“Oh My God, I just got engaged, and it feels so good.” you will hear many girls telling that to their besties. Bit an engagement ring comes with a lot of responsibilities. You will need engagement ring insurance since many thugs are eyeing your lovely cuff. Also, you may lose the ring without your knowledge. So, the best way to protect your little treasure is through an insurance cover. But what is the best way to get that insurance cover? Let us go through the right steps to get insurance for your engagement ring.
Get a Diamond Certificate
A diamond ring is a significant investment, especially if it is bigger than half a carat. Any jeweler should provide you with a diamond certificate at the time of purchase. Alternatively, they should give you a grading report.
A grading report or diamond certificate is essential since it gives you the diamond’s quality from the carat, color, cut, and clarity. However, you should know that the grading is not an appraisal, so it can not give you the diamond’s monetary value.
Get an Appraisal
The buying price of a diamond ring is not the same as the diamond and metal value. There are some extra charges that the seller adds so that they get profits and commissions. Thus, it is vital to get an appraisal before you search for engagement ring insurance.
The appraiser checks the 4Cs and compares them with the details on the diamond certificate or grading report. They also look at other factors that affect the value of a diamond. They will also check the metal’s value and give you a full description of your engagement ring’s current market value.
An appraisal is a critical document when you are seeking engagement ring insurance. Thus, you should follow the right procedure to get a copy. If you get a fake appraisal to pay lower premiums, it may come back to you when you need compensation. When the appraiser quotes higher than the real value, you will lose your money through monthly premiums.
If you need a legit appraisal, ensure the appraiser is qualified. Do not shy away from asking for credentials. Also, they should be members of the appraisal society at the national level.
The value of diamonds and precious metals fluctuates with time. Thus, one appraisal is not enough. You should re-appraise every two or three years. It helps you ensure the current value of your engagement ring.
Choose a Coverage Provider
Once you have all the details and documents, it is time to get a service provider. It is hard to get individual engagement ring insurance. Thus, you should contact the best policy that covers your ring. In most cases, people get a homeowner cover with a rider that covers the jewelry.
The jewelry rider affects the homeowners’ cover. It can make the insurance cover costly or make it hard for you to renew if the ring is stolen or lost. The safest way is to find a company that offers an independent jewelry policy.
Ask the Right Questions
When you search for an engagement ring insurance provider, ensure you have the right question to ask. It is wise to write them down so that you do not leave out the essential details. It is essential you know is you have the freedom to choose who repairs your ring and the options they offer. Also, they need to tell you what would happen if they cannot get a suitable replacement.
Ask them the kind of proof they need when your ring is lost or where you can sell your ring if they do not offer cash payout when you table a claim. Go through the contract well and ask if there are aspects they do not cover. Also, they should tell you if inflation affects the policy.
One important thing people forget to ask if your ring is covered when you are outside the country. Also, some repairs reduce the value of a ring. They should give you a list of all of them. Compare the answers from several companies and select the best offer.
Re-Evaluate Your Insurance Needs
You should check all your insurance needs that may arise from the engagement to the wedding. You may receive some precious and irreplaceable gifts on your wedding day. It may be unfortunate when you can not cover the items under the homeowners’ policy. Ask your jewelry policy provider if you can revamp your policy should that need arise.
Get The Engagement Ring Insurance ASAP
Once the engagement ring is in your possession, it is essential to get the policy as soon as you can. Anything can happen between the day you receive it to the day you plan to propose to her. However, some people propose the same day they get the ring or a few days later. As a lady, ask your fiance if the ring has a cover. If not, plan to have one soon.
Engagement ring insurance is as vital as any other insurance policy. The demand for engagement rings in the black market should make you worried as you may be the next target. Yet, that should not stop you from wearing a ring since you have the option of getting an insurance cover.
By Naman Modi
who is a Professional Blogger, SEO Expert & Guest blogger at Alex and Company. He is an Award-Winning Freelancer & Web Entrepreneur helping new entrepreneur’s launches their first successful online business.
Featured Image Caption:- Engagement Ring Insurance
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