Should I Buy Insurance on The Ring?

If you attach sentimental value to your ring, there are others as well who associate monetary significance to your priced possession, much as you may loathe them.

To avoid crying over spilt milk, ask yourself: “Should I buy an insurance ring?”

To answer the question “should I buy insurance on the ring” or “should I buy insurance on an antique engagement ring,” weigh the pros and cons of such an investment. God forbid, you may lose your ring tomorrow without having insured it. Or, you may insure your ring (and end up paying insurance premium for years) without ever losing it.

You can insure your ring not only against theft or loss, but also against damage. Ring-insurance policies include homeowner, replacement, actual value, and valued-at policies.

• Homeowner insurance policies: They cover expensive household items, including jewelry. Although they insure against theft or natural calamities at home, such as fire or hurricane, they may not include damage within or outside the boundaries of your home

• Replacement policies: They will sponsor the cost (at current market price) of the substitute of the same size, setting, and metal. This indicates that these policies will pay a greater amount than the original cost of the ring (considering metal prices are generally on the rise). If the cost element has brought a smile on your face, remember to ask the insurance agent about the premium you need to pay at regular intervals

• Actual valued policies: The insurance enterprise will compensate your engagement ring with the monetary value after deducting the depreciation charges. As the insurance premium happens to be less in this case, these policies enjoy a wide customer base

• Valued-at policies: Few organizations boast such a policy. The insurance value may combine several parameters such as sentimental value, heirloom consideration, or even a “time and trouble” element

Whether or not your ring is an antique, ask your jeweler for reputed insurance organizations. An insurance agent will talk you through the steps in buying insurance on an antique engagement ring. The process may differ from companies, so don’t be surprised if different companies have diverse inviting strategies.