What's the best way to insure a diamond ring? If you buy an engagement ring, you need to look at the coverage for a diamond ring as soon as possible.
Insuring a Dimond Ring after purchase is important.
It can cost several thousand dollars and you want to find the right protection so that if anything happens to it, you can replace it. Filing a police report is one step, but if they never find the ring, you don’t want to be out all that money. Coverage for a diamond ring can occur in a variety of ways.
If you have a home, you can add the diamond ring to the homeowner’s insurance policy. You will simply need to call the insurance company and tell them what you are adding and what the value is. They will likely ask for a photograph as well as documentation about the purchase amount, which could include a receipt or appraisal form.
If you have renter’s insurance, the same kind of thing can be done. The coverage for a diamond ring can be added so you can have the level of protection that is desired.
It doesn’t matter what kind of insurance you get, as long as you get insurance. Much of it is going to depend on your living situation. Until you give it to your partner, you need to keep it safe on your policy. Once you give it to your partner, then you want to make sure it is protected under their policy – unless the two of you already live together.
There is also the option of getting personal insurance specifically for the engagement ring.
This is then attached to the ring instead of a person, allowing it to be protected no matter where you are and no matter where your partner is.
The moment you buy the ring, you want to consider coverage for it so that if something happens, you have a way of making a claim. Many people wait too long to get a policy and then something bad happens. You don’t want to be one of the people that insurance companies use to make an example out of.