Wednesday, November 14, 2012

Wedding Wednesday:: Jewelry Insurance

Over the past several weeks, so many friends have announced engagements! And with the Holidays approaching, I'm sure there will be a few more! While the occasion certainly calls for big celebrations, a little time should also be set aside to think about protecting that gorgeous gem on your finger.

Both sentimentally and monetarily, your engagement ring and wedding band will always be your most prized possessions. And, there are a few simple steps to take, sooner rather than later, to ensure they last a lifetime.

The very, very first, and most important 'to-do' is: GET THAT SPARKLY DIAMOND INSURED! And in fact, it's pretty simple to get started.

  • If you own your home, simply add a jewelry rider to your current insurance policy. Even if your current coverage states that jewelry is included, most likely it is for a minimal amount, much less that the value of your rings.
  • If you're currently renting, I found that adding a rider wasn't the best option. Rather, taking out a policy with a specialty insurer, such as Perfect Circle Insurance proved to be easier, more cost effective, and provided the broadest coverage.
  • With any policy, it's important to read the fine print, looking especially for 'accidental misplacement' coverage.

When applying for insurance, it's essential to have a current appraisal of each item. An appraisal describes the Cut, Clarity, Carat Weight and Metal of your ring/rings. A picture is also very helpful to include, and sometimes required.

The cost of insurance is primarily based on the value of your jewels and the amount of the deductible. Although, other factors come into play, such as: home location, residence type, jewelry storage, frequency of wear and permanent security systems.

Once coverage is in place, be sure to check your ring regularly to ensure the diamond is situated tightly in it's setting. Your jeweler will be more than happy to do this sort of inspection for you on a regular basis. Also, it's important to clean your ring frequently to prevent buildup from soap, lotions and dust. Professional cleanings are best. But, any sort of jewelry cleaner will do a fine job at removing residue.

*Photo Credit: PMG Images

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