Here are some questions to ask and thoughts to consider when researching policies to determine if ring insurance is right for you.
Just like with your cell phone, insurance plans offer varying coverage, some only allowing for certain types of damage or loss. Make sure you find the right plan for your lifestyle. If you are buying this insurance because you tend to be clumsy and predict that one day you will lose your ring (literally) down the drain, make sure that type of incident would be covered.
It's insurance. You're paying for peace of mind.
As with any insurance, you might be focused on the money you are spending each year to protect your ring, even though it never seems to need it. Remember that insurance should provide you with peace of mind, and that even if you never file a claim, it's usually totally worth it.
Don't assume that your renter/homeowner's policy will cover it.
Most home insurance policies do allow for some amount of jewelry insurance, particularly due to theft or fire damage. However, a home policy is for more general damage and will put a limit on insurance for individual items. In short, your ring will only be partially covered, if at all. Talk to your insurance company about adding a specific rider to protect your ring. If that isn't available there are insurance companies that offer individual ring insurance policies.
Is your paperwork correct?
Once you have your insurance, make sure everything is up to date and correct. Sometimes your insurance is void depending upon whether or not the claimant or address have been updated. If you are insure, call your insurance representative.
Store important information to help file a claim later.
The easiest experience you'll have filing a claim is if you are well-armed with all of the necessary info. Keep your receipt for the ring, an appraisal, and several photos of the ring in a safe spot. Being able to provide these documents immediately should help the whole process run more efficiently.
What is the filing and replacement process?
Ask questions about how you would file a claim, and how the process for replacement works through your insurance company. Is it as simple as a form and a check? Or do they require you to purchase a new ring through one of their "preferred" vendors? The answers to these questions might help you make a decision between two insurance companies.
Got a rock? Perhaps keep it at home.
Are you one of the lucky few with an engagement ring worthy of a museum exhibit? Or perhaps it is a beloved family heirloom? You might want to consider having a similar costume piece made or purchase a more modest ring to wear day-to-day. Keep the valuable ring in a safe or safety deposit box. Flash your "precious" at special occasions.
Choose the right deductible.
Finding the right policy and deductible is a balancing act. You don't want a super-high premium, but you also don't want a deductible that's so high it doesn't do you much good if you need to use it. Make sure before you sign on the dotted line that you are clear on what your deductible and premiums will be, and that they will adequately meet your needs.
Insurance can't really cover sentimental value.
Sure, they can put a price on your ring. But if your ring isn't worth very much money, and was a sentimental selection, ring insurance might not be the right choice for you. After all, it doesn't make much sense to insure a $200 ring when you'll end up paying that much in premiums over time.
Photography | Artemer