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Should I Insure My Engagement Ring? Jewelry Insurance Basics.

Ah, So your engaged, and for many your engagement ring is the most expensive piece of jewelry you own. Insure it. We often find that the owner of this new sparkling jewel hasn’t thought too much about why or how to add jewelry to an insurance policy.

During the first few years or wear is the most important time to have your new jewels insured, while you get used to wearing it. As professional jewelers we see the most damage and loss within the first two years of wear. Most damage can be repaired by your jeweler but loss is devastating, and the jewelry rarely returned or found.

Like all high value items, your jewelry must be insured separately, like your home, car and health. Every home, condo and tenant’s policy has limits on jewelry coverage and it may be as low as 500.00 or as high as 5000.00, and could also have a deductible.

Jewelry insurance can cost around 15.00 to 25.00 per 1000.00 dollars insured annually, and is dependent on where you live. The two types of insurances you can add to your policy for jewelry are Blanket and Scheduled.

Blanket Coverage: Blanket coverage is just what it sounds like, you give the insurance company a total insurance amount, and there is no need to list individual items. Some companies have coverage limits of 1,000.00 to 5,000.00, will have a deductible for loss and a per piece coverage maximum.

Scheduled Coverage: You provide the insurance company with an appraisal (or a bill of sale) for each item. The items are individually listed on your policy and the value is predetermined in case of loss, and most often there is no deductible for loss.

As a general rule Blanket Coverage is usually reserved for lower priced items and Scheduled Coverage for expensive items like engagement rings. Be sure you have a current appraisal at the time you insure and to have the item appraised every 5 to 7 years to keep the coverage amount current. Check your company’s policies on cash for loss or replacement only, and if replacement only will they allow you to use your own jeweler.

There are many online insurance companies that will insure your new jewels with ease and remind you when the policy is up for renewal. No matter what route you choose, be sure to choose one and keep one of your most sentimental and precious items insured.

Looking for a little more insurance talk.... 'Engagement Ring Insurance 101' from The Knot.

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