Engagement Ring Insurance
The most precious things always need the most protection, especially when they hold sentimental value as well as monetary value. An engagement ring, one of the most valuable and expensive things a woman can own, needs good engagement ring insurance. It is a way of honoring the financial value of the ring and also what it represents.
Ring rider. Insurance for engagement rings can be bought as an extension or riders for renters or homeowners insurance. Expensive items like engagement rings are guaranteed by personal property coverage, a policy that covers only particular items. One other option is to use a company that specializes in engagement ring insurance. Companies like this offer more engagement ring insurance coverage than standard homeowners policy.
The real deal. Good engagement ring insurance will cover every potential situation. The basic policies will cover the usual things, from theft to damages it should give you most of what you need. But for those who want a more comprehensive policy, which cover situations of accidental damage like dropping the ring down a garbage disposal shoot, a more complete package is necessary. The insurance for engagement ring from homeowners insurance is usually more basic than the ones from companies who specialize in jewelry insurance.
Reminders and details. To get engagement ring insurance, couples usually start with an appraisal by a certified gemologist to get the exact value of the ring. Receipts will also need to be provided, so the insurance company can be sure of the value. If a couple decides to get a homeowners policy for their engagement ring insurance, one thing to remember is to take the rider with you. Some have it insured in the brides house, and then move out but forget to apply it to the new home.
Ask this. Before you commit to engagement ring insurance ask yourself some questions about the policy. Find out the exact coverage, like does the insurance cover just theft? Or does it cover accidental loss? You should also make sure which exact circumstances are covered. What if it is accidentally swallowed by your dog? Will the engagement ring insurance cover that? Also, one of the most important things, find out how your ring will be replaced if it is lost. According to the engagement ring insurance policy will the company just give you a check? Will you buy a ring and be compensated? Make sure you get the policy you want.
The setback. The average cost of engagement ring insurances differ with each policy. It also depends on where you live, if you’re in an area with a high crime rate then the insurance cost will be higher. The average yearly cost is about 1$ for every 100$ that it would cost to replace, but that is for very basic engagement ring insurance.
The bottom line is that insurance for an engagement ring are a necessity; these rings are precious to every couple and they need to be protected from accidental occurrences. There is a chance that something will happen to them, considering they are worn every day, and it is best to be protected against any eventuality.