4 insurance questions you MUST ask about your new engagement ring

Diamond ringDid you get engaged over the holidays (or on Valentine’s Day)? Congratulations! Along with showing off your new engagement  ring to family and friends, there’s one more thing  you need to do: protect it from loss or an “oopsie.”

Don’t assume that your ring is covered by homeowner’s or renter’s insurance. There’s usually a upper limit to the value of items that they’ll cover—and fine jewelry won’t be under that limit. You will need a special extension to your policy (called a rider) or you might choose to get a special policy for your engagement ring with a specialty jewelry insurance company. Whichever you choose, here are the questions you HAVE to ask.

4 must-ask insurance questions

Here are 4 questions that you must ask your insurance agent about your engagement ring (with thanks to theknot.com):

  1. Is the ring covered if you lose it accidentally—or only if it’s stolen?
  2. How will the company replace the ring? With a check? Will they require you to purchase a replacement through a specified jeweler?
  3. Is the ring insured for its full cost or a fraction of it?
  4. How will you need to prove that the ring vanished if you make a claim?

There’s one more question that you should consider, especially if you have a vintage or family heirloom ring: how will your stone and setting be evaluated?

Your first step

Get written documentation of your engagement ring’s value. The easiest way is with an official appraisal by a certified appraiser. You’ll get a detailed, written appraisal (usually with photos and diagrams) that you can give to your insurance agent. That way, if something happens to your ring, you’ll have proof of what your ring is worth. (And if you haven’t had a ring approved for 10 years or so, it’s a good idea to have a new appraisal…prices have been going up, up, up.)

Rings get lost. Or a stone gets loose. With all the excitement of a new engagement and planning your wedding, don’t forget the important step to protecting the symbol of your love. Get it appraised. And then call your insurance agent.

Questions? Ask me and we can help you get started.

Brilliantly yours, Aimee

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