When you shell out a hefty sum of money for a Cartier engagement ring or any other type of high end jewelry, you might naturally want to protect it from potential damage, loss or theft. First thing that might come to your mind when you think of insuring an engagement ring is doing it through your home owners or renters insurances. Be warned that most of home owners or renters insurances offer very low replacement maximum amounts for unscheduled jewelry insurance that might take sense out insuring in the first place.
Your other option for insuring an engagement ring is to contact one of the following leading insurance companies who offer specific jewelry insurance programs that might work for you: The Chubb Group and Jeweler’s Mutual.
Depending on which state you are in, jewelry insurance legislature rules differ, so check with your individual state for details.
Pros: Insuring an engagement ring gives you a piece of mind and takes the worry out of owning expensive designer diamond engagement rings.
For a low annual cost starting at around $100 you can insure various types of engagement rings and are guaranteed a full item replacement or even a cash-out option if you would rather choose to receive cash instead.
Cons: As always the main cons of insuring an engagement ring lie in the fine print of your specific insurance policy. Most insurance companies apply so many various limitations on terms and conditions pertaining to specific details of your damage, loss or theft of jewelry that makes you wonder whether it’s just better not insuring an engagement ring altogether.
Another con of insuring an engagement ring is the hidden costs that come with actual replacement for your lost items. Some insurance companies might require mandatory engagement ring appraisal that can cost you money. Insurance deductibles can also add up to the final cost of your jewelry replacement.
When trying to decide whether the pros outweigh the cons, it really depends on your individual situation. If you own a really expensive designer ring and are wearing it on an everyday basis, by all means insure it. Jewelry insurance also makes sense for people involved in certain professions that might make them more prone to misplacing it like doctors, nurses, lab technicians and any other profession that require frequent hand washing. Finally, shop around and ask multiple jewelry insurance agents for no-deductible insurance quotes and read the fine print of your insurance agreements to ensure that it covers all possible scenarios of your jewelry replacement.