There goes a saying that, “I do” and “Yes” are the two phrases that bring a lifetime of joy to many. Moreover, if you’re a woman and you say “Yes,” there is a high chance for you to flaunt a shiny, eye-catching thing on your left ring finger!
Getting the perfect engagement ring from your special someone adds a whole different meaning to the relationship, embarking a new journey you’re about to step onto. While keeping the ring safe and protecting it from any harm will be your foremost responsibility, insuring your ring is the first step you need to take after announcing the happy news.
Not the best thing to think about, but considering all odds, what if you lose the ring, what if it gets stolen or damaged, you should never take such risks with the shiny gem which you take pride in. A ring insurance will provide financial support and protection at times of crisis. Any damage happening to a ring without insurance is painful.
However, if you have insurance on your mind, here are few questions you should always cross-check before finally getting it done:
1. Have you chosen a coverage provider?
Whenever you think of insuring your engagement ring, there are two options for you to choose from. You can either extend your homeowners’ insurance or include the ring’s insurance term or you can specifically buy insurance from an independent firm, for your ring only. Many times, the place you buy the ring from provides insurance too. Nonetheless, out of all the viable options, you should have a fair idea of choosing the best one for the ring.
2. Do you have a certificate or grading report for the stone?
Not every day does a man buy a diamond ring, hence you should make sure what you’re purchasing is of good quality. Whenever a stone you buy is over half a carat, the jeweler is bound to provide a certificate for it. There are many independent gem labs which provide authentic certificates and grading reports. This report will accelerate the process of getting the insurance as it provides authentic information of the weight, color, cut and quality of the stone.
3. Did you get an appraisal?
Getting your ring appraised from the jeweler plays a very important role in getting a fair deal while insuring the ring. Almost every insurance company needs an appraisal before sealing the deal. The appraisal helps in protecting the worth of the ring and gives minute details about it.
4. Does the appraiser have correct credentials?
You just cannot get your precious ring appraised from any random jeweler. You need to do proper research before getting an appraisal which will be accepted by the insurance company. Your appraiser should have a degree in gemology, only then can you trust his reviews.
In many instances, it had been found that the appraiser was a fraud and had increased the value of the stone. The insurance company might be hesitant to provide a deal if there is any doubt about the appraiser.
5. Have you reappraised?
A smart buyer will always reappraise the ring after 3-4 years because there always remains a high chance of the price of the ring to go up as the price of diamond and other costly stones keep fluctuating. Getting your ring reappraised helps in adding value to your insurance.
6. Do you know what determines the value of your purchased insurance?
Different insurance companies have different deals to offer and there is a varied range from which you will make a choice. The insurance provided by the company will differ from ring to ring. It mostly depends on the quality of the gem, the value of the ring, the place where your ring will mostly stay, as in, your residence because it highly affects the possibility of theft, etc.
Knowing the factors on which your insurance depends will help you make a wise decision from an ocean of choices.
7. Have you evaluated the insurance before sealing a deal?
It goes without saying that before buying the ring, you should evaluate the terms and conditions, the quality and appearance and even your choice. The same goes for your ring insurance too.
You should evaluate the insurance policies, read the terms and conditions, cross-check every other information with the company, discuss your decisions with your family or better half, and you should only proceed after giving enough thought and time.
Keep being AllDayChic!