One of the most common questions that is asked is do I need Engagement Ring Insurance? Think of it this way, do you have insurance on your cars? Do you have insurance on your house? I would venture to guess that the answer to both questions is yes! Why is it that you have insurance on both of those? Well most likely it is because they are very valuable and cannot be easily replaced because of their monetary value.
Engagement Ring Insurance: What Could Happen?
One of the most expensive gifts one will ever receive is a ring and having Engagement Ring Insurance is a real peace of mind. This is something that should in all likelihood last a life time. But we all know things happen and it could become lost or stolen. Although the most common occurance is that a diamond comes loose from the setting and is lost. Even though the ring could be made of gold, silver or titanium which are strong metals they can be bent and it does happen. The manufacturing process is one that goes to great lengths to insure that the diamonds are set in a way that they can not move or fall off, however, their are times when they are hit or pulled in a way that may loosen the setting and cause a diamond to fall out.
Engagement Ring Insurance: Tips on What to Look For!
When you are in the market for Engagement Ring Insurance one should take the following things into consideration:
- Make Sure you find out if the ring is covered if it is LOST or Stolen. This is a very important coverage you will want to have!
- Ask how they plan on reimbursing you for the cost of the ring? By Check or make you purchase another through a specific dealer.
- Find out how much the deductible is for lost or stolen.
- Found out if the ring is will be insured at full cost or partial cost.
- What kind of things is not covered under the Engagement Ring Insurance Policy.
- Always Read the Fine Print!
Engagement Ring Insurance: Sample Prices
Here are some sample prices for different values of rings taken directly from a Insurance Company! Deductible and location will play a role in cost of your policy.
Value: 10000 Dedectible: $0 Location: Missouri Cost of Policy= $200/year
Value: 10000 Dedectible: 250 Location: New York Cost of Policy= $180/year
Value: 10000 Dedectible: 500 Location: New York Cost of Policy= $129/year
Value: 10000 Dedectible: 500 Location: Missouri Cost of Policy= $103/year
Value: 10000 Dedectible: 1000 Location: Missouri Cost of Policy= $98/year
Want to do your own Engagement Ring Insurance Calculations? Click here Engagement Ring Insurance Calculator