Task 8 out of 188: Protect your engagement ring! Make sure you have it appraised and insured.[The Knot]
Complete: 9-11 months out
Task 8 is one that is missed by many but should be done by all, sooner than later. Unlike some other jewelry in your drawer, you may not know where or even be worried about how to protect your priceless prized love stone(s). However, after your proposal it is vital that you figure out how quick. Some wonder why? Let’s look at these different scenarios:
Scenario #1: You are wrapping up after dinner and you have started to put away food and wash dishes. So you lay your ring on the counter because you learned that washing dishes with it on can cause damage (two points for you). However, as you swiftly pull dishes in and out the sink, you are reluctant to notice that you have knocked your ring into the disposal, which has now stopped working since it was not made to grind up your wonderful priceless piece. What should you do?
Scenario #2: You and your Fiancé have just returned home from grabbing some fast food when you both noticed the front door is unlocked and cracked opened slightly. You both storm in and find that several items have been stolen out of you house. And of course the ring that you sat on your night stand has also disappeared. How can you replace that?
Scenario #3: You are digging through your purse in search of your lip gloss, which always hides in the very bottom, when you ring gets caught on a thread. Right as you are shaking your hand free, you noticed that one of your beautiful gems has fallen out. You dump your purse direly searching for your gorgeous gem but your search turns up unsuccessful! Can you just replace that jewel? And if so how?
Each of these scenarios can be solved by taking out a policy on your ring(s). There are different ways to do so but first you must get the ring appraised. Know the value of your piece, even though it is truly priceless. You will gain piece of mind by protecting something you love.
There are a couple of avenues you can take to protect your ring:
Homeowner’s or Renter’s Insurance Policy
Whether you are renting or owning, it is safe to add your ring(s) to your policy. You may have to increase the value of the policy, more likely with renter’s insurance but better safe than sorry. The extension in policy is usually referred to as the “ring rider” policy, pretty self-explanatory huh?!
Specialized Jewelry Insurance Agency
The other option is to go through a jewelry insurance agency where you will need to start an individual policy. You will not be able to add this to your renter’s or homeowner’s insurance as it stands as a separate policy. Yes I know it becomes an additional bill, but again better safe than sorry.
Before you choose the type of policy that is best for you, The Knot gives you some points to think about:
- Is the ring covered if you lose it accidentally, or only if it's stolen?
- How will the company replace the ring -- with a check? Or will they require you to purchase a replacement through a specified jeweler?
- What if it's a vintage ring or other unique piece? How will the quality and size of your diamond and that of a replacement if needed -- be documented?
- Is the ring insured to full cost or a fraction of it?
- How will you need to prove the ring vanished if you make a claim?
- Are there any circumstances that aren't covered? (What if your ring flies off at the circus and gets trampled by elephants, for example?)
Read more: Insurance 101: Engagement Ring Insurance - Wedding Planning - Wedding Budget - TheKnot.com http://wedding.theknot.com/wedding-planning/wedding-budget/articles/engagement-ring-insurance-101.aspx#ixzz1RtSfznP2
I know I have been procrastinating about adding my ring to my policy but after a recent blunder, I am in the process of taking care of mine, so I advise that you better take care of yours!
