The commitment to your girlfriend is what is important but if you were in her shoes you would likely be furious if that valuable diamond ring was lost one day. Before wearing that ring in public, be sure that you have proper insurance that would cover it in case of any eventuality.
Diamond rings are the most valuable of jewelry items, and it does not have to do with how much they cost. There is always a chance that something untoward might happen to the ring. In case of loss, theft, fire, or another catastrophic event, a good insurance policy will cover engagement rings, wedding rings, and other fine jewelry. There are general rules to insurance, but depending on your engagement ring’s value and coverage, the policies on its protection will vary. Now that you found the perfect James Allen engagement rings, here is how insurance can protect them.
Review your insurance policy
If you have homeowner’s or renter’s insurance, you may think that that is enough to cover an engagement ring, but do not be so sure of that. Basically, these insurance policies will only cover personal belongings for up to a certain value. Most of these policies max out at valuables worth up to $1000, which would be nowhere near how much you would pay for a diamond ring, which is likely thousands of dollars. Even if your diamond ring can be covered with homeowner’s insurance, it can only be covered if it were to be stolen, or lost in a fire.
Extend your insurance
You can add an insurance policy as an extension to your existing insurance policy or you can buy a separate insurance policy that covers more valuable items, including diamond jewelry. Either way, this will allow you to get insurance for your James Allen engagement rings, and not be limited to a restricted number of unfortunate circumstances exclusive to belongings inside your or your girlfriend’s home.
Talk to your insurance provider
If you aren’t sure about what insurance to buy or choose, talk with an insurance representative about the available options you have. Prices on insurance will depend on the value of the engagement ring, the value of the stones that it has, and what hazards are covered by the insurance, such as damage, loss, and theft. Some insurance policies will give you reimbursement with a check, which is always an appealing option for James Allen engagement rings. This is so that you can buy another ring of equal or lesser value with no complications. Other coverage could require you to buy a replacement from a certain jeweler; not just any jeweler that you want.
Appraise your ring
Even if you have a receipt for your engagement ring, you should get it appraised before getting it insured. Some insurance policies, for example, will require an appraisal as early as two years ago that describes the ring and determines its’ true worth using the “Four Cs”: Clarity, Cut, Color, and Carat Weight. The insurance representative will also require you to take the ring to him or her, so that he or she can take a picture of the ring and verify that you are the owner of it. If you bought the ring online or from a catalog, a receipt in addition to the catalog or web page where you got it from is required.
Considering the size of your deductible, expect to pay a yearly rate of at a minimum of 1 to 2 dollars for every hundred dollars your ring is worth. For instance, if your ring is worth $4000, then anticipate paying $40 to $80 per year to have it insured.