Everything You Wanted To Know About Diamond Ring Insurance
Filed Under (Shopping) by admin on 25-01-2011
Before getting busy in coming up with wedding planning ideas, both of you are checking the market for engagement ring styles. Although you’re not pretty certain when he is going to propose, you’ve been secretly pinning for a diamond ring, and you’ve been trying to drop hints for him to take note. After all, this is something you will definitely wear time and again.
It’s not only a symbol of your engagement and commitment to each other, but, it is also indeed an investment worth keeping and protecting. Although it doesn’t really sound romantic, it wouldn’t hurt to have and purchase engagement ring insurance just for protection from loss, theft, or damage.
Before buying insurance, you would want to know the true value of your stone. Find a trustworthy appraiser who can provide an accurate rate for your diamond in terms of its color, clarity, carat weight, and cut. Make sure that the appraiser has had formal training and is part of a well-known organization for appraisers. Set an appointment for an appraisal. Rates range from a hundred to three hundred dollars varying on the appraisal report. You may opt to be there during the appraisal process or if you have a tight schedule, you may also leave the ring for a reasonable period of time.
Now, it’s time to select an insurance company. The first approach is to buy a special rider on a homeowner’s (or renter’s) policy. Special coverage is required since majority of personal property policies only cover jewelry of up to a thousand five hundred dollars. This goes for all jewelry combined. With the rider, the amount of coverage will be increased to insure the ring completely. This method will be cheaper. Also, there is only one bill to pay.
A disadvantage however, is that insurance company policies vary widely with regard to customer satisfaction. The ring may be replaced with a ring of like quality instead of a check for the actual value. Another option for diamond ring insurance would be cash payment should the diamond ring get lost or damaged. This is more costly as compared to the previous policy.
Send a fax, mail, or email the appraisal to the insurance company of choice. This will enable the insurance company to provide a final quote for the annual premium. Clarify with the insurer if the insured value will appreciate in value through time or if an appraisal should be conducted again after a few years.
Annual premiums usually cost 1.5 % of the appraised value and may be paid periodically depending on your preference.
Now that you’ve insured your precious diamond from loss, theft, and damage, you’re ready to share it to the world.

