What are the Most Frequently Asked Questions People Ask About Jewelry Insurance?
People have questions about engagement ring insurance, as well they should. Below we have compiled a list of questions people want clarified when buying insurance for their engagement ring.
FAQ
What is the distinction between a premium and a deductible?
A deductible is the amount you pay out of pocket for damages or replacement before your insurance company gets involved. The premium is the price of the insurance, usually expressed as a monthly (in less common cases, annual) cost.
Is there any way to lower the premium?
The policy is priced for risk factors and the rates are being fine-tuned based on information obtained during the application. There are no established discounts for the policy, because the premium can refactor when you make a change to your policy at any time.
Although there might be certain ways to reduce the cost by reducing the possible risk factors (such as having a safe at your home), but they will have to be discussed thoroughly with your policy provider.
Can I insure more than one piece of jewelry?
Of course. You can insure multiple items up to a point right from the start or add new items to your current policy when you start building up a collection of your own, say, of designer shoes and bags. You will pay more for each additional component.
What if my ring is a custom piece or family heirloom?
This will vary depending on your insurance policy and whether you have coverage that compensates you for replacement or a cash payout. Make sure you talk about these kind of details with any potential policy providers before you decide.
What if my ring is upgraded?
If the jewelry is subsequently upgraded, the customer is required to submit a new appraisal with the new item description so the item is properly insured.
The warranty is only as good as its appraiser and if ever you have to make a claim on your beloved piece of jewelry, the appraisal is your assurance that you are reaffirming value or replacing the item for its rightful worth.
Do I need to get my engagement ring appraised?
And since it has probably appreciated in value from the time you bought it, remember to have your ring reappraised every two to three years just for insurance purposes.
Most legitimate appraisers will keep a copy of your original appraisal to work from, instead of starting all over (which also cuts down on fees). To be extra safe, you can bring a copy of your original appraisal in case they do not keep records for that many years.