When that incredible day comes and you’ve got your beautiful new custom engagement ring in your hand, ready to get on bended knee and pop the question, chances are, the last thing you’re thinking about is insurance coverage for your engagement ring.

 

The US Department of Justice has estimated that jewelry accounts for as much as 70 percent of all stolen property, with more than $1 billion of jewelry disappearing each year.

 

Depending on the amount you have invested in you engagement ring which may be considerable if you have followed the two to three months salary rule. Making sure you protect your prize possession which declares your love to your dearest should not be taken lightly. Even if you are on a tight budget, insurance makes perfect sense

 

Do you have a homeowner's or renter's insurance policy? If yes, do you have a good understanding of your coverage?. Does your policy offer full coverage for your engagement ring and other fine jewelry? Your insurance policy probably covers jewelry theft, but not loss that occurs for other reasons.

 

 

This is a good time to review your policy and decide whether you need to buy additional insurance for your fine jewelry, Call your insurance company and ask for clarification. Here are some important questions you may want to have answered.

 Does your insurance policy cover jewelry loss for reasons other than theft--such as for lost or damaged items? Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect your policy costs? .Are the items covered no matter where the loss takes place? Would the policy cover you for a loss that occurs during domestic or international travel?

Does the policy cover repairs to damaged jewelry?Are items covered for full replacement cost? Must you replace the item, or can you obtain cash settlement?Is an appraisal required prior to obtaining insurance? Are there only certain types of appraisers whose reports are accepted? 

 

Chubb Insurance and Jeweler's Mutual are a great place to start. Chubb Insurance has been in business since 1882. They offer policies through independent insurance agents and jewelry retailers. Chubb is a leading insurer of jewelry in the United States and offers some of the broadest jewelry coverage available

 Jeweler's Mutual offers personal jewelry insurance that covers both repair and replacement. The policy is not available for unset stones, damaged items, or antique jewelry. An appraisal is required for coverage.