Insuring Your Engagement Ring
Valentine’s Day is the day of love. It’s only natural that many people find this day ideal for proposing to their other half. If you did propose or got proposed to, firstly, congratulations! Secondly, remember to insure your engagement ring! You may be ready to plan for the future, but protecting the ring should be your priority right now. Here’s how to get started.
There are four elements to determining quality of a diamond- carat, clarity, color, and cut. It’s wise to understand these elements. A carat is a diamond’s weight, not size, so don’t be fooled by how big a diamond may seem; the clarity is an assessment of a diamond’s internal and natural characteristics. The color and cut of a diamond depends on preference; color is graded on an alphabetical scale, and cut varies, but affects the way the gem shines.
Ask a jeweler for the assessment of the diamond and a GIA (Gemological Institute of America) diamond grading report. These documents will help to verify the value, condition, and elements of the ring so that you can insure it more accurately.
You proposed but your fiancée will live in their condo until the big day – who should insure it? When you purchase something valuable for someone and want to insure the item, you create insurable interest. Insurable interest means that you don’t possess the item, but you have an interest in it, and therefore, want to insure it for some period.
An engagement ring should be scheduled on your homeowners insurance policy. However, most homeowners policies limit theft of jewelry to around $1,500. If you spent over this amount of money on your love’s engagement ring, you will want to take out additional coverage. Talk to your insurance agent about adding a rider so that the ring has protection closer to its actual value.
Are you ready to get started on your home insurance endorsement? Visit the experts in the industry at Abbate Insurance, serving New Haven, Connecticut with reliable homeowners insurance.