P.J. Miller, Partner
If you’re newly engaged, you’re likely focused on wedding planning and not thinking about engagement ring insurance, but it’s important! Engagement ring insurance can potentially save the day if your ring gets lost, damaged, or stolen. Partner P.J. Miller was interviewed by MyWalletJoy to discuss coverage for your valuable jewelry.
Costs of engagement and wedding ring insurance
The cost of engagement ring insurance and other jewelry insurance isn’t too pricey, however, there are also other factors that influence your annual insurance cost, like where you live and the size of your deductible. “A ‘premium’ is the amount of money you pay for any form of insurance,” commented P.J. “A ‘deductible’ is the amount you will be responsible for as your ‘share’ of your insurance claim.”
Some insurers offer plans with a $0 deductible, which means you don’t have to pay out of pocket if something terrible happens. However, you’ll likely end up paying higher premiums instead. If you’re looking to lower your premium costs, you may want to pick a plan with a higher deductible.
Appraising your engagement ring
Insurers will require proof of your ring’s value to cover it.
“In almost every case of valuable jewelry, it is imperative to have the jeweler provide an appraisal on your jewelry item,” P.J. said. “Think of the process you’ll go through when your ring is lost, stolen or damaged beyond recognition — do you know the weight, color, clarity and all those important features that your professional jeweler will have included in the detailed appraisal?”
“Don’t forget to have the appraisal updated every so often to keep up with the changes in value,” P.J. added. “At some point, you’ll want to have your ring inspected for damage, weak prongs, etc.”
Questions engagement ring or wedding ring insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.