This is key. How will the insurance provider assess the value of your ring for reimbursement? Will it use the current appraisal value, or will it only consider the original purchase price?
Note all of the required paperwork for your policy so that everything is readily available if you need to file a claim. These documents typically include receipts, photos, and up-to-date appraisals. Speaking of which…. An appraisal of a ring is often required when purchasing supplemental insurance coverage. A professional jewelry appraisal can help to verify facts about the ring while also assessing its value for insurance purposes.
You can ask the jeweler for recommendations. If you live in a city where the risk of theft is higher, then you can expect to pay a bit more for your coverage. In the case of a policy with a deductible, look to see which types of repairs can affect your coverage costs.
Keep all insurance-related documents in a safe, secure, and dry place. By this point, you should be familiar enough with the details of your policy to know exactly what documentation you need to keep on file: a written appraisal, ring receipts, photos, gem certificates, etc. All promises need written documentation. Values of precious metals and fine jewels change frequently. Bring a copy of your original or most recent appraisal so that your appraiser can work from that rather than start from scratch, helping to save time and your costs.
Given the high average cost of wedding rings, acquiring insurance is a prudent move. But if not, then how and where you decide to insure your wedding rings will depend largely on your specific needs and assessments of value. The Knot. Insurance Information Institute. American Gem Society. Jewelers Mutual. Home Insurance. Ideally, you should insure your ring as soon as you acquire it.
After being appraised, an insurance company calculates the cost of the premium. However, this number is not exact and can fluctuate based upon location and other factors. Insurance prices can also be affected by whether or not the ring is stored in a safe when not being worn. While many home insurance policies may have a ring insurance rider, not all insurance policies are equal.
Specific jewelry insurance is available, and these policies usually cover much more than standard home insurance. It is important to select a policy that will meet all of your needs. For example, it is possible that a ring may be accidentally lost. However, home insurance policies typically do not cover engagement rings in this manner, and you could be without a replacement.
Additionally, some insurance policies will replace the ring with a check, while on the other hand, some require using a specific jeweler. Be certain that you understand the fine print of the policy you select to protect your keepsake. At Adiamor, we want to provide our customers with the highest level of satisfaction possible.
For each company, we looked into the coverage limits, deductibles, premiums, ease of getting a quote, claim reporting process, and appraisal requirements.
We also considered the online experience, customer reviews, and the area of availability for every provider. Actively scan device characteristics for identification. Use precise geolocation data.
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Learn about our independent review process and partners in our advertiser disclosure. By Elizabeth Rivelli. Elizabeth is a freelance writer who specializes in insurance topics.
For the Balance she covers insurance, insurance providers, policies, and insurance industry trends. Learn about our editorial policies. Updated October 19, Verified by Marisa Figat. Article Verified January 26, Learn about our Financial Review Board.
Fact checked by Elisabeth Christopherson. Article Fact Checked May 27, Elisabeth Christopherson is an accounting professional, fact checker, and researcher who brings years of experience to her fact-checking role at The Balance. During her career, Elisabeth has reviewed and edited many accounting, business, and economic publications, was an Expert Reviewer for Study. Best Engagement Ring Insurance Companies.
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