Engagement Ring Insurances: Things You Need to Know

So, have you insured your sparkler yet? Yes, you read it right. You can purchase insurance policies to cover for your gold and diamond jewelry. Valuables like an expensive diamond engagement ring should be insured almost as immediately as it is purchased. Though it might sound a little unromantic to buy an insurance policy before you put a ring on it, it is essential. What can possibly be sweeter than the peace of mind that comes from the knowledge that your investment is guarded? If you are not well read on the subject of engagement ring insurances, here is some ready-to-read information.

Better Safe than Sorry
Logically, there are more than one way to insure your pricey engagement ring. You may buy a coverage for your ring as an extension of your existing policy. That could be a home insurance or a renter’s insurance. Since both these policies cover for the valuables in your home, they can be extended to cover for your engagement ring as well. However, there is a value limit to it. Person property coverage is the extension that insures pricey valuables like your ring, or a piece of art, or some electronic device.
Conversely, you may also insure your ring with a dedicated jewelry insurance policy provider. That is better recommended than the former because you might have in mind some others jewelry that you would like to have covered, along with your engagement ring. Usually these policies cover for lost assets and stolen assets by replacing them, instead of forking out the present worth of the item concerned in cash.

Do I Need a Policy Too
If you own an engagement ring or anything of that kind that is not only expensive, but has a very high sentimental value, you would want to get it insured. That said, almost everybody makes the right candidate for a jewelry insurance policy. Buying a policy is only a way of honoring the investment, as well as safekeeping the item. In an event where they get lost, stolen or badly damaged, the insurer will rise to the occasion and find you a replacement. That is always better than having a bundle of bills in your hand and the regret of losing something that cannot be compensated with money.

Average Expense Involved
Jewelry insurance policies come for peanut premiums. The yearly pay is under $2 per $100. The more expensive your holdings are, the higher the premiums go. However, since the bar is set at a low, you may only have to pay within a $100 for covering assets worth $10, 000. If you look at it that way, it is after all not a substantial amount considering the coverage it offers.

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