There are a few moments of our lives which we cherish more than anything else. We celebrate our relationships through many ceremonies and solidify our bonds by gifting jewelry, mostly rings, don’t we? However, rings tend to get lost. That is unfortunate not only because it is a costly asset, but also because it signifies something much more than wealth. Understandably, having ring insurance benefits consumers humongously. However, a few questions need to be clarified before we invest in it. Let’s find out what they are.
1 Should you buy ring insurance?
Pieces of jewelry are one of the most valuable investments we make in our lives. It makes us the happiest to wear them, and we enjoy flaunting those pieces a lot. However, the fear of losing them captivates us and reasonably so as there were countless instances of listening to stories of losing rings while washing hands, putting lotion, so on, and so forth.
This should not be the case, though. The ring insurances are there to solve these problems only. Some of the rings come with their default insurance plans, while others don’t. Under those circumstances, we should shop around a bit.
2 How much will it cost?
Addressing one of the most popular questions out there, no-one can really tell what exactly will the ring insurance cost without knowing personal particulars. The frequency of usage, the place where you live, and also the deductibles offered by the insurance companies will conglomerate together to produce an amount. Normally, the amount is 1-2% of the cost of the ring itself.
3 Are wedding rings covered under homeowners’ insurance?
There’s a common misconception that homeowner’s insurance provides even coverage to your jewelry. There are few homeowners insurance, which includes rings in their package, but it is branded as a ‘non-essential item,’ which makes it get much less coverage than it should have. A cap of $1000-2000 is levied generally, and so any piece of jewelry of a higher cost needs to be covered by you. Theft and unnatural loss are not listed under the coverage.
4 What should you be looking for in a ring insurance plan?
Celebrating the joyous occasions of getting a ring comes with overwhelming thoughts of losing it. Often I wonder how do I cover a ring, and you do so too surely. Now, do you? The insurance plan does help us, but we need to know things about it too. The fine print of the insurance plan has some details which need to be looked at.
- Coverage: A good insurance policy covers everything starting from theft, or damage, or even accidental dropdown. Before you invest, make sure you go through these details with the utmost clarity.
- Replacement: The next crucial step is to understand how your provider is going to find a replacement for your lost ring. The provider can replace it himself, or you need to obtain it from another jeweler. Questions like whether the provider will provide you a check as compensation, or will they pay off repairs or partial loss are important and should be asked.
- Value assessment: The insurance provider should be clear about how he is going to put a value on the ring while reimbursing it. Either the appraisal or the purchasing price is taken into consideration.
- Paperworks: All of the papers of the policy need to be kept safely, as that is exactly how you can file a claim when a problem arises.
5 Is buying a blanket policy better?
Out of all the jewelry you possess, few pieces are used more than others, and the engagement ring is one of them. It is better to get it insured separately; however, the blanket policy can be a good option to get all your pieces protected. The pieces need to be appraised so that the jewelry company knows the replacement price.
6 Is getting extra insurance for jewelry needed while traveling abroad?
Frankly, no. The jewelry insurance plans are comprehensive normally. It provides extended coverage to the pieces. There is a similar amount of safety and protection to the jewelry pieces, both at home and abroad. But it is always better to check that out as well. So go through the fine print of the insurance plan, maybe that has the answer to it.
7 How to use the ring insurance plan to its fullest extent?
Well, the best way one can use insurance wisely is by observing carefully. Every year, before filling up our taxes, if we pay close attention to our rings and check the market values of the gold and diamond pieces, we are surely going to be benefitted. A close vigil over the market upsurges helps us understand the crests and troughs of the prices, and that helps us act accordingly. The reimbursement amount and the replacement extent of the rings depend on the market values hugely. By knowing that, we can gauge the fluctuations.