Protect Your Rock: Insurance And Engagement Rings
That sparkling rock on your finger means a lot more to you than just precious metal and stone, it stands as a symbol of you and your fiance's commitment to be there for each other forever. These precious tokens of love can be costly, but will last well beyond your lifetime, unless something happens to it. This ring can be considered, among other things, a financial investment and should be protected like the valuable piece of personal property that it is. Read on to learn more about insuring your diamond ring.
Two types of ring insurance
In general, there are two methods to handle this type of insurance, homeowners or renters policies and a special policy just for the ring.
Homeowners policy
Before you get married, you will undoubtedly want to wear your ring at all times. Pay heed to the policy that covers the home you are living in from the moment the ring is brought home. If it is you or your parent's home, the homeowners insurance (or renters insurance) likely covers the loss or theft of the ring. Likewise, the groom should check his coverage if he is hanging on to the ring for while. Once you've identified the coverage, double check the personal property section of the policy and carefully view the policy limits. In some cases, the amount provided will be inadequate to cover the replacement of a brand new ring, but you can add a special endorsement, floater or rider onto the policy to cover it. Speak with your agent about it right away.
Jewelry policies
If your ring was purchased from a jeweler, it is likely that they offered you special jewelry insurance to protect your bauble. You can also find separate jewelry insurance policies, though the actual policy is underwritten by a third party insurer. Whatever you go with, be sure you understand what types of loss the policy covers, how much it covers and what proof of loss is needed to file a claim.
Proof of loss
In most cases, you cannot simply file a claim and expect a check without some proof of loss. At minimum, you will need to show proof of purchase, such as a receipt from the jewelry store and proof of loss, such as a police report and/or witness statements.
Your insurance agent can help you understand how to make sure that your precious diamond is safe and sound against loss, no matter what.