As a newly married couple, you’ll be merging most of your belongings together. This includes your insurance policies. Yes, insurance for your engagement ring is one more thing you have to pay every year. But wouldn’t you rather go on your honeymoon without the fear of losing it?
Here’s what you need to know about engagement ring insurance:
Your fiancé can and should purchase insurance the moment he buys the ring.
This is the best time to take out a policy. If you put it off, there’s no telling when you’ll get around to it. In the meantime, you really don’t want to lose that uninsured rock. Whether your ring costs $300, $3,000 or $30,000, the sentimental value of this item is priceless. As long as you have insurance, you can easily replace the ring should anything go wrong. Don’t forget to reinsure the ring at your new address.
Do some research before the purchase.
Compare coverage and providers. There are jewelry insurers or you can go through renters’ or homeowners’ insurance. Expect to pay a few bucks for every $100 the ring is worth. Cash or replacement ring? Who decides the ring repairer? What if you lose your ring abroad? What isn’t covered by my insurance? What if the ring is a unique, family heirloom? You need to know these things, and you need to know what you want.
Don’t sell yourself short.
Appraisers should have gemology credentials from an accredited graduate program. Most insurance companies require an appraisal. Make sure the appraisal is close to the real value or else you will overpay in premiums. Get a diamond certificate from your jeweler as well to provide the most accurate information to your appraiser. If you purchase insurance online, make sure it is from a legitimate source with great ratings.
Get appraised every couple of years by the same person.
Granted you had a good experience with this person, you want to go with the same person for this. The appraiser can work with their previous information, which is much more cost effective, rather than starting over.