We are in the middle of Engagement Season! Getting engaged is a big step for a couple and starts a very exciting time in a couples life. While everything is exciting and can get hectic, it is very important to take a moment to look into insurance for your engagement ring!
If you have renters or home insurance you are already part way there! But be careful most Home/Renters insurance policies will have a limit on what they will pay out if the ring is stolen. You can add an extension to your insurance. This is the most common way people insure their rings but you can also get a special jewelry insurance.
Before either of these options you must get your ring appraised. The appraisal must include details about carat weight, cut, color, shape of the ring/stones etc. Once you present this to your insurance agent they can get a policy going for you. (You should get your ring appraised every few years just in case the value has gone up.)
Is the ring covered if you lose it accidentally? YES!
Is the ring covered if it is stolen? YES!
How will the company replace the ring? This varies one which insurance plan you go with but most likely they will reimburse you for the limit it was insured for.
Is the ring insured to full cost or a fraction of it? If you get a proper appraisal to your agent you will get coverage for the full amount! (This is why it is important to get it appraised every few years so you always have full coverage.)
How will you need to prove the ring vanished if you make a claim? When giving the claim you need to give as many details as possible about when it went missing or when the last time was that you had it.