The Definitive Guide To Engagement Ring Insurance
When we acquire valuable assets, it is wise to take precautions to protect the item and when you decide to invest in a diamond engagement ring to present to your bride-to-be, you need to have the protection of comprehensive insurance. Let’s be clear about one thing; this stunning ring is not going to leave her finger and if she’s an active person, there is always a risk of losing the ring.
Insuring Against Loss
A diamond ring is a tiny object and when you lose such an item, you can’t really expect it to be found. Swimming in the ocean, hiking or even a country walk are all environments where the loss could occur, and while you might be lucky and somehow are reunited with the ring, the odds are firmly stacked against you.
If you have yet to source the ring, it’s important to only go to a reputable store. You may want to check out some of the stunning engagement rings antique dealer Kalmar Antiques offers. You will be able to see the different styles from many eras, as the store specialises in high-quality antique items, especially jewellery. If you find a piece you like and intend to get it insured, the dealer can arrange for comprehensive ring insurance that covers loss.
Insuring Against Damage
A delicate item such as a diamond ring can easily get damaged and the cost to repair the ring might be quite high, which is why it should be insured against damage of any kind. If you talk to the antique dealer that acquired the ring, they would have associations with jewellery insurers and can facilitate taking out the right insurance.
Cost Of Ring Insurance
The approximate cost of insuring diamond jewellery is between $1-2 for every $100 value of the item, so if a diamond ring is worth $5,000, you would pay around $50-100 annually for the comprehensive cover and that isn’t a lot when you consider the value of the asset. An online search would help you locate a reliable dealer and once you have found the perfect ring, they can arrange for the insurance cover.
Insurance Policy Requirements
In order to insure an antique diamond ring, you would need the following:
- Proof of purchase and price
- A detailed written appraisal of the ring from a reputable source.
- Information about your residence
- Security arrangements (if applicable).
If you can furnish all of the above, the insurer will be happy to create the policy, which will bring you peace of mind.
The Appraisal Documentation
Unfortunately, a GIA Diamond Certificate is not valid for insurance appraisal, even though it accurately describes the diamond’s properties, while having the ring appraised by a reputable antique dealer would be adequate for insurance.
The Cost Of A Replacement
This would be the amount that the ring would be covered for and this should be stipulated in the policy (always read the small print before committing), as some policies will pay out the value according to the appraisal, while others will pay the cost of a replacement, as long as it does not exceed a certain figure.
While the chances are good that a claim is never made, it is a very expensive item and for that reason, you should take out adequate insurance.