You have an investment in a ring, which has more steps involved to ensure everything will be properly secured. This could either be an engagement ring or the family heirloom and any type of jewelry that’s precious for you. In this way, you’ll feel secured from possible loss, theft, or damage. Just read through this guide to make the process go smoothly.
Get a Professional Appraisal
In as much as you will be paying for the ring, you cannot insure it without first knowing its value. Do just that- hire a professional jeweler or a certified gemologist to set up an appraisal of the ring’s worth. This will make mention of materials, craftsmanship, and any gemstones. Then keep the appraisal safe. It will be important for the process of getting your insurance.
Compare Insurance Policies
Not all Jewelry insurance policies are equal. Some homeowners’ or renters’ policies may include coverage for jewelers, but that is usually very basic coverage. Specialist jewelry insurance usually provides much better levels of cover. So, compare your options to find what suits you best.
Learn Coverage Types
Ring insure typically offers two coverage options: actual cash value or replacement value. Actual cash Prize subtracts depreciation, while replacement value covers the cost of a new, like-for-like ring. If your ring is highly valuable, then replacement value is the better option.
Document Your Ring
In addition to obtaining an appraisal, you should also get a detailed description and multiple photographs of your ring from different angles. You may even want to obtain gemstone certification. Any of these will help significantly in documentation in the event that it becomes necessary.
Update Your Insure Ring Regularly
As the value of precious metals and gems-tones tends to fluctuate, the value of your beautiful ring can change over time. Make sure to update your appraisal and insurance coverage periodically to stay adequately protected.