Losing an engagement ring is nothing short of disastrous, which is why you will want to have yours insured.
How Does Engagement Ring Insurance Work?
Insurance guarantees that you will be provided with a replacement of equal value of you lose the real thing. The latter may happen from theft, misplacement, or damage. For instance, you can have your engagement ring stolen from you while you are out vacationing with your loved one. In such a scenario, as well as several others, insurance works to your benefit by helping replace what was lost.
The value of the lost ring will have been set by an appraisal and certified by a gemologist. The document has a specific set of characteristics unique to the stone, such as the carat, shape, color, measurements, and inclusions.
The best time to ensure your ring is soon after you buy it. After the appraisal is done with, the insurance company will determine the cost of the premium. The annual cost, for insurance, lands at about $2 for every $100 in the replacement value.