Insurance Tips for Wedding Rings

The moment that sparkling rock guides on your finger, after your fiancé asks you to be his wife forever, the furthest from you mind is anything happening to it. In the beginning you look at that ring every couple of minutes or seconds, nothing could happen to it, right? Years into marriage circumstances happen: the prongs loosen thus your diamond is in danger of falling out or you take your ring off during your work out and loose it entirely. This is where insurance on your engagement or wedding ring gives you peace-in-mind. Below Jason Parks from MAJESTY DIAMONDS is sharing helpful tips on how to insure your wedding rings.

 

Getting married isn’t all bells and whistles. Unfortunately, there is some nitty-gritty work that comes with saying “I do.” One of the least thrilling aspects of getting married may very well be getting your wedding ring insured. There’s certainly nothing fun or glamorous about it, nevertheless, it’s not as arduous a task as you may think.

There are multiple reasons why you will want to insure your ring(s), the first being: wedding rings are not cheap, and how many times have you heard about a bride losing her ring down the bathroom drain? Not only do they possess monetary value, but they also represent sentimental value.

When you’ve gone to all the trouble of finding the perfect wedding ring that represents your love for one another, you should really protect the investment the best that you can. Make sure you are insured, so that the adage ‘diamonds are forever’ actually applies. Follow these simple tips, and you’ll be well on your way to insuring one of your most important investments in life.

The Appraisal

First things first, get your ring appraised. It will be much easier to protect your ring, once you know what it is worth. So where do you go to get your ring appraised? Most jewelers offer this service, and will have an appraiser on hand. Just make sure you know the difference between a diamond grading report and an actual appraisal. A grading report will typically only give you details about the actual cut, colour and carat weight of the diamond, but will not give you an appraised retail value of your ring.

Some jewelers include an appraisal with their diamond certificate, but others do not. You will have to do some research before deciding on a jeweler or gemologist-appraiser for your appraisal. In terms of when you should get your ring appraised, the sooner the better is always sound advice to follow.

Most jewelers charge a fee for an appraisal, or in some cases if your purchase is above and beyond a certain amount, they will do the appraisal free of charge. Because appraisals are not generally performed right on the spot, make sure you have a plot diagram, which essentially outlines the measurements and unique traits of your diamond. This way, when you go and collect your ring, you can compare it to the diagram to make sure it matches.

Insurance Provider

Now that you’ve had your ring(s) appraised, you can take the next step and get your jewelry insured. Generally, there are two ways you can insure your jewelry. If you already own homeowner insurance, you can get an extension that covers expensive investments like a diamond wedding ring. Otherwise, you can get your ring insured via a company that specializes in jewelry insurance. Depending on the value of your ring, it might be in your interest to get coverage from a company rather than through an extension of your homeowner’s insurance, as a company can often times give you more coverage for your jewelry. The difference in coverage can mean as much of a difference as having your actual ring replaced, rather than just being given a set amount of money if/when your ring happens to be lost or stolen.

Now that you know where to get an appraisal done, and have a better idea of where to secure insurance, and how insurance actually works, don’t forget there are some important questions you should ask before you choose the policy that best works for you. For example, you need to know if your ring will be covered only if it is stolen, or if the insurance covers accidental losses as well. Also, will the insurance cover the full cost of the ring, or just part of it? And how would you prove any loss of the jewelry to the insurance company? Not to mention, if your ring is stolen or lost, how does the company plan to replace it? Will they give you a set amount of cash or will they let you purchase the same ring directly from a jeweler? All of these questions are important to consider before you purchase the insurance for your wedding ring(s).

Author: Jason Parks from MAJESTY DIAMONDS

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