When you’re trying to decide which insurance provider to use for your jewelry insurance there are a few important points that can help you reach your decision. An engagement ring is valuable in more ways than one and needs to be protected from risk. You need to choose an insurance company that will pay for the replacement of a lost ring with a new ring that is of equal value and appearance. You also need a company that will pay for damage repair if there is a need. Providing compensation for a lost, stolen, or damaged engagement ring is obviously important, but there are several other factors to consider.
Table of Contents
Is the Jewelry Insurance Comprehensive?
Not all jewelry insurance policies are created equally. And some insurance providers offer more in their comprehensive policies than others. Among the most generous policies are those that offer preventative maintenance, 125% coverage, mysterious disappearance coverage, no deductibles, and an option to pay monthly or yearly. Comprehensive jewelry insurance includes:
- Worldwide coverage
- Zero deductibles
- 125% replacement value coverage
- Loss, theft, damage coverage
- Mysterious disappearance
Does the Insurance Company Have Good Customer Service?
Choose a company with staff that is willing to give you their full attention. You want attentive, accessible customer service that is easy to get hold of. Your chosen insurance provider should have multiple ways you can contact them including, a website, messaging system, email, and even a physical address.
How Easy is it to Make an Insurance Claim?
The best jewelry insurance companies allow for claims to be made via their website. There should be a simple claims form on their site where you can give all the details of your claim and even upload any relevant documents such as a police report. Then the claim should be handled promptly.
What are the Company’s Credentials?
To choose an insurance provider to cover your engagement ring you need to do some homework. Read online reviews, ask friends for recommendations, and visit the company’s website. Try to compare “apples to apples”. What do they include in the insurance policy, how are claims handled, and how accessible is their customer service? Is the company affiliated with professional jewelry organizations, are they trusted by leading jewelry companies, and how long have they been in the business?
Is the Engagement Ring Insurance Affordable?
You should be looking for an insurance company that offers you the best service and policy terms at a reasonable price. Some insurance companies charge as much as 3% of the value of the jewelry. But the best jewelry insurance providers that specialize in jewelry insurance and can offer you a policy for 0.5%-2% of the appraised value.
What Happens When You Make a Claim?
If you make a claim on your jewelry insurance and you need to get a new engagement ring made you will need a jeweler. When you’re looking for an insurance company to insure your engagement ring, look for one that lets you choose which jeweler to work with. Some insurance providers force you to use a jeweler of their choosing. Don’t go with those companies. Rather find one where you can choose your own jeweler that you trust and feel comfortable with. Then the jeweler will recreate your engagement ring (or repair it) and the insurance company will pay the jeweler directly.
What Kind of Insurance Company Should You Choose for your Engagement Ring?
The best company to insure engagement ring is one that specializes specifically in jewelry insurance. Don’t use an insurance company that is great at insuring houses, cars, or travel. You need an insurance provider that has experience dealing with engagement rings, fine jewelry, and luxury watches. And don’t even consider adding your engagement ring to your homeowners or renters insurance. This is a bad idea for many reasons, including the fact that you probably won’t be compensated enough to cover the cost of replacing your ring if anything ever happens to it. There are many pitfalls when it comes to using homeowners insurance for jewelry. Choose a dedicated jewelry insurance company.