It’s your worst nightmare. You are now happily married and on your honeymoon. While playing in the surf, your wedding ring slips off and is gone forever. Many people spend between $5000-$10,000 on wedding/ engagement rings alone, not including any other valuable jewelry they may possess. While some insurance policies may cover jewelry issues, they might only cover up to a certain dollar amount. That’s why it’s important to have jewelry insurance coverage.
What to Consider
The fine print is important when it comes to selecting a provider for your jewelry insurance coverage. Consider the following:
- Replacement – Consider both your financial and sentimental concerns when evaluating the replacement insurance.
- Coverage – From theft to damage to an inadvertent plunge down the garbage disposal, a good policy should cover all eventualities. Make a specific note of any situations that aren’t addressed.
- Needed Documentation – Make a list of all the papers you’ll need for your policy so that if you ever need to submit a claim, you’ll have everything you need.
- Assessment Value – What criteria will the insurance company use to determine the value of your ring for reimbursement? Will it take into account the current appraisal value or just the initial purchase price?
After You’re Insured
Protect all of your insurance documentation. At this stage, you should know precisely what evidence you’ll need to keep—written appraisals, images, certifications, or other documents. In addition, provide the policy details in the paperwork to your insurance broker.
Having jewelry insurance coverage will give you much-needed peace of mind.