Why You Should Insure Your Engagement And Wedding Ring
It’s quite likely that the overall value of your precious engagement ring has drastically increased over the past few years, as diamond prices have steadily magnified and gold has gone up by over 500% in the past decade. Similarly, these increases also applies to other valuable gemstones and metals, especially platinum which is becoming a much rarer trade good. With all these monetary value on constant rise, it’s really vital that your engagement ring insurance is well matched.
Bringing an engagement ring along to a jeweller for proper valuation may end in a gratifying surprise for most owners, as numerous people do undervalue the worth of their engagement rings. Likewise, most people tend to underestimate the risk of not obtaining an appropriate insurance; one in 20 wedding and/or engagement rings end up as lost or stolen, that is why making a separate insurance for your engagement/wedding ring is really a sensible choice.
Although you may be delighted to discover that the value of your engagement/wedding ring has boosted up, it is highly considered that you should consider this fact as a wake-up call for placing some form of jewellery insurance cover in place.
Insuring your engagement and/or wedding ring
Most engagement/wedding ring may be covered in the home under any household policy in effect, even so, you may find that it’s actually not insured if it was lost or stolen outside of your property. Adding your ring as an appointed extra to any household policy is one way to have it insured, but having a separate insurance for it can actually be beneficial for you. It’s likely that most household insurance, unlike the specific or dedicated ring insurance, may not cover for particular damages (such as the detachment of the stone/s).
It is also wise to shop around for the best insurance cover for your engagement/wedding ring as prices hugely vary. A lot of jewellers offer standard insurance policies for engagement/wedding rings at the time of purchase, and it’s always doable to return to the jewellery shop where the ring was purchased to avail their insurance cover. Insurers may also considerably enlarge the price of monthly household insurance when nominated possessions like this are added to the policy, but it is always recommended to arrange a separate personal possessions policy.
How to find the best insurance coverage
Nowadays, most household insurers are very competitive on valuation when it’s time for the yearly renewal to take place, so it is ideal to do some research with the conditions and provisions of various providers to help find the best insurance deal for your treasured ring.
An eye for detail is very important when it comes to these things because usually, the policies that initially appears to be suitable for your needs may not provide the coverage you need for continued peace of mind, and are not a feasible option for diamond insurance.
Once your wedding/engagement ring has been properly insured, once every few years valuation should be carried out to ensure that your ring is insured for the accurate amount. Certificates of the valuation and photographs of the ring should be stored in a safe place, so if the unexpected worst does happen you will have plenty of proof and dependable images that can be utilised to help source a replacement.
Naturally, if your engagement/wedding ring is lost or stolen, the memories and sentimental value attached in your jewellery will never be replaced. Nevertheless, you can be confident that specific or dedicated ring insurance can cover your financial losses.