There are two pieces of jewellery that you’d never want to lose or replace. These are your engagement ring and your wedding ring. Unfortunately, mistakes do happen.
You could lose your ring by mistake, misplace it or forget it in a different city while you’re travelling. It could also get stolen or it may get damaged. If any of these were to happen, we know you’d like to ensure that you can replace the ring, or get it fixed.
Solutions may cost you big bucks though. That is unless you have insurance. Ring insurance is imperative! You’ve probably spent a lot of money on the ring. It’s bad enough that you lose the sentimental value of the ring. Let’s not have you lose the monetary value too. That would just add insult to injury.
Getting insurance isn’t that difficult to do, so make it a top priority post engagement.
All you need to do is call up the insurance broker and ask them what insurance options are on offer. Often people think jewellery is automatically covered in home insurance. However, this is often not the case.
If your ring is stolen from your home, it will be covered under home insurance. But often, if the ring exceeds coverage limits you won’t be able to claim for it. If you’re planning on wearing your ring outside the house (of course you are) you will need to specify the ring under “All Risks” on your insurance policy.
It is, of course, possible to get stand-alone insurance for your ring, however its much more affordable to have the ring insured under an existing homeowners policy or something similar to that.
Important to remember for ring insurance, is that you can’t just call and ask. You have to show the insurer the proof of value of the ring. This is what to do before you call any brokers. Get your ring appraised and keep the evaluation as proof of ownership too. If you can’t produce this evidence, insurers may not cover you if your ring is lost or stolen.
So if you’ve just been given a ring, get those documents and get it insured. You’ll ensure that all is not lost, even though your ring may be.
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