Engagement ring insurance

There’s much to consider when purchasing a diamond – especially diamond engagement rings! The tradition of presenting women with a diamond engagement ring when proposing started in 1477 when Archduke Maximilian giving a diamond engagement ring to Mary of Burgundy – and in most cases, the girl you’re planning to propose to expects a ring to come with that proposal!

To start with, figure out how much ring you can afford. Most of the people use the ‘two months salary” concept. This means that the ring should cost the equivalent of 2 months of the existing salary. Because you have other bills to pay for, saving up this amount of money may take a substantial amount of time. You should consider financing. Simply go to the jeweler of your choice and let them know that you’re planning to buy an diamond engagement ring, and the financing is going to be necessary. Proceed and get the credit check out of the way, learn what your payments is going to be, and just how much of a down payment is needed.

After that, you’ll need engagement ring insurance. It is a good idea to protect your diamond engagement ring’s investment. The price of the policy is based on the full appraised value of the diamond ring and if the policy will appreciate with the value of the diamond ring. As jewelry often gains value over time, opting to buy insurance that appreciates together with the ring is highly recommended.

Placing a claim on engagement ring insurance. In the event of loss, damage or theft to the ring, the ring holder of the policy could make a claim. As with an insurance claim for houses or cars, a report is made to the insurance company. It’s investigated and then the claim is paid directly to the policyholder.