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You’re Engaged! Is Your Ring Insured?

Insurance Insights

Congratulations on your engagement! Engagements are always exciting; you’re celebrating a new chapter in life that brings in many changes. Big changes always come with new responsibilities, however.

While it’s not about the money being spent, it’s going to be a factor in any wedding. All in all, getting married is expensive for any couple’s budget.

That’s why insuring your ring can change the game entirely. Just because an engagement ring is important to you doesn’t mean that it can’t get lost. And what about the damage? No matter the price or size, it makes sense to insure it. Any type of investment should always have a little protection, and your engagement ring is no exception.

Think About Getting Your Ring Insured Quickly

Just like when you get a new car, getting insurance coverage should be a top priority. If something happens to your new possession and it’s not covered, that means that you’re going to be the one footing the entire bill.

Choose the Right Coverage Provider

There are two options when thinking about proper ring insurance coverage. If you have homeowners’ or renters’ insurance, it’s possible to purchase an extension that’ll cover your ring.

If you don’t have either of those, it’s possible to take out a personal jewelry policy. Independent companies offer a way for your ring to have adequate protection without extra hassle. Once you’ve chosen the way you’re going to protect your ring, it’s time to understand the costs behind your new premium.

Understand the Price Behind Your New Engagement Ring

The price behind a new engagement ring depends on where you live, theft rates in the area, the ring value and whether there’s a deductible involved. If your policy has no deductible, expect a higher premium.

Get an Appraisal, a Diamond Certificate or Grading Report

If you’re not sure how much your ring costs, it’s time to find out with a valid appraisal. An appraiser finds out all the details of your ring–carat weight, cut, color and amount of diamonds. While smaller rings won’t require one, they’re going to require some type of receipt for proof of validity. If your center stone is larger than a half carat, get a diamond certificate or grading report from an independent gemological laboratory.

On top of making sure that those who professionally value your ring have the right credentials, one must also know exactly what type of questions to ask in order to get the right protection for their ring. Always remember to check back and reappraise every two to three years, as well as reevaluating all insurance needs in general.

Are you interested in learning more about our insurance products?

Schedule a Call Today!