HOW TO GET THE BEST INSURANCE COVERAGE OF LOSS AND THEFT OF WEDDING JEWELRY

You've finally decided to do the safe and smart thing and buy wedding ring coverage for the Mrs. (And for you! Don't be so modest—you lost things too!) Wedding rings, or engagement rings, are easy to lose. Now that you've settled on a decision to safeguard your future, which ring coverage should you choose? Before you get an appraisal and send off your check, think things through. This FAQ session should help you determine what good coverage is based on people's experience.

Q: What determines the insurance rates of a wedding or engagement ring?
A: First and foremost, obviously, the price of a ring. If you're Donald Trump then no, nobody's going to ensure that million-dollar engagement ring for you. (Quit reading this, Donald and get back to work!) In addition, personal history may be taken into account. But believe it or not, the second most important factor is your location. Insurance rates are often based on the history of losses in the state or county you are residing. Go figure...but apparently some states are much more likely to report wedding ring loss than others. It might not be just the drinking water; it could be any number of factors including the crime rate and population.





Q: What is usually covered under the average policy? Everything? What am I paying for?
A: Usually an average policy covers wedding or engagement ring loss as well as theft, and damage protection for your item. Some jewelry theft and loss coverage plans, are much better and include coverage for mysterious disappearance. However, keep in mind not all wedding rings will qualify for extra benefits. The more valuable and rare the stone, the more likely the main coverage are loss and theft.





Q: What is the importance of jewelry appraisal? What would a "good coverage" plan involve in that respect?
A: An insurance company that asks for more money-at least in terms of jewelry appraisals--is a trustworthier one. This is because the dollar value of precious jewelry does not stay at fixed amount. It changes every few years, and this is why your insurance agent will require you to get your jewelry reappraised by a jeweler probably every two years. A good name in jewelry insurance for many years has been Chubb.

Good wedding ring coverage involves taking into account your needs as a client. When you are dealing with an insurance agent know what you need in terms of flexibility and protection, long before you walk into the office.