So much goes into buying the right engagement ring. Beyond the cost of it there was likely a good deal of time spent researching and learning more about the 4Cs and what to look for in a diamond, but there is also time spent going to different jewelry stores to find just the right diamond and the right setting. This is a significant purchase, not only because of the cost and value of the ring but also because of what it symbolizes. Because it is such a valuable and sentimental item it is important to consider engagement ring insurance to protect it.
Choosing A Policy
Insuring an engagement ring isn't that difficult, but like car insurance you should do some comparison shopping to compare the type of coverage and the rates you can get at competing companies. If you have homeowner's insurance or renter's insurance you may already have some coverage, but the coverage you get from these policies, if any, probably won't cover the full cost to replace the ring. They also may not cover all the circumstances for which you want coverage.
When calling around to compare coverage check with your current homeowner's or renter's insurance agent. They may be able to add a specific rider to your policy to cover the engagement ring. Sometimes by bundling all your insurance coverages under one company will provide you with discounts that make it worth while. But don't just assume this will be the best way to go. Some companies may not be able to offer the type of coverage you want. Another option is to go with an insurance company that specializes in jewelry insurance.
What You Can Expect To Pay
The cost for engagement ring insurance will vary based on a few different variables. For starters rates can vary state to state and city to city; areas that have higher rates of theft will have higher rates. Different coverage levels will also affect the rate. But generally speaking your annual cost for engagement ring insurance will likely be about $1 to $2 per $100 of the value of the ring.
What To Ask
Before you commit to a policy it is important to make sure you have the coverage you want and that you understand exactly what the policy covers. Here are some questions to help you get started: Does the policy pay cash so you can choose a replacement, or do you have to get a replacement at a specified jeweler? Does the coverage cover loss, theft and damage? Are there any situations that aren't covered? Does the policy cover the full value of the ring or just part of it? Is there a deductible?
Some of the best protection includes always keeping your ring in a safe place when you're not wearing it and not wearing it when you are doing any type of task that could harm it. But even when you try to do all the right things there is no guarantee your ring will always be safe. That's why it is a good idea to have engagement ring insurance.
All That You Needed To Know About Cheap Buy To Let Insurance Is Your Home Alone?
0 comments:
Post a Comment