Insuring The Engagement Ring
Getting engaged is a special time for both members of the relationship and should be celebrated. You picked the perfect ring, she loves it, and she said yes. It's a joyous occasion. It's important to remember that the ring is not only a key to your current happiness, but also an investment as well. You more than likely spent several paychecks on the perfect ring for the love of your life, so it should be insured. Read on to learn about the different options for insuring her ring.
Actual Value Policies
This insurance policy is just as it sounds. You will insure the ring for the amount you paid for it. In the future, if it was lost or stolen, you will get back the value less the depreciation. This is an option, but not the most popular one because you will never receive full value for the ring. It is the most affordable option, so it is better than not insuring it at all.
Existing Insurance Policies
If you have a homeowner's or renter's insurance policy, you may have the option to have the ring covered by the policy. Most policies do let you add expensive items onto the policy, so you will just need to check with your insurance agent to find out if her ring would be covered. Be sure to find out in what circumstances you will be reimbursed for the ring, too. Many only pay you for the cost of the ring if a fire or tornado is the reason it was lost or damaged.
Since these policies usually don't cover theft or everyday loss, this should not be your sole method of insuring the engagement ring.
Replacement Policies
This policy is the best choice if you want to get the value of the ring back despite how long it was since you purchased it. With a replacement policy, you get the current market value of your ring. While it is a possibility that you get less than you paid for the ring because of market value, the price will still usually be greater than it would if you used an actual value policy. Keep in mind that you could get more than you paid back if the market value of the ring's materials increases.
These are three good options for insuring an engagement ring, with the replacement policy being the best choice. Choose an option that fits your budget and your situation and remember that some insurance is better than none at all. Talk to a jeweler like Rinehart Brothers Jewelers to learn more about what kind of insurance may be best for the ring you purchased.