An engagement ring is an instant treasure. Not only is the act of getting engaged romantic, but the ring itself creates feelings of love. However, not every aspect is memorable. Engagement ring insurance provides peace of mind, but insurance is often overlooked by young couples.
Many couples overlook engagement ring insurance
What Is Engagement Ring Insurance?
Insuring your ring can help ease worries because it will provide a replacement item in the event something goes wrong. Unfortunately, a ring can be lost, stolen, or damaged. For instance, it is possible to have your engagement ring stolen while on vacation. When this happens, engagement ring insurance helps replace the stolen ring. The value of an engagement ring is determined by an appraisal. This document is signed by a certified gemologist and includes important details about the ring. Because diamonds are unique, every diamond has specific characteristics that determine the value, such as shape, carat weight, color, clarity, and measurements specific to the center diamond.
When Should I Get My Ring Insured?
Ideally, you should insure your ring as soon as you acquire it. After being appraised, an insurance company calculates the cost of the premium. Typically, the annual cost to insure an engagement ring is $1 to $2 for every $100 of replacement value. This means a ring with the replacement value of $5,000 would cost between $50 and $100 in premiums. However, this number is not exact and can fluctuate based upon location and other factors. Insurance prices can also be affected by whether or not the ring is stored in a safe when not being worn.
Jewelry Insurance vs. Home Insurance
While many home insurance policies may have a ring insurance rider, not all insurance policies are equal. Specific jewelry insurance is available, and these policies usually cover much more than standard home insurance. It is important to select a policy that will meet all of your needs. For example, it is possible that a ring may be accidentally lost. However, home insurance policies typically do not cover engagement rings in this manner, and you could be without a replacement. Additionally, some insurance policies will replace the ring with a check, while on the other hand, some require using a specific jeweler. Be certain that you understand the fine print of the policy you select to protect your keepsake.
Our Insurance Policy
At Adiamor, we want to provide our customers with the highest level of satisfaction possible. This also means easing the worries of customers who buy engagement rings online. To do this, we insure every ring we ship from the time it leaves our workshop until it arrives at your door. We partnered with Jewelers Mutual to provide this service free of charge. However, it is then up to you to get your ring insured. We make it easy to continue this coverage. If you have any questions about Jewelers Mutual’s Jewelry Insurance, please email personaljewelry@jminsure.com. While it is our sincere hope that nothing ever happens to your ring, ring insurance provides peace of mind that your ring can be replaced in the event of a tragedy. Be sure to get engagement ring insurance as soon as possible and put your worries to rest.
