property.
- Check if you are covered whilst you go on holiday abroad and on the number of overseas trips you can make in anyone year and the maximum duration of anyone trip.
- Check on any special security arrangements your insurers will expect you to have both at your home and away from your home, for example will they want you to have a safe fitted or an alarm or any additional security features such as key operated window locks.
- Make sure you always read your policy terms and conditions, in particular any exclusions or warranties which will need to be complied with to make the cover valid.
- Check on any excess you have to pay in the event of a claim.
- Ask how the claims settlement works; how will your item be replaced and if the insurer will allow you to return to the original supplying jeweller if this is important to you.
Do I need insurance?
Insurance may not be romantic but neither is the disappointment and grief (not to mention the cost) of replacing your ‘irreplaceable’ wedding or engagement ring. It’s something you should discuss with a qualified agent whether your ring is or an an inherited family heirloom you that didn’t have to pay for. Either way, it should be properly insured. You’re about to start a new life together and that life will be filled with practicalities like this. The piece of mind you’ll have from knowing that your investment is safe will make keeping the romance in your relationship a lot easier!
Who buys the insurance policy?
This decision is usually made by the couple. If the two do not live together, often, the person wearing the ring will have it added to his or her policy until after wedding when they move in together. If you move after wedding, don’t forget to add the ring to your new homeowner’s or renter’s policy as soon as you can.
How much does ring insurance cost?
Policy costs will vary widely based on a number of variables. The value of the ring, the crime rate in your area, the amount of your deductible – all these will factor into your monthly cost. Be sure to talk to you agent about what exactly you’re paying for – replacement value or actual value. Replacement value will get you back what you paid, but if the ring value increased (like when the price of gold recently skyrocketed), you won’t get its current value.
Find out if the coverage is just for theft or if accidental damage is also included. If your ring is vintage, find out how your unique piece will be valued. Will you receive payment or does the insurer require you to buy a replacement through a specified seller? You’re bound to have questions about protecting this special piece of jewellery, so talk to your agent before you buy!