Discover the pros and cons of purchasing jewelry insurance for your Pittsburgh engagement ring
During your lifetime, you’ll explore several different types of insurance including life insurance, health insurance, rental insurance, and more. However, many people do not know how to insure a piece of jewelry. The average person shopping for a Pittsburgh engagement ring comes in with little knowledge about the purpose, pricing, or coverage included in jewelry insurance. If you’re searching for an engagement ring for the first time, then keep reading. We’re breaking down all of the most important aspects of jewelry insurance so you can make an educated decision for how to insure an engagement ring.
When searching for the perfect engagement ring, the last thing most people think about is insurance. While insurance is far from the most romantic discussion topic, it is important when you are purchasing jewelry with precious metals and stones. Just like any other expensive item, like a car for example, jewelry is not easily repaired or replaced. Given how expensive gemstones and precious metals can be — not to mention the emotional value of a Pittsburgh engagement ring — it is especially important to consider purchasing coverage. Since engagement rings are often worn daily, there is a high chance of damage or loss. Without coverage, the total cost of a lost or damaged engagement ring will come directly from your bank account.
Purchasing jewelry insurance is actually easier than you think. If you already have homeowners insurance or renter’s insurance, reaching out to your insurance company is the first step. When you contact your insurance company, you have the option to add jewelry insurance to your existing home or renter’s coverage. The value of your Pittsburgh engagement ring will determine how much you pay per month. Often, the monthly payment for jewelry insurance is lower than you might expect.
Purchasing a separate policy is also a viable option for several reasons. If you don’t have homeowners insurance or your homeowner’s insurance does not cover high cost items, you'll have to take out a separate policy. One of the main advantages of taking out a separate policy is the ability to list multiple valuable pieces based on appraisals. This advantage is more for the jewelry collectors of the world, but it is still valuable information to keep in mind. There are also coverage benefits that we discuss later on.
Much like all other types of insurance, the total appraised value of your Pittsburgh engagement ring will determine how much your monthly policy will cost. As a general rule, most jewelry insurance policies cost between 1 and 3 percent of the total valuation annually.
To put the numbers in perspective, let’s say your engagement ring costs $5,000. That means that your yearly policy will cost anywhere from $50 to $150 annually. These numbers also depend on your deductible. Just like any other type of insurance, the more you offer to pay out of pocket should anything happen to the engagement ring, the lower your premium.
One of the other major advantages of opting for a separate jewelry insurance policy over a homeowner’s insurance add on is the coverage. Jewelry insurance covers anything that happens to your Pittsburgh engagement ring including theft, loss, or damage. If you opt to add your engagement ring to a homeowner’s insurance policy, then you may run into some issues. For example, if you lose your ring, your homeowner’s insurance may not cover it. So, if you intend to wear your engagement ring all the time and live an active lifestyle, dedicated jewelry insurance is going to be your best bet.
Now that we’ve learned about jewelry insurance, it’s up to you to decide which type of policy is best for you. Remember, it is never too late to insure a piece of jewelry. If you already have a Pittsburgh engagement ring and want to purchase an insurance policy, you can at any point.
If you have further questions about jewelry insurance, you can always ask your local jeweler for help. The team at Lisa Marie Kotchey Design are experts in all aspects of jewelry design, selection, and protection. If you’re searching for an engagement ring this year, Lisa Marie Kotchey will assist you in finding the perfect piece. Contact us today to get started selecting or designing the perfect engagement ring.