What you should know when choosing insurance for your engagement ring

Posted on March 30th, 2016

Your engagement ring is a sentimental piece of jewelry that you wear day after day for many years. The ring is also a valuable piece of jewelry that could become lost or stolen.

With insurance, you can ensure that the ring is protected in the event of loss or theft. Finding the right insurance policy ensures that, no matter what the situation, your ring is fully protected.

The Fine Print of Engagement Ring Insurance

Insurance policies can be hard to understand. Take the time to review the full policy with the insurance agent before choosing the policy that is right for your personal needs. You should ask the agent which situations are covered, and what types of situations aren’t covered.

For example, will insurance cover the cost of repairing the ring if the setting is damaged? You should also know how long the policy covers the replacement cost of the ring, and whether the insurance becomes inactive after a certain amount of time.

Compare Policies

Different policies are available for jewelry. Make sure to compare the available policies, and choose one based on the coverage offered rather than the price. For instance, an inexpensive policy may not cover the cost of replacing a lost ring, while a comprehensive policy may cover the cost of replacing the ring whether it is stolen or lost.

Compare Companies

Along with comparing different policies from the same company, you can also compare policies from several different companies. A wide range of insurance options are available, including budget-friendly, comprehensive policies that ensure your ring is fully protected at an affordable cost.

Insuring Your Engagement Ring: Asking Questions

Don’t be afraid to ask questions about specific situations. For example, you may want to ask whether the insurance covers dropping the ring down the drain while washing dishes, or whether the replacement cost is covered if the ring simply disappears from your jewelry box. You should also know what type of documentation or verification is needed if the ring is lost or stolen.

Verifying Your Loss

Some insurance policies only cover theft, which must be verified by a police report. Asking questions can help you find a policy that covers a wide range of events, ensuring you can replace your ring if it becomes lost for any reason.

If you need to replace a lost, stolen or damaged engagement ring, visit our online store today. We offer a huge selection of engagement rings and other fine jewelry, allowing you to choose a replacement ring that reflects your personal style perfectly.

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