Posted on Tuesday, January 22nd, 2019 at 9:29 am by Emily
Protecting your ring against theft or loss is something you should consider as soon as you purchase an engagement ring. If you have some new bling on your left hand, here’s why you should consider engagement ring insurance.
What is engagement ring insurance?
You can insure an engagement ring like you would a car or a home. The process for obtaining ring insurance is like other types of insurance. Contact a provider for a quote, purchase a plan, pay a monthly premium, and then file a claim should anything happen to it.
Why You Should Consider Engagement Ring Insurance
The main reason for purchasing engagement ring insurance is to protect your precious investment should anything happen to it. If your ring is stolen, an insurance policy will cover the ring. Depending on the type of plan, your insurer would provide a replacement ring or a cash payout to you. Additionally, having an insurance plan can help you track down your diamond. When you purchase your diamond from Padis Jewelry, you will receive a GIA grading report. This important document is used to determine your ring’s value in the appraisal and can also be used to track down your specific diamond.
Determining Your Ring’s Value
The value of your ring is the primary factor a provider will use to determine the cost of your insurance coverage. If you don’t get an appraisal, there’s no way to prove your ring’s worth if it’s lost or stolen. When you shop at Padis Jewelry, we are proud to be a part of the AGS (only 5% of jewelers in the U.S. meet the exacting standards), which is not only dedicated to consumer protection and ethical practices, but rigorously trains and certifies the best jewelry appraisers in the industry.
Obtaining Ring Insurance
If you currently have a homeowners’ or renters’ insurance policy, you can contact your existing provider. Your ring would be added on as an extension to your policy. Just like you would review any other insurance policy, make sure you’re clear on the terms of the coverage. These types of questions will help you better understand the terms of the policy.
Does the policy insure against damage too?
Will you be insured for a ring replacement?
Is there a cash payout option?
How will you prove your ring was stolen?
If you do not have an insurance policy that you can extend, reach out to a provider that specializes in jewelry.
Shop for Engagement Rings at Padis Jewelry
If you wish to view an exceptional collection from one of most reputable jewelers in San Francisco, look no further. Unlike most online retailers who source "lists" of diamonds to feature on their sites, Padis Jewelry owns its entire stock of high-quality, certified responsibly-sourced diamonds.
Padis Jewelry has been a trusted name in the industry since 1974, specializing in loose certified diamonds, engagement rings, and fine jewelry. Our showrooms are located in the heart of the San Francisco Wholesale Jewelry District. Schedule your personalized visit today!