Diamond Engagement Rings
Diamond Ring Insurance Tips

The diamond engagement rings are regarded as the symbol of love and commitment shared by a couple. In simple words, it is the symbol of your eternal relationship itself. Hence, the trinket will be extremely close to your heart and even the very thought of losing your gleaming bauble is likely to stop your heartbeats for a moment. Besides, most people tend to choose something extremely luxurious and dazzling when it comes to their diamond engagement rings because of its symbolization. Unsurprisingly, diamond engagement rings will be one of the most expensive pieces of jewelry that most couples own adding more significance to the ring.

However, you can never predict things and you may sometimes lose your diamond rings because of some unfortunate incidents such as your rings being stolen, misplaced, damaged, etc. Even though such instances will be heartbreaking, having proper diamond ring insurance can reduce your sorrow to an extent. After all, it will cover your financial loss. Some insurance company even replaces your lost or damaged diamond rings depending on your policy plan.

Do you need to insure your diamond engagement rings?

Are you planning to get engaged soon and are wondering whether or not to purchase a diamond engagement ring insurance policy? Then, check your current insurance policy coverage first. Most people would have already purchased a renters or homeowners insurance that provides coverage for all the valuable items in one’s home up to a certain monetary limit. Jewelry pieces will also be included in such policies in most cases.

However, there can be some hassles such as a group limit. This is the limit on the collective value of all your jewelry pieces. If the value of your diamond engagement rings goes beyond the specified dollar limit, you will not get coverage for your ring. Similarly, most homeowners and renters policies do not offer coverage for a lost or damaged ring.

Furthermore, it is likely to be subjected to a deductible even before you receive proper reimbursement. In such cases, it will be better to purchase an independent insurance policy for your diamond engagement rings. Otherwise, you can avail some sort of extension to your current policy. For this, you may consider a more comprehensive option like scheduled personal property.

Note that this insurance policy goes over the typical homeowners and renters policy so that you can avail complete coverage for even your most expensive item in the event of a claim. On top of that, you will not have to pay a deductible on scheduled items.