You may have heard people talking about engagement ring insurance, especially if you’re in the market for an engagement ring. I can’t tell you that a question about engagement ring insurance is the most common question I get from customers who buy wedding jewelry. It’s in the top ten, though. That means over the last thirty years I’ve heard the question countless times!
So, what is it? Engagement ring insurance is a policy that protects your engagement ring from loss, theft, or damage. Like any insurance, you pay a premium for coverage. If your ring is lost, stolen, or damaged, you file a claim with your insurance company. If the claim is approved, your insurer repairs or replaces your ring. In some cases, policies cover things like tightening prongs, fixing settings, or even polishing.
The cost of engagement ring insurance is based on the coverage involved. That means it’s ultimately based on the value of your jewelry. Annual premiums will typically run between one and three percent of the value of the ring. You can insure your ring through your homeowners or renters policy, adding it to the disclosed assets, or through an insurance company that specializes in jewelry coverage.
Like any other insurance, some policies have exceptions. If you have a high-risk job, you may pay more if there is a greater likelihood of the ring being damaged. Like any decision about finances and insurance, you’ll want to talk to a professional.
Should you get it?
Well, that’s a great question.
I think it all depends on you but you can think of it on a scale, right? What I mean is if you get an engagement ring for a few hundred dollars, do you really need to bother with insurance? Of course, it would be really foolish to have a twenty-five-thousand-dollar ring and to not have it insured, right? What number between those two makes sense then? Well, some people suggest any ring that costs over twenty-five hundred dollars. Some people say more and some say less. I think that decision is going to be based entirely on your economic situation. But with the kind of investment typical of an engagement ring, it’s something to think about, right?
If you’re looking for an engagement ring in San Diego, give me a call. I’d love to help. Of course, you can also just drop by our La Jolla showroom. However, you get in touch, I can promise you that you’ll be glad you did.
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