This One Detail Will Make Your Engagement Ring a Cut Above the Rest
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There’s plenty of fish in the sea… and plenty of rings in the jewelry store! Once you’ve found your forever fish and got the bling to prove it, there’s only one way to ensure peace of mind for the both of you: engagement ring insurance.
We’ve already debunked how engagement ring insurance really works, but now we want to talk about why you should even think about getting it in the first place. For all nearlyweds, engagement ring insurance should be the first thing on the post-proposal to-do list—if they didn’t get it as soon as they bought the ring! In actuality, for most nearlyweds, getting engagement ring insurance is just one more little task that’s easy to slip through the cracks when you’re planning an entire wedding. Which doesn’t seem like a big deal...until something happens and suddenly you’re scrambling to replace a cherished (and super expensive) piece of jewelry!
It’s hard to get motivated to pay for anything that doesn’t have an immediate “reward,” but the long-term benefits of insuring your engagement ring (or wedding ring!) are worth more than any instant gratification you could spend the same amount of money on right now. That’s why we want to remind you of all the different reasons why getting ring insurance will make your happily ever after all the happier.
1. Making a claim won’t affect your homeowner’s insurance.
The most common subject that comes up when we’re talking about engagement ring insurance is homeowners insurance (or renters insurance) because most people just assume that all these insurance companies will end up working out the same for everyone. Insurance is insurance, right? Wrong.
The problem with homeowners insurance (or renters insurance) being your go-to for covering your engagement ring (and eventually your wedding rings) is that those types of insurance policies aren’t tailor-made for jewelry and thus you run a couple of risks when relying solely on homeowners or renters insurance.
Even though you likely have homeowners insurance covering at least $100,000 of overall damages (though usually more), in most cases you cannot apply that full coverage to an engagement or wedding ring. Additionally, the coverage usually only includes “listed perils only,” so if anything out of the ordinary occurs you may not be covered for even part of the replacement or repair costs required. Even with all those restrictions, you’ll often still need to add the ring itself to your homeowners or renters insurance policy anyway before you can even get those benefits.
But the biggest issue here? Your engagement ring is likely worth a pretty decent chunk of change, so if you are covered and you ever file a claim on it you run the risk of increasing your monthly payment for your entire homeowners insurance policy. It may seem like a lot more added effort to get a separate jewelry insurance policy for a ring, but in actuality, it’s probably going to be a somewhat similar process to adding it to insuring it through your homeowners policy with a lot more coverage once it comes down to it.
Depending on the insurance company, you may be able to work on expanding or personalizing your coverage in some way shape or form. However, with something like an engagement ring—that you’re wearing all day every day in and outside of your home—do you really want to chance messing with your homeowners insurance coverage when the protection you’re getting for it isn’t even that thorough in the first place?
2. Your coverage is actually based on the current value of the ring.
One of the most important steps to getting engagement ring insurance is to make sure you get an appraisal and you keep getting them throughout the years. Being able to consistently update the value of your ring is a key factor that really sets apart dedicated jewelry insurance from other insurance options.
Unlike most valuable material possessions—electronics, furniture, home goods, etc.—jewelry actually tends to increase in value over time, so if you insure your engagement ring with engagement or wedding ring insurance you have the ability to consistently update your policy to make sure that you’re always covered for just the right amount you need. Plus, once you have a policy you’ll be able to easily add on any more valuable jewelry you get throughout your new, married life!
3. Fixing a damaged ring doesn’t have to be a big deal.
Once you’ve got a ring on your finger, you may feel like you have a giant weight just resting on your hand during your everyday life. Not, not because your ring is actually that heavy, but because the pressure to not damage or lose that ring can sometimes just feel overwhelming!
You may find yourself constantly double-checking that it’s still on your finger or scaring yourself if you feel it knock into something hard. It’s rough to have so much on your mind all the time and have to worry about this incredibly precious piece of jewelry that you’re somehow supposed to keep on all the time now, too! (And don’t forget that soon enough you’ll be adding two wedding rings to the mix, as well.)
Diamonds are one of the most popular and commonly-used stones for engagement rings because they’re one of the world’s hardest elements, but even diamonds can still be damaged by regular wear and tear leading to cracks or even to the gem becoming dislodged from its setting. Furthermore, the band itself can be warped or damaged through all sorts of regular everyday mishaps if you aren’t careful enough—especially if your band is made up of a more malleable metal like white gold or silver rather than platinum.
With a dedicated jewelry insurance policy, like those offered by Jewelers Mutual, you don’t have to worry about damaging your ring because you’re covered. Insurers know that accidents happen, and you shouldn’t be punished for an accident! So whether it’s a lost stone or a warped band, if your ring is damaged you won’t find yourself putting off the repairs for when you’re rainy-day fund can handle a big cost. You just file a claim, get your money, and get it repaired. That’s it!
4. Never chance losing out on such a sentimental piece of jewelry.
We know discussions about insurance coverage typically revolve around money, which makes sense given that cost is a huge concern for nearlyweds. However, the value of an engagement ring isn’t just a finite dollar amount.
Engagement rings represent the love and union between two people, and they’re future heirlooms that can be passed down from your generation to the next. The idea of losing or damaging such a precious piece of jewelry would be horrifying to most people—as it should be—and yet it’s so easy to protect yourself from any potential harm. Damaging your ring is one thing—you can always get that fixed. (Although with ring insurance that’s definitely going to be easier to pay for.) But what if you lost it? Or had it stolen from you?
If you’re not covered when this occurs not only will you have to mourn the loss of such a special ring, but you’ll have to start cutting costs or messing around with your homeowners insurance to try and make things work when all you really want is the comfort of knowing that you can get that ring back. With ring insurance, there’s no ifs, ands, or buts—just the relief of knowing you got yourself an engagement ring back.
5. Freedom from worrying no matter what.
Whether or not any of these last topics spoke to you, we’re pretty sure this definitely will.
Here’s the thing. If you’re reading this we’re assuming you’re either A) About to propose yourself, B) Already engaged and sporting a nice, new rock on your finger, or C) Just super into insurance policies. (Okay, maybe not that last one…).
When you’re planning a proposal, a wedding, and then later on a whole life together with your partner, you have more than enough on your plate to worry about in terms of to-dos, money management, and everything else going on in your life. Getting engagement ring insurance is an easy way to just take one more item off your list of things to worry about so you can focus on what counts without looking down to make sure your ring is still there every ten minutes.
What price would you pay for peace of mind? We’re guessing it’s a lot more than the cost of one little insurance policy. So no matter what ring you’re sporting or who you’re proposing to, engagement ring insurance is a surefire way to make that bling the best it can be—stress-free.