How to insure engagement ring | Diamond Exchange Dallas
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How to insure engagement ring

insure engagement ring

Providing maximum protection

It is always exciting to get engaged, and in fact, it is amongst one of the memorable events for a couple. An engagement ring is always given priority, and thus it is essential for everyone. Moreover, it is also expensive as it an exceptional purchase for a couple. So it is required to be careful about the ring, and thus you need to think of giving it maximum protection. You don’t want your ring to get lost or damaged, and you can’t do anything about it. So any of the bad things that may happen to your ring can be devastating.

Insurance coverage will be given to the person who own the ring

There are certain things that will go through your head while thinking of getting insurance. The first thing is that why you should have insurance for your engagement ring. Also, who should get the insurance? In case the couple isn’t residing together or even if they are fully detached still it is necessary to get the insurance of your ring. The person holding the ring or wearing the ring at that moment needs to get insurance of their ring as it is currently with the owner of the ring.

How much amount insurance will cover?

The insurance rate for your jewelry depends on certain things such as the current place of residence, the demand for jewelry in that area, and many more. As the jewelry is expensive, but the actual amount required to get insurance is very less. It is just 1-2% of the actual price of the jewelry, and the amount is to be paid on an annual basis. For example, if your jewelry costs $10,000, then your insurance will cost you around $100 for a year.

Questions you need ask yourself for not taking insurance

Loss of your jewelry may affect you. In some cases, it doesn’t. But for most cases, it does affect everyone as it is connected to one’s heart. So there are some questions that you need to ask yourself before you lose your ring. They are:

  • Will you be devastated by such sentimental loss?
  • Will you feel afraid to wear another uninsured jewelry?
  • Will you be able to cover the cost of your loss?
  • Will your insurance cover it with the limit you have?
  • Will your insurance company force you to get different jewelry rather than your preferred one?
  • Will the replacement jewelry be of less quality than the original one?  

Is there any chance of your insurance going high?

Now every people has a different mindset when it comes to thinking. If you think that these things will affect you, then you must get insurance for your jewelry. But actually, for most people, these questions matter. Because everyone cares about their jewelry, it is clear that most people need to get insurance for their jewelry from that point of view.

What will your insurance cover?

There are three factors that are emphasized more when it comes to cover your insurance. These factors are seen in most cases, and for insurance, if your jewelry falls in this category, then no need to worry your insurance will cover them.

If your jewelry is stolen

Most of the cases that are seen are for stolen jewelry. Obviously, an engagement ring is expensive, and thieves can spot it and carry out an attack to steal it. Other than that, sometimes, you can leave your jewelry at any random place due to mind loss, and for that, someone might steal your jewelry. So whether it is stolen from your house, body, car, the bag, don’t worry; your insurance will fully cover your stolen piece of ring.

If jewelry is damaged

The damage on a piece of jewelry may be partial or full. The insurance works for both cases. If the ring gets partially damaged, such as if one stone of the ring falls off and you lose it, then your insurance will cover it. On the other hand, if your ring gets fully damaged, such as it accidentally fell off and it gets crushed, your insurance will also cover it.

If your jewelry is lost or disappeared

This case is often seen. It is actually an individual’s fault. Sometimes people forget after taking it off and put it somewhere, and thus it gets lost. Your insurance will still cover it.

What types of jewelry can you insure?

Any type of jewelry can be insured. Most of the jewelry companies offer varieties of jewelry, and each of the jewelry has its own insurance policy. Jewelry which insurance covered is engagement rings, diamond rings, bracelets, necklaces, and many more. You will get the maximum limit for insurance from the companies. But the limit depends on which package you choose and the policy of the jewelry too. In case your engagement ring crosses the limit of the maximum coverage of the insurance, then there’s an entirely separate process to take insurance.

What is not covered in the insurance?

Normally if your jewelry gets damaged, then you will get insurance according to the respective policy. But having damage multiple times and scratches over time will not fall under insurance, so you will not benefit.

How does insurance work?

Diamond Exchange Dallas has a unique way to handle insurance and its policies. They are dedicated to providing the best insurance coverage, and thus you can relax if we insure your engagement ring. For claiming insurance first, you need to file a claim for the cost that will be required to repair. Also, you can appraise the total amount of the ring that is stolen or damaged. For example, if your ring falls from your hand and you lost one of the diamonds, in that case, they will pay the repair cost as needed. On the other hand, if the ring gets stolen or gets lost, then their company will appraise you the total amount. So choosing Diamond Exchange Dallas will be the best option for you as you will get the maximum insurance for your engagement ring.

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