If you recently got engaged and you are interested in securing your sentimental and financial investment, you need engagement ring insurance. Before you commit your money, however, you should understand these elements. You need to understand the expense of this coverage, where to obtain it, and what to look for in the policy.
The Cost Of Diamond Ring Insurance
Insurance premiums vary depending on your region, state and city. Areas with higher crime rates will have higher ring insurance premiums. And even with all this data even, different companies will charge different premiums.
One constant, however, will be based on your engagement ring's value. So if you are serious about insuring your ring, you'll need an appraisal. You should also learn the basics of diamond grading so you know if your appraiser has been fair and accurate. For the most part, insurance for engagement jewelry will be about 1 to 2 percent of the value or amount of coverage of that value you seek.
Where to Find Diamond Ring Insurance
The first place to start is your homeowner's insurance. Many people find many cases where this is both the simplest and least expensive way to obtain insurance for your new ring. However, this adds a rider to your home insurance and often times homeowner's insurance doesn't offer the same level of protection you would obtain through a specialty insurer.
If you own a particularly valuable piece of jewelry and you want to make sure it is fully covered in all circumstances, you will probably want to go with a company that specializes in ring insurance.
Be Certain You Get What You Expect
One problem people face is that they do not understand their plan, then when tragedy strikes, they aren't covered as well as they hoped. For example, make sure your insurance covers the full value of the ring, covers both loss and theft and not just theft, and be sure you fully comprehend how they plan to fulfill your coverage.
Some insurance plans will not provide you a cash settlement and will require you to obtain a new ring from a jewelry determined by the insurance company. This may be okay depending on the cost and type of insurance, just be certain you know what you're getting in advanced. I hope this helps you understand the basic potential expense of insuring your engagement ring, where you can start looking for appropriate jewelry insurance, and what to look for in different plans available for insuring diamond rings.
The Cost Of Diamond Ring Insurance
Insurance premiums vary depending on your region, state and city. Areas with higher crime rates will have higher ring insurance premiums. And even with all this data even, different companies will charge different premiums.
One constant, however, will be based on your engagement ring's value. So if you are serious about insuring your ring, you'll need an appraisal. You should also learn the basics of diamond grading so you know if your appraiser has been fair and accurate. For the most part, insurance for engagement jewelry will be about 1 to 2 percent of the value or amount of coverage of that value you seek.
Where to Find Diamond Ring Insurance
The first place to start is your homeowner's insurance. Many people find many cases where this is both the simplest and least expensive way to obtain insurance for your new ring. However, this adds a rider to your home insurance and often times homeowner's insurance doesn't offer the same level of protection you would obtain through a specialty insurer.
If you own a particularly valuable piece of jewelry and you want to make sure it is fully covered in all circumstances, you will probably want to go with a company that specializes in ring insurance.
Be Certain You Get What You Expect
One problem people face is that they do not understand their plan, then when tragedy strikes, they aren't covered as well as they hoped. For example, make sure your insurance covers the full value of the ring, covers both loss and theft and not just theft, and be sure you fully comprehend how they plan to fulfill your coverage.
Some insurance plans will not provide you a cash settlement and will require you to obtain a new ring from a jewelry determined by the insurance company. This may be okay depending on the cost and type of insurance, just be certain you know what you're getting in advanced. I hope this helps you understand the basic potential expense of insuring your engagement ring, where you can start looking for appropriate jewelry insurance, and what to look for in different plans available for insuring diamond rings.
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