Wedding Ring Insurance?
Should I buy engagement ring insurance?
By Chris Easter of TheManRegistry.com
Congratulations. You’ve just made one of the most important purchases of your life. Buying her a dream engagement ring is a huge first step in the wedding jewelry process, however you shouldn’t forget about the very important next one: ring insurance. Whether you went with the traditional “two months” salary or something more in a realistic price range, you’ve made a substantial investment and you should take the steps to protect the new purchase.
Most jewelers offer insurance through their store or can point you in the right direction to their preferred insurance specialist. There are also companies like Jeweler’s Mutual that specialize in jewelry insurance.
Also – here are five very important things to remember before you make your final decision:
- Do your homework. Just like you compared pricing for rings, do the same for insurance. There are deals to be had.
- Appraise – To properly insure jewelry, you must know its exact value. Get a documented appraisal from your jeweler or independent appraiser.
- Coverage – Determine if you’re ring is being covered for the purchase cost or replacement cost.
- Traveling? – Check with your insurance company if you’re going to be liable for damage or loss that occurs while on vacation. You may need to purchase separate traveler’s insurance.
- Review details – Make yourself as familiar as possible with the policy info. Things to think about are who repairs the ring in case of damage, how much is paid upfront if you have to repair or replace, and who specifically will do the repairs.
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We’ve love to hear what the readers of Marriage.com think about engagement ring insurance? Do you have it? Are you getting it? Discuss.