Insuring Your Diamond Engagement Ring
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Diamond Engagement RingsLearning Center |
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An important part of getting your engagement ring insured is getting independent appraisals for accuracy, and to determine the premium amount for your policy. Assuming that an independent appraisal was done before the purchase, and there has been no damage since, the ring should be appraised to be of the same value, and thus have equal insurance coverage. Annual premiums are usually 3%, or less, of the item’s value. Regular appraisals may also be necessary to make sure that you’re not paying more for insurance than you should have to. Although some insurance companies do not require appraisals and rely on your personal estimate of the ring’s value, it would not be wise to give an overstated price. Doing so will only probably increase the premium but have no effect on the coverage price of the policy. This is because insurance companies get purchase privileges from jewelry suppliers, and will only replace your ring or pay for it at the lower cost at which they’re able to acquire a replacement of the same retail value. Having an engagement ring insured may be as intense as “popping the question”, but it sure can prevent the disappointment of not being able to replace something so full of meaning and promise. |
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5/13/2008 7:16:47 |