While an insurance policy may not provide coverage to the spouse of a runaway bride, there are still many reasons to seek engagement ring insurance. While it might not occur to people to insure a valuable jewelry, it is still worth considering. After all, insurance can protect against unforeseen events in the future, such as loss, theft, and damages.
Choose an Insurance Provider or Right Coverage
When it comes to insurance for diamond engagement rings, you have two indirect options to choose from, a homeowners’ insurance or a renters’ insurance. You can add an extension known as “jewelry floater” to an insurance policy that can cover your diamond rings.
In case do not have either of the said insurance policies, you can approach an insurance company that provides coverage exclusively to jewelry. This can be done at the time of purchase if the jeweler has links to jewelry insurers and provides you an option to get coverage. Else, you can approach an insurance company directly for that.
Understand How the Engagement Ring Insurance Cost is Arrived at
The cost of the coverage will be subject to several factors, including the ring’s value, the area you live in, as well as whether or not the insurance policy has mentioned a deductible. In case it does not have a deductible, the monthly premium amount will be higher. If it has, though, make it a point to ask your insurance company as to what kind of repairs add to the deductible.
Apart from that, make it a point to ask the insurance provider the below questions prior to signing up for their policy.
- Can policyholders select as to who repairs the ring?
- What are the conditions of buying a new ring if not insured for a payout, but replacement only?
- What happens to the policy in case no suitable replacement ring is found?
- What proof is required to prove a lost item to make the insurance claim for jewelry?
- Are there any unforeseen circumstances that are not covered under the policy?
- Does it provide coverage only for loss, theft, or damage? What kinds of damages are included?
- Will the insurance policy payout adjust according to the appreciation of the metal band or other additional jewels?
Getting answers to all these questions will give a better understanding as to which insurer can provide the best possible coverage for your engagement rings. Remember, it is a valuable possession, so insuring the engagement ring should be your top priority after the purchase.