When you purchase something expensive, like a car or a house, there is no doubt that you have to get insurance for these. Hence, it makes perfect sense that you do the same when you purchase an engagement ring, which is notably among the most luxurious items you will be spending for in this lifetime.
Insuring jewellery may require some effort on your part, but it is a simple process that owners should take in order to avoid any regrets in case something unfortunate happens to your possessions.
Here are a few considerations to make sure that you insure your engagement ring appropriately:
- Know the value of your ring.
While you may know the specific amount that you shelled out for your engagement ring, that amount does not equate to the insured amount or how much the insurer will pay out. In addition to a receipt of your ring, most insurance providers will require an independent valuation by a valid appraiser to determine the real value of your item before agreeing to insure your jewellery.
Accredited appraisers and appraisal companies can provide a report that shows the quality and the value of the item at the time it was appraised. However, the valuation given at the time of the original appraisal is only valid at that exact time. While most engagement rings rarely decline in value over time, having them reassessed periodically is ideal. Keep your appraisal report updated so that you know how much the insurance policy should cover at a given time.
For approximates on how much you will pay for jewellery insurance, you can try an engagement ring insurance calculator online.
- Get to know the type of jewellery insurance you pay for.
Make sure that the type of appraisal you’re paying for fits the necessary requirements. As with most insurance policies, make sure that you read the fine print for all potential exclusions and deductibles so as to eliminate any unwanted surprises in case you do need to make a claim.
Jewellery insurance policies will either send you a check for the insured amount when your claim is deemed valid or they will pay for a replacement item, as close in value to the original ring from an approved supplier. Among other benefits, buyers of engagement rings in Sydney at Certified Diamond Network are encouraged to buy the right policy following their purchase.
Check if the policies will cover theft and loss, so you know what conditions are covered and possible premiums you might be asked to pay in the future. Also, look into damage insurance, including wear and tear coverage, as this is not automatically covered by a basic policy and may be something you need to pay extra for. Indeed, you need to be very careful about what is and what isn’t covered by the insurance you pay for. If you have any doubts, ask the insurer or insurance company.
- Know what to do in case you need to make a claim.
Always make sure you keep all the paperwork related to your engagement ring, from the original receipt to the original valuations and the insurance policy. Assuming you have sufficient insurance coverage, in case your ring is lost or stolen, the insurer or insurance company will require assurance that you were able to strictly abide with the terms of the policy and all reasonable precautions against loss and theft have been taken on your part. Make sure that you keep it professional when claiming for insurance as neither sentimentality nor emotional outbursts are helpful in these business transactions.