Top Things To Know Before Insuring Your Engagement Ring

Getting an engagement ring is undoubtedly one of the most memorable and profound moments in your life. You're more than ready to set sail on this new and exciting journey with your partner. However, under the allure of this new celebratory high, you might forget the fact that you just made a significant investment to purchase your diamond engagement ring. And you must take the necessary steps to get yourself engagement ring insurance for your ring. After all, isn't it worth making sure that the ring that you bought stays protected? 

Getting Started With Your Engagement Ring Insurance

The moment you buy a diamond engagement ring, it is no longer just a piece of jewellery but a great investment, which is now your liability. You cannot constantly monitor your ring. So what happens when you misplace it? You woke up one day and found that the ring was no longer on your finger.

Maybe you lost it while handling some baggage during the day. Or, maybe the diamond on the ring got chipped when you fell, and now the surface appears cracked. Isn’t it better to have a system in place to ensure that you're protected at all times in the event that something goes wrong?

Engagement ring insurance will give you peace of mind knowing that your ring is protected in value in the event that you lose it or misplace it. And this short guide will highlight all the important things you need to know about engagement ring insurance.

What Exactly Is Engagement Ring Insurance?

Engagement ring insurance can be considered as a specialised policy that covers your engagement ring financially against theft or loss. A common insurance scheme that you may have heard of in the UK is the standard household insurance. Now, the problem with this insurance scheme is the limited coverage for personal belongings, which is why it is ideal to take one exclusively for engagement rings.

Also Check: How To Choose The Perfect Guy Engagement Ring: A Complete Guide

Benefits of Engagement Ring Insurance 

Here are a few compelling reasons to help you decide why you need engagement ring insurance:

1. The average cost of a diamond engagement ring is not something that you can easily dismiss. Many couples spend upwards of £3000, maybe more, to get their dream ring. Having a strong insurance policy can help alleviate the financial strain of replacing the ring in case you lose it or damage it.  

2. An engagement ring is the ultimate adornment that marks the start of your committed relationship. With an insurance policy on hand, you can rest assured that regardless of what happens, you can restore your ring without any hassle.

3. Engagement ring insurance would give you coverage against a wide variety of risks, including but not limited to disappearance, theft, disasters, or other issues. You can take comfort in the fact that no matter where you go or what you do, your ring is protected against accidents and damage, and this gives you a sense of comfort, allowing you to wear it with confidence.

What You Need To Know Before You Insure Your Engagement Ring 

Now that you know the specifics, here is a list of things that you need to know if you are going to get engagement ring insurance:  

Appraisal 

Before insuring your engagement ring, you must first get a certified appraisal. This will allow you to get a detailed account of your ring in writing in the form of an official document, which you can later use for any insurance policy. The appraisal will detail the diamonds and metal's quality and the ring's craftsmanship. 

Choose An Ideal Insurance Policy 

 Once you've done the first step, next you'll need to start researching the various insurance providers in the UK, specifically those who deal with engagement rings and jewellery. You can choose to add your engagement ring to your homeowners' or renters' insurance; however, there may be limitations on the total expenses covered, and you might need to pay a higher premium to include another item in this claim.

Specialised jewellery insurance will offer you more flexibility when it comes to the total cost covered and protection against theft or loss. You must research and choose an insurance provider and policy that fits your needs.  

Understand What The Policy Covers 

Another important aspect that many fail to notice is what the insurance that you choose actually covers. Please take note of what the insurance policy specifically guarantees and what it does not.

A common exclusion in most standard insurance policies is "loss due to negligence," and if the policy doesn't cover it, there's nothing you can do about it after you sign it. So make sure that you've read every single detail as thoroughly as possible before you proceed.  

Staying Two Steps Ahead 

It's not a pleasant experience to think about what can happen if you lose your engagement ring, but you have got to be prepared for the worst. You need to learn how to file a claim immediately when you lose your ring, and this means making sure that you take the proof using a camera or keep the receipts of the various activities that you partook in. You have to be prepared to go through all of these steps to ensure that you can provide a solid set of evidence to back up the claim for the insurance provider.

Conclusion 

Of course, the whole process might seem a tad overwhelming, especially if you have never had to take out a specialised insurance policy before. But the process of getting engagement ring insurance is definitely well worth your time, effort, and peace of mind. 

If you want any help with filing a claim or getting your ring appraised, we are more than pleased to do so at a fair price at our store, Eternity Jewels. And remember, it's always better to be safe than be sorry!