FREQUENTLY ASKED QUESTIONS ABOUT DIAMOND JEWELRY INSURANCE COVERAGE

Diamond jewelry insurance coverage is an excellent way to go-especially if you admit you're absent-minded sometimes. (And really, who isn't?) Losing a cherished possession such as a wedding ring can happen quickly and practically without warning. You could be washing dishes, enjoying yourself on the lake, camping-why your ring could even be stolen while you sleep! There are no guarantees that if you do anything you are sure to hold onto your ring. (Perhaps if you skin graft it on?) Buying ring insurance is a great idea. You can add jewelry loss and theft insurance coverage added to your homeowner's policy at a discount. It gives you peace of mind and prepares you in case of a worst-case scenario. So even if you do lose a valuable sentimental gift, you won't be out thousands of dollars! Consider a few frequently asked questions about engagement or wedding ring insurance.





Q: Is it really necessary to buy ring insurance? Doesn't my homeowner's insurance cover stolen rings?
A: Possibly, but then again, possibly not. Many policies don't consider lost rings as opposed to stolen ones, and even the companies that will cover lost rings won't give beyond $1000.00 or so.

Q: Is there a deductible?
A: In most cases there is, depending on the company you're dealing with. However, if you specifically want a "no deductible" plan, that can be arranged. When talking to a representative from the insurance company, be sure and ask specific questions about the deductible including how much it is and how raising or lowering that deductible will affect the policy cost.





Q: How does it work? Do I have to replace the ring before I see any coverage?
A: Not in every case. Some companies will give you a cash settlement and will not even require you to replace the ring. They might also allow you to select your own jeweler. Look for an insurance company that offers you the most options-preferably cash settlements.

Q: Once I buy wedding ring insurance I'm home free, right? No questions asked, no more worries, Hakuna Matata?
A: Not necessarily. One more item to request through your insurance agent is if your wedding or engagement ring is covered anywhere in the world. Is it just in the United States? What if you lose your wedding ring in another country? Ask as many questions as you can think of initially when dealing with your insurance agent-even if the questions seem silly. You may be surprised at the answer.