{"id":528094,"date":"2018-05-22T19:00:43","date_gmt":"2018-05-22T09:00:43","guid":{"rendered":"https:\/\/www.australiandiamondbrokers.com\/blog\/?p=721"},"modified":"2023-03-11T10:48:28","modified_gmt":"2023-03-10T23:48:28","slug":"need-know-engagement-ring-insurance","status":"publish","type":"post","link":"https:\/\/www.australiandiamondbrokers.com.au\/blog\/need-know-engagement-ring-insurance\/","title":{"rendered":"What You Need to Know About Engagement Ring Insurance"},"content":{"rendered":"

\"Diamond

Why and when do you need engagement ring insurance?<\/h2>\n

Whether you have an engagement ring that costs $500 or $50,000, an insurance policy can help you honour not only it\u2019s financial value, but also its sentimental value. And in the event that your engagement ring becomes lost, damaged, or stolen, you can always get it replaced if it\u2019s insured<\/a>. That\u2019s why it\u2019s important to take out engagement ring insurance soon after you buy the ring. The sooner your ring is insured, the sooner you\u2019ll be protected.<\/p>\n

7 tips for insuring your engagement ring<\/h2>\n

1. Keep your receipt or invoice<\/h3>\n

The first thing you should do is keep the receipt or invoice<\/a> you got after buying your engagement ring as proof of purchase. If your ring ever gets lost, damaged, or stolen, you\u2019ll need to give the receipt or invoice to the insurance company when you make a claim so they know how much you paid for the ring to determine the payout amount. You should also make a photocopy or digital copy of the receipt or invoice in case something happens to the original.<\/p>\n

2. Get a diamond certificate and an appraisal<\/h3>\n

If the centre stone of your engagement ring is half a carat or larger, your jeweller should give you a diamond certificate. If they didn\u2019t, ask them for one. The certificate lists the colour<\/a>, cut<\/a>, clarity<\/a>, and carat weight<\/a> of the diamond\/s, which are known as the \u201c4Cs\u201d. An appraiser will use this to accurately determine the current value of the ring. This information can also be useful in tracking down your ring if it\u2019s ever lost or stolen.<\/p>\n

The appraiser will also look at the 4Cs of any coloured stones; the type, fineness, and carat of the metal; as well as any marks, hallmarks, or stamps on the ring. Choose a reputable appraiser to appraise your ring, preferably one who\u2019s a member of a national appraisal society.<\/p>\n

You\u2019ll also need to provide a copy of the diamond certificate and appraisal to the insurance company, so they can make a more accurate determination of the payout amount.<\/p>\n

In Australia, studies show<\/a> that when it comes to losses or thefts of unspecified jewellery, 13% of claims containing jewellery are underinsured. The average underinsurance gap between the value of the ring and the payout is $3,936.45 per claim. This is because most Australians don\u2019t keep records of their jewellery to cover them in cases of loss or theft. In fact, 39% of Aussies aged 69 years and older keep valuation certificates compared with only 29% of Generation X and 25% of Generation Y.<\/p>\n

3. Ask questions before choosing a policy<\/h3>\n

The next step involves shopping around for engagement ring insurance. Be sure to ask insurance companies the following questions to help you choose the right policy:<\/p>\n