Do you need engagement ring insurance? The answer is probably yes.
As Valentine’s Day approaches, it may give you great joy to find out that you can get covered for your engagement ring, that very sentimental piece of jewelry.
Although buying ring insurance while planning your wedding may not be as exciting as choosing your wedding dress or even cake tasting, getting covered is sure to help you feel more safe and give you peace of mind.
The engagement ring is a pricey little object for something that can fly off your hand while on a boat, slip down into the garbage disposal, or simply lose a little diamond or two. It’s good to consider coverage for all of these potential risks.
Step 1 – Find Someone to Insure it
You have two options. The first is to add it to your renters or homeowners insurance. You can purchase a “rider,” which is an extension that covers your engagement ring individually. Option two is to choose an insurer that is specifically a jewelry insurance company.
Once you have the policy, it’s important to have these questions answered. If it’s for replacement only (not cash payout), where can you get your replacement ring from? What happens if a replacement cannot be found? Can you choose who repairs your ring? How do you prove that you lost the ring?
Step 2 – An Appraisal
Get a proper appraisal of the ring to know exactly how much it’s worth. This, of course, will depend on the size of the stone, the color, the clarity, etc. Find an appraiser with a good reputation and a graduate degree in gemology. It’s very important that this appraisal is accurate.
And don’t forget that the price of the gem may very well go up after a few years, so have it reappraised at a higher value!
For all of your insurance needs in Bristol and throughout Connecticut, including engagement ring insurance,
contact CV Mason Insurance Agency.
