Your engagement ring is likely one of the most important items you own. Not just the monetary value of the ring, but the sentimental value too. It's priceless to you. Have you thought about engagement ring insurance? It's a way to protect the value just in case something terrible happens. We've got everything you need to know about engagement ring insurance.
Diamond ring insurance is simple to obtain. It's something that will give you peace of mind when it comes to your engagement ring. You have some options when considering engagement ring insurance:
Renter’s and homeowner’s insurance policies can cover the loss of your ring up to a certain amount. Check the policy's deductible and stated limits on unscheduled personal property. You can purchase scheduled personal property coverage. Ask your insurance company or agent.
Are you debating if you should spend the money and effort to get ring insurance? If you are on the fence about getting engagement ring insurance, ask yourself these questions:
These questions will get you thinking about whether or not you should buy engagement ring insurance. Insurance offers you peace of mind when it comes to your favorite ring.
When shopping around for a policy provider, there are some questions you should ask. These are questions to consider even if you find out the current policy you hold covers your ring.
The cost will vary depending on the company you choose, but there is a good rule of thumb you can consider. Plan to pay $1 to $2 for every $100 of your ring's replacement value. For example, a ring worth $4,000 is covered for about $80 annually.
Your engagement ring is a great investment! The value of the ring may have gone up since you first got it. As such, it’s a good idea to have your ring reappraised every three to four years. You might want to go to the same jeweler each time. Always keep your copy of the original appraisal, so they can work from that instead of starting from the beginning again. Also, take pictures of your ring from several different angles.
You have ring insurance for a reason. You might need to use it one day. Don't panic, you are prepared.
When you first call to make an insurance claim, they will ask your name, address and insurance policy number. You'll need to know the date the ring was lost or stolen and if there was a police report involved.
You will need to provide a recent appraisal for the ring. If you don't have one, the insurance company will estimate a value based on similar rings. This price may be lower than you expect, so make sure you have the appraisal handy.
You will start the process of an insurance claim with a phone call, but make sure you get everything in writing. The company should provide email confirmation of anything you discuss. Make sure you get something in writing the same day you call about getting coverage.
Remember, insurance companies handle thousands of claims each day and sometimes they do deal with fraud. In order to get the most out of your insurance claim, make their job as easy as possible. You may feel like they are giving you a price that is too low. But try to approach the situation with patience and understanding.
Be ready for any questions they have and remain calm. Even though this is a terrible loss for you, it's just another business day for them. So, keep that in mind if you don't get the response you think you need.
Don't worry too much. When it comes down to it, insurance companies are generally honest and will pay the amount you deserve. If you have prepared enough ahead of time, you will have all of the proper documentation. With this in hand, there shouldn’t be too much negotiating about the price amount.
If you have questions about diamond appraisals, contact your Zales store for help.