Engagement Ring Insurance 101 – Questions To Ask
Okay, time to put your serious pants on. If you’re just engaged, talking insurance and value is seriously unromantic. But, you can’t put a price on peace of mind when it comes to the dazzler on your ring finger. Whether your engagement ring was £500 or £5,000, you can never be too cautious when it comes to looking after an item of such sentimentality.
Where Can I Get My Ring Insured?
There are a few options available when it comes to insuring your rock. Depending on the value or if the piece is bespoke, some jewellers may offer this add-on service in-store via a trusted external insurance provider. Alternatively, you can add your ring under the contents of your house insurance or source a broker that specializes exclusively in jewellery or diamonds.
You’ll need a certificate of appraisal giving the estimated value and proof of purchase.
6 Questions You Should Always Ask
Always read the fine print of any policy before signing on the dotted line. It’s important to know the remits of your ring’s coverage – always ask these questions to ensure you’re satisfied with the terms and conditions.
- Is the ring covered if it’s accidentally lost or stolen?
- Are you covered for repair, replacement or cash compensation? Most companies will only offer a replacement, so be sure to get the value of your ring correctly appraised.
- Is your ring covered while travelling abroad?
- What’s the process for making a claim?
- Is the ring fully covered or part-covered?
- Are there any circumstances in which the ring may not be covered?
Ring Storage Tips
- If you have other expensive items of jewellery and your engagement ring is of high value, it’s highly recommended to invest in a safety box for your home. Not only will this keep your jewels safe, but it could also affect your insurance premium by ultimately bringing down the price.
- Keep your appraisal, receipts and pictures of your ring in your safety box or stored appropriately.
- This is a personal choice. But, it’s advised not to bring your ring abroad if the sizing is incorrect meaning it could easily slip off; if it’s an antique or family heirloom OR if your ring is expensive and may be a target of tourism theft.
- If you are travelling abroad and do wish to leave your ring at home, ensure it’s stored in a safe, bank safety deposit box or with a trusted relative.
Image Credit: TheMrsBox.com