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He's put a ring on it — and now, it's time to put insurance on that ring. But before you buy any ol' insurance policy to protect your most precious piece of jewelry, read our top tips from expert Elizabeth Doyle, co-owner of New York City jeweler Doyle & Doyle.
Choose the right insurance for your needs.
All insurance isn't created equal. "There are two basic types of insurance policies for rings," explains Doyle. "One is a replacement policy, which, in the case of a loss, the insurance company will work on your behalf to replace your ring with something comparable. The second type of policy would reimburse a percentage — 100 percent, or something less — of the value of the ring in the event of a loss. In general, a replacement policy will be more affordable than a policy that will reimburse with a check."
Determine how much coverage you need.
Like any kind of insurance, you'll make premium payments — monthly, quarterly, or yearly — dependent on the appraised value of the item you're insuring. "To determine the right amount of coverage, a couple needs to weigh the hardship of monthly premiums versus the hardship of paying for all or part of the ring if it's lost, stolen or damaged," Doyle says. "Many people determine that having their ring fully insured gives them the peace of mind that they will be able to replace their ring regardless of their future circumstance. For them, this is worth the expense of the premiums."
Get an appraisal.
Most jewelers will offer a complimentary appraisal with your ring purchase, but if you haven't been provided one, it's wise to seek an European Gemological Laboratory appraisal and a diamond report. "One important advantage to using EGL is that they will grade a diamond in the mounting," Doyle says. "This is especially important when grading a diamond from a vintage or antique ring. If a diamond has to be removed from a mounting, there is the possibility of damaging the mounting."
Ask the right questions.
If it's not clear what's covered in the policy description, don't be afraid to pipe up. "Ask if the policy covers loss, theft, damage and mysterious disappearance. Are there any deductibles, if so what are they?" asks Doyle. "What percentage of the appraised amount will be covered? Will they cover over the insured amount if the replacement cost has gone up since the appraisal was performed? How often do they require, or should you reappraise your ring?"