It may not sound romantic to have insurance on your engagement ring, but nothing says romance like having peace of mind. There’s no amount of money that can take the place of peace when something unexpected happens. Even if it’s to your engagement ring.
A question that everyone is always asking is, do I need insurance for my engagement ring? And in short, the answer to that question is yes. Aside from peace of mind, here’s why.
What is insurance for your engagement ring?
Engagement ring insurance is just like any other insurance on the market. It’s there to ensure that if something goes wrong with your ring or if there was any accidental damage to it, that it’s covered with your insurance. It works just like auto insurance, and homeowners or rental insurance. And it’s important to have. Especially if there was a lot of money invested in your engagement ring.
Now let’s talk semantics.
How does it work?
So how does insurance for an engagement ring work? It’s not as complicated as it sounds. You’ll need to keep a few things from your purchase and have the ring looked at, but once you get the policy it’s smooth sailing from there.
To obtain an insurance policy on your engagement ring you need to keep all of your receipts. Receipts of purchases, repairs, etc. Keep a receipt for whatever you paid for. Next, you’ll need to get the ring appraised and keep a record of that. Most jewelers do ring appraisals so you could get it appraised where you purchased it or you can try another local jeweler.
Where do I find it?
What to consider when choosing a policy?
Now that we’ve established that you do need insurance for your engagement ring and where you can find it let’s talk about things you need to consider when choosing a policy.
Before choosing an insurance policy for your engagement ring you should ask:
What their lost/stolen policy is
Is there a deductible?
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