Featured Image Caption: Wedding Rings
Weddings are the most crucial occasion in everyone’s life. People plan so much for their wedding. There is a vast significance of wedding rings, especially for the couple. The wedding rings symbolize their bond, love, and commitment to each other. People make sure to buy the best wedding rings for their partners. At the same time, many things are there at the weddings, which increases the possibility of chaos. Everyone is occupied at the wedding that they do not get enough time to look at everything independently. This increases the chance of theft or burglary.
Consequently, you need to take proper care of your wedding rings and everything else. One thing which goes a long way in protecting your wedding ring is the wedding ring insurance. People want to protect their wedding rings, but they don’t know how to get them insured. Let’s learn more about the wedding ring insurance.
Do homeowners insurance cover wedding insurance?
Not all homeowners insurances cover jewelry insurances, but some homeowners insurance includes jewelry insurance in them. There are chances that such insurance may prove to be a costly affair to you.
Things to look for in wedding ring insurance
There are a lot of things to look for in the wedding ring insurance. You need to look for a provider and perfect policy for your wedding ring insurance. Here are a few things which you should check before availing of your wedding ring insurance.
The first thing to check is the coverage. By coverage, we meant all the things which your policy covers. You should opt for such a policy, which should have comprehensive coverage. It should cover all the emergencies like theft or damage. Take a proper look at the things which are not getting covered under insurance.
Secondly, you should go for the replacement option in your insurance. Always check what are the replacement options which your insurance is providing you. Consequently, properly evaluate the replacement policy against both your financial and sentimental concerns.
The primary determinant in wedding ring insurance is the value. You should adequately assess the value of your ring. Ask your provider whether he will use the appraisal for deciding the value of your ring or something else.
Also, check the grading report and diamond certificate. It is of great help while availing ring insurance. Apart from this, having a grading report increases the value of your ring.
Lastly, we have the documentation. Before availing of any insurance, look for the required documents, which you will need to get a claim for the same. The essential documents while getting insurance are purchase receipts, jewelry appraisal documents, and photos.
Get a ring appraisal
Getting a ring insurance will become much easier for you if you already have an appraisal in hand. A jewelry appraisal is a document that throws light on your jewelry’s value and appropriately assesses your jewelry. Sometimes, a jeweler provides an appraisal, and sometimes he doesn’t. Consequently, in that situation, you have to get an independent jewelry appraisal on your own. Getting an appraisal can cost you around $50-$150 on an hourly basis.
Cost of wedding ring insurance
As such, there is no fixed rate of the ring insurance. It varies from individual to individual and jewelry to jewelry. Besides this, many factors play an essential role in deciding the cost of wedding ring insurance. On average, the cost of insurance depends upon your ring’s value, the place from where you are getting the insurance, and the deductibles. Usually, the cost of an engagement ring is bound to be high only. Consequently, be prepared for it.
Tips for getting your ring insurance
The primary thing to look for is the insurance provider. Make sure that your insurance provider possesses the expertise and know-how to get you insurance. Also, ask all your queries related to insurance in prior only. Usually, people have queries related to repair, replacement, coverage, and inflation and deflation situations. Clear your doubts, and then go forward with your wedding ring insurance.
Besides this, also look for the right credentials in your appraiser. Usually, people don’t care much while getting a jewelry appraisal. But it is the essential thing while getting wedding ring insurance. Make sure that your appraiser has all the know-how and gives you an accurate appraisal of your ring. Your appraisal should be certified by the gemological institute and should have excellent reviews. Also, take note of the value of the ring indicated in the appraisal. It should not be an inflated one. And as everyone knows, the value of jewelry keeps on changing. Consequently, you have to get your jewelry appraised after some years to know its value at that particular time.
Before getting wedding ring insurance, take a look at all these steps mentioned above and then go ahead with your insurance.
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.