Most people wear an engagement ring, wedding ring or both every day of the week. If this describes you, make sure your valuable investments are adequately protected. Below is helpful information needed for adding your rings to a homeowners or renters insurance policy, along with suggestions for keeping them safe.
- Determine the current value of your rings. In order to provide sufficient coverage to repair or replace them, the insurance company needs the current value of your rings. Keep the original purchase receipts and/or appraisals for the rings on file; your insurance company will want them if the jewelry is scheduled on your policy as high value pieces. If you have a ring that is an heirloom and it has been passed down in your family, find a reputable jewelry store you trust with a certified quality appraiser to determine the value of your jewelry. When the appraisal is completed, you’ll receive a report that shows the retail replacement value of the ring. This document will include specific information about the physical properties of the stones and metal, all which determine the price of the ring.
- Keep detailed records. Hang onto your receipts and appraisals or scan them for your files. The original sales receipt or appraisal certificate will be important documents in case you ever need to file a claim. Hopefully that will never happen but having these on hand will help speed the claims process along. It is also wise to take photos and have written descriptions of your rings and to keep your files updated if other high value jewelry is purchased.
- Check with your insurance agent. Ask about coverage options and whether or not you should schedule the rings. Don’t make assumptions; if you have some high-dollar pieces, you most likely need to schedule them on your insurance policy. One important question an agent should always ask when quoting your insurance is whether or not you have any items which should be scheduled on your policy. It is a conversation you need to have with your agent. Along with the rings, determine if you have any other items which should be scheduled on your policy. Keep good records, pictures and descriptions for all items.
- Take care of your investments. Make certain that your rings fit snugly. You don’t want them accidentally slipping off during housework, gardening, chores, exercise or other physical activity. Remove and store them safely away if you plan to use harsh cleaning chemicals which could damage the jewelry. When not wearing your rings, invest in a safe at home or choose a secure place to store them. When traveling, always use the hotel safe if you leave your jewelry behind in the room. Check and empty that same safe before you turn in your hotel key. Always make smart choices and take precautions to protect your valuable investment.
