Imagine how you would feel if you lost your ring. While this is something you’d rather not consider, it’s another reason why investing in engagement ring insurance is so important. If your ring is stolen, lost, or damaged, it will give you some peace of mind. Unfortunately, these things can and do happen.
Your engagement ring has not only financial value but also psychological value, as it represents a commitment. But if misfortune should happen, at least you’ll have the option to replace it without any additional financial burden. It is important to check out different engagement rings and have as many options to choose from. Below are things you need to keep in mind when getting an engagement ring insurance.
Check for Different Policies
One of the first things you need to do is to check for different policies. Annual expenses and compensation processes vary greatly. For example, a homeowners and renters insurance policy usually requires you to pay a premium that can range from $500 to $1,000. Often, these policies do not insure damage or loss once the ring is out of the house. Also, because they typically only cover loss or damage.
Read Terms and Regulations
When taking out insurance for an engagement ring, always pay attention to the insurer’s rules and conditions. Find out about deductibles, assessments, and reimbursements for loss, theft, and jewelry damage. Also, think about the type of claim the provider offers, i.e., replacement, actual price, or even an “assessed to” policy.
Check for Additional Coverage
It’s also worth checking to see if your current insurer offers additional jewelry insurance. Since you already have several coverage within the same company, they may offer discounts based on the total premiums you pay. In some cases, your current insurer may also have affiliations with other companies that may offer engagement ring insurance, allowing you to get a discount on the premium you pay. Insurance can bring peace where there is chaos; relief where there is pain.
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