Wedding Ring Insurance 101
If you have not thought about getting insurance for your wedding ring, now is the time to give it some serious consideration. We insure our car, our house, and our health, but what about insuring a piece of jewelry that conveys one of the most significant events in our life? Wedding rings are typically the most expensive and meaningful items that we own. It is a symbol of our love and commitment to our partner. It is the proverbial emblem of devotion and having insurance is a must-have.
Here is some helpful information on the benefits of getting insured and the steps to complete the process:
You may be wondering if it is worth it to get insurance for a wedding ring or other valuables that you may possess such as a precious heirloom or commemorative item like a graduation ring. The answer is yes. No amount of money can repair the broken memories, but the memories are at risk of being lost forever – especially without a replacement. There is a sense of safety knowing that if something unfortunate were to occur, your item is still protected and so is the representation of that memory.
Remember that homeowner’s insurance policies consider wedding rings a non-essential household article and will not cover the cost of the ring. If the ring has been lost, the claim may be completely denied. Most homeowner’s insurance policies provide up to $2000 for non-essential household items which may not be enough for you to recover your losses.
Wedding ring insurance provides the perk of avoiding an unexpected expense. The cost of a wedding ring in 2020 averaged $5000 or more according to wedding stats. This type of insurance has a low cost and guarantee you would not lose your investment -no matter how big or small. The objective is to be able to replace the item as quickly as possible with a similar possession of equal value. Do not allow yourself to obsess over an item that will not be found. Avoid financial disturbance by utilizing your wedding ring insurance. There is no need to max out credit cards, avoid paying bills, or removing money from your savings account if you have insurance.
Imagine an unfortunate circumstance where you or your spouse was being robbed. One of the hardest things to do is to give them something with so much meaning. Not only are you being robbed of a treasure, but you must face the impending doom of telling your loved one that it is gone. It is almost like being robbed twice – financially and emotionally. Having insurance for your wedding ring is a smart investment. In unfortunate situations like these, a person is more likely to hand over the item without hesitation. Sadly, there have been circumstances where a person has attempted to keep their possession and resulted in a fatality. A wedding ring is not worth losing your life especially when you know that it can be easily replaced through your insurance.
There are many ways to protect your property and insurance is the simplest most beneficial way to do it. Some invest hundreds of dollars in fireproof boxes or safes which can still result in a loss if there is a natural disaster or robbery. Some may find clever ways to hide their wedding ring when traveling or when they must remove it for certain activities, but these are not foolproof ways to guarantee your ring will there. Many times, people will forget that they have hidden it or where they have placed it. Other times some lucky person can stumble upon your hiding spot and steal the ring. Insurance makes the outcome of these situations irrelevant. It is the wisest investment to make because any circumstance can be handled by filing a claim with your insurance provider.
Wedding ring insurance is the ultimate way to protect your property. It covers all bases, and it reduces the stress caused by theft, loss, natural disasters, and other unforeseeable events. Security should be amongst the highest priorities when you have obtained precious jewels. Insurance is the only option that protects your property in ways that guarantee you will be compensated. It is a simple necessity that any married couple should invest in. There are a plethora of benefits of having insurance for your wedding rings especially since wedding rings typically account for 14% of the cost of the entire wedding.
Now that we have covered the reasons to get insured, it is time to begin the course of action. Here are the three easy processes that will take place once you decide to get coverage:
1.First, you will get a free quote by answering a few easy questions. You will enter the zip code of the insured’s location. Choose the amount of the deductible which ranges from $0 up to $25,000. Estimate the value of the item and advise if it has been placed in a vault. If you are wanting to insure other items in addition to your wedding ring, you have the option of choosing from watches, pendants, necklaces, bracelets, earrings, brooch, chains, or other items not listed. Although you can buy a blanket policy to cover all these items, it is a better idea to insure your wedding ring separately. Your wedding ring is more likely to become lost or damaged because it is usually worn every day.
2.Once your quote is submitted, an underwriter will review the data. The underwriter’s job is to calculate the risk associated with the policy, determine the amount to be paid to you, and finalize insurance policies based on terms and conditions. The underwriter works in your favor to provide you with lower rates based on the risk assessment. It is a relatively short process, but it is subject to your state laws. In some rare cases, additional information may be required to complete the underwriting process.
3. The final process involves issuing the policy to you. Your policy will contain the amount of your deductible and any other additional information that is needed if you must file a claim. Keep an electronic copy of your policy for easier access if an unfortunate event occurs.
What should you expect if you file a claim?
Filing a claim for your valuables is like filing a claim for your car. You would contact Peacock Insurance and report the incident. The representative will assign you a claim number. Information such as a police report, photos, and details of the loss will help expedite the process.
Two documents are usually required when submitting your claim for any valuables with diamonds. The first document is a value appraisal. A good rule of thumb is to get your treasures appraised every five years. The second document is a GIA (Gemological Institute of America) or AGSL (American Gem Society Laboratories) certification report. The major difference between GIA and AGSL is the grading scale. GIA scales use terms including excellent, very good, good fair, and poor. AGS using a grading scale of 0-10 with 10 indicating the poorest quality. Both companies are reputable for measuring the cut quality of diamonds.
If you have lost your documents, do not worry. Your diamond grading report or appraisal may not be required if you purchased your items from a reputable jeweler.
Now that you have your policy in hand, you may be wondering what types of incidents are covered. Let us go over a few of the most common claims.
•Theft – According to FBI statistics, a burglary happens every 30 seconds. There is not a crime-free place in existence. Jewelry insurance cannot protect you from a burglar, but it can provide great relief knowing that your items will be replaced. You should still take extra precautions such as investing in a safe. Most burglars search the bedroom for valuables, so it is a smart idea to store valuables in another room.
•Damage – When you wear a ring every day, the damage is inevitable. You may be more susceptible to damage if you work a job that requires a lot of physical activity or if you are clumsy like many other Americans.
•Natural Disasters – The most common disasters that people experience are fire and floods. This may vary by your geographical location. Your underwriter may consider this when generating your policy.
•Lost or mysterious disappearance – If your wedding ring has been misplaced, your insurance will cover it. If you find the ring after filing a claim, report it to the insurance company to avoid possible jail time for insurance fraud. You will have the option of paying the money back or returning the piece that you filed a claim for.
If you are in the market for purchasing coverage for your valuables, Peacock Insurance can offer you some exceptional service. The business prides itself on offering the best customer service available by making sure to cater to the needs of each client individually. Engagement rings signify so much more than monetary value and the staff understands that each person may take a different approach in the type of coverage wanted. They are accustomed to working with complex policies and embrace the challenge while other agencies may falter.
Another perk is that they have highly skilled, knowledgeable jewelry experts. If you are unsure about your engagement ring or have questions, the staff can provide answers or seek additional resources. In addition to their expertise, clients value their trustworthiness. The business operates with the utmost integrity to provide customers with an additional sense of security. They honor the agreed value for each policy.
One of their greatest incentives is that the insurance policies will cover you worldwide. There is no need to invest in traveler’s insurance. It does not matter if you lose your ring while visiting the Eifel tower or simply misplace it at the gym. The company makes no distinction between the two instances. Your insurance travels with you wherever you go.
Their rates are the best available in the industry. Their low rates make it affordable to have insurance, especially after a costly wedding engagement. Customers receive optimal coverage although the rates are low. They have managed to achieve this business model by putting together a team of skilled agents and partnering with the MarketScout team. The MarketScout teams allow clients to choose the best policy by offering a plethora of options.
You are ultimately responsible for your purchase and it should be protected with the finest insurance available. The professional team can help ease the process of insuring your property through communication and knowledge. Actions speak louder than words and now is the time to show that you are serious about your investment. Contact Peacock to get your policy started today.
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