It may not sound very romantic to shop for jewelry insurance when all you want to do is show off your new engagement ring and plan the perfect wedding, but it should be an important task on your wedding to-do list. Your ring is not only a priceless symbol of love and commitment to your partner, but it’s also a major investment. Don’t overlook purchasing an insurance policy just because it’s unfamiliar.
Make sure your beautiful new ring is properly insured, as this exciting time in your life shouldn’t be ruined with a lost or stolen ring. Here, the experts at Lavalier share how to make an informed decision about ring insurance. Read on to get answers to the most common ring and jewelry insurance questions.
It’s similar to other insurance policies, but it’s tailored to the needs of jewelry owners. Companies like Lavalier.com design a policy specifically for jewelry and it typically offers more comprehensive coverage than your homeowner’s or renter’s policy.
You can insure any jewelry that is valuable to you. This can be an item with a high monetary value that you cannot afford to replace, or even an item with a high emotional value that you want to protect from damage.
If you have a new piece of jewelry, the jeweler you purchase it from will often provide an appraisal along with your item. If you are appraising something you already own, look for an appraiser with good reviews, advanced training in gemology, and who is a member of a national appraisal society. This ensures you’ll receive a complete and accurate appraisal.
The price for a policy can vary based on your address, deductible, and any available discounts. Generally, it should only cost around 1-2% of the jewelry’s value.
It depends, but not always. Check with your insurance company as they may have a sub-limit for jewelry items or require you to schedule the jewelry.
Since the jewelry market is always changing, a good rule of thumb is to have it appraised every 18 months.
There is no need as long as your policy has worldwide coverage. Just be sure to check your policy before you travel.
In order to get the best policy for your new sparkler, it’s good to know exactly what you are purchasing and what type of coverage you’ll receive. Since you never know what your future holds, it’s best to start out your new life together on the right foot. Being prepared with jewelry insurance will give you peace of mind that the symbol of your love is well protected.