An engagement ring is arguably one of the most significant pieces of jewelry a woman will ever wear and own. It’s also likely to be one of the only items she wears on a daily basis without removing it regularly. These dazzling tokens of romance are made to represent the commitment shared between two people. It’s a symbol that carries so much meaning, it only makes sense to want to protect it from harm. Though shopping for engagement ring insurance doesn’t seem like the most romantic of gestures, it could save you a headache and a great deal of money in the event that your engagement ring is damaged or misplaced. When it’s time to shop around for the best engagement ring insurance policy, remember these few things to make your buying experience less stressful!
Shopping for engagement ring insurance
Picking an engagement ring insurance policy that works best for you is not as difficult as it may sound. First, you’ll need to decide what type of policy you’re interested in purchasing. Oftentimes, you can purchase additional personal property coverage through your already-existing renters or homeowner’s insurance plans. These plans typically already cover items within your home. However, don’t be mistaken—your personal possessions are only protected up to a certain amount. Costlier items like jewelry are not usually included within these limitations, and have to be insured separately. An alternative option is to insure your ring with a company that focuses solely on jewelry insurance. They sometimes offer plans with additional protections for your items, depending on what kind of coverage you are looking for.
When it comes time to commit to coverage, make sure to have all of the necessary documentation ready. The original receipt of purchase and an appraisal from a certified gemologist are often needed before an insurance company will prepare your policy. An appraisal will likely cost a small fee, but can provide you with a lot of valuable information. Be sure to ask questions before making any final decisions, and check that the policy’s provisions are right for you. Is your ring insured if lost, or only if stolen? Does your plan cover the entire value of your ring, or just a portion? If repairs are needed, can you choose where to take your jewelry or do you have to go where your insurance tells you? These are important questions to consider and have answered before signing any agreements or paying for anything up front.
Not sure if your valuables are worth insuring?
No matter what the cost of your engagement ring, you cannot put a price on its sentiment. There are no rules regarding who should or should not purchase engagement ring insurance – the decision is entirely up to you and your spouse. Depending on the value of your engagement ring and other factors such as location, insurance policies can be rather inexpensive, often costing less than $100 per year. You can help keep the cost down by housing your jewelry in a safe or other secure storage containers. Many jewelry insurance plans offer what is called a vault coverage discount. This means you’re offered lower rates for safely securing your valuables. There are other cost saving measures that you can take to keep your rates low. Be sure to do your research and confirm with your insurance company what kind of discounts they offer.
Before selecting the best option for insuring your engagement ring, check with your jeweler to see if they have any recommendations. They can give you information for a reputable insurer, and sometimes even have a preferred company that they work with.
Where to Buy Engagement Rings and Insurance in San Diego
Leo Hamel Fine Jewelry & Engagement Rings Store in San Diego has an incredible selection of stunning engagement rings for every budget. Our friendly experts will not only help you select the right engagement ring for her, but will also offer recommendations on how to insure your ring from the damages of daily long-term wear. Visit our showroom today and let us help you find what you have in mind.