Diamond engagement rings: tips for insuring them

Soulmates have been found for you. It has been purchased for you. Consider proposing if you have not done so already. Congratulate yourself! The extra step of ensuring it is in perfect condition is also something you will want to do when you get a Diamond ring insurance quote. When you get excited, it can be easy to forget. Find out more on centrestone.com.au. In comparison to your income, you probably spent a great deal of money on the ring.  Here are a few tips to help you preserve your symbol of love in a seamless and effective manner.

Essentially, it is a piece of clothing that you wear.

You may wonder, “How does that work?” if you are a homeowner, apartment dweller or condo owner.  Is there a way to protect my ring”. Jewelry and other special items are not usually covered by standard homeowner’s insurance, depending on the reason for the loss.  For this reason, you should consider purchasing Jewelry insurance separately. 

Take time to read the fine print

In the event that the value of your ring is lost, you must contact your insurance company. In general, replacement costs are more popular than agreed values.  Repair and replace may be the only option available.  It is crucial to know the difference between these two types of policies. For assistance in this regard, you can consult your broker.  Jewelers, for instance, might offer insurance when you purchase jewelry.  Even though this service appears easy to use, its terms might not meet your settlement requirements.  A knowledgeable agent will lead you to discovering the right option as you discover your options.

Before you buy, research the rates

Different insurance companies charge different rates for insuring jewelry. With the help of an insurance broker, you can compare various companies and rates quickly. To further lower your rates, you should consider acquiring home insurance if you don’t already have it.  With the help of a combination, you will be able to obtain quotes from more insurance companies in addition to your home insurance. However, independent agents can still find cheap insurance rates for standalone policies within a short period of time.

In addition to the price of the diamond, depending on the ring style, the insurance value of your jewelry may vary. 

Solitaire Ring

A solitaire diamond ring is a simple yet elegant form of jewelry that houses only a single diamond over the ring. The solitaire rings may not have the complex look of a pave or halo ring, but the elegance of these rings is timeless. 

You may find solitaire rings in various shapes and colors. Depending on the diamond size, metal, and design, the insurance value changes. However, solitaire rings being the simplest among them all, they don’t have any unnecessary fixings that may increase the insurance premium.  

Halo Ring

Smaller less intimidating diamonds surround the centerpiece in the halo rings. These rings are known to reflect the lights more than solitaire rings due to the setting of the diamonds. The smaller diamonds complement the middle one to make it seem bigger than it really is. 

Halo rings, unsurprisingly, are more expensive than solitaire rings. The small diamond fixtures surrounding the middle piece increase its value in the insurance market. 

Classic Ring

Classic rings aren’t a specific type of ring, but a collection of ring designs that are well-established in the market. The shape of the diamond, the ring quality, and the cut grade determine the price of the classic rings. 

You may get a classic ring for $600-700 with a square diamond as a centerpiece, but the prices can reach up to $2500 or more for complex fixtures. Depending on the attributes, the insurance rates also increase for classic rings. 

Three-Stone Ring

Three-stone rings house a large center diamond and support it with two smaller diamonds. The setup makes the ring very appealing and striking. The middle diamond is lifted a bit higher than the diamonds on the side. It gives the ring and the wearer a sense of confidence. 

Most often, three-stone rings are made from platinum. A metal that’s costlier than gold. Thus, the insurance premiums may also increase depending on the style, cut, and color of the diamond. 

Pave Ring

Pave rings also house a bigger diamond in the middle, but don’t surround it with smaller diamonds like in halo rings or two other diamonds in three-stone rings. The smaller diamonds are paved onto the upper portion of the metal and looks like the diamonds cover the whole ring when worn. 

As pave rings are costlier than solitaire and halo rings, they attract more insurance premiums. If you aren’t sure if you can afford to pay insurance for a ring, you may not be able to handle the costs once they’re lost. 

Get a value estimate for it

In the event of loss or theft, the ring should be insured for at least the replacement cost.  Wholesale rings can be purchased for a lower price than your jeweler’s recommended retail price if you manage to buy them wholesale. In terms of today’s replacement price, you will receive the most accurate estimate as it pertains to the purchase price of your ring.    Documents like invoices, bills of sale, or jewelry appraisals listing all the details about the item are required.  Jewelry stores should have them on hand. Make sure any new ring you choose matches the quality, kind, and price of your original.  Jewelry should be reappraised periodically, and any increase in value should be reflected in the insurance.

Obtaining a discount

Some insurance companies may offer discounts for rings that are kept in a safe deposit box or bank vault.  In general, the more policies that are packaged together, the more affordable the rates will be. It is recommended that you consult an independent insurance broker if you are thinking about insuring jewelry or another special item. Each individual’s situation is unique.