Engagement Ring Insurance:
Protecting Your Precious Investment
Feb 1, 2024
Getting engaged is one of the highlights of life, ushering in the start of a new chapter and the promise of love ever after. As such, the engagement ring is a symbol of that new start and of the love two people share with each other. At the same time, it's also an investment that should be protected, and one of the best ways to do that is through engagement ring insurance.
The Cost of Proposing
While the engagement ring still symbolizes a change in your relationship as you get ready to take the next step in your lives, thoughts around the ring itself and expectations have changed over time. Whereas social conventions once shaped the expectations surrounding engagement rings, which frequently centered on the idea that a sizable investment indicated the depth of a person's love, that focus has changed in the past few years.
Contemporary couples are now letting their own tastes guide them, as well as taking more financial responsibility when choosing their engagement ring. This shift has led to alternative gemstones and unique settings that might not have the price tag they once had. For instance, the average cost of an engagement ring in 2019 was $7,750, while the average in 2023 was $5,500.
Looking at those figures, you can see that the changes are dramatic. However, $5,500 is still nothing to sneeze at and certainly worth insuring.
Beyond Monetary Value
An engagement ring has great emotional value in addition to being a priceless item, as it represents the love and commitment shared between partners. When you consider the emotional distress that can occur from losing or damaging the ring, insuring the investment just makes sense.
Plus, with more and more couples choosing to design their own rings, they've become one-of-a-kind creations with intricate patterns, valuable stones, or vintage components, making them even more valuable. Ultimately, knowing the engagement is protected frees you from the never-ending concern of possible loss or damage, so you can enjoy the symbol of your love to the fullest with zero stress and hassle.
Engagement Ring Insurance: Understanding the Basics
Engagement ring insurance typically provides all-inclusive coverage, protecting against a range of risks. This covers loss, damage, theft, and even unexplained disappearance. Having such extensive coverage guarantees your financial security regardless of how the ring gets lost or damaged.
Additionally, you gain added peace of mind knowing that policies frequently offer global coverage, meaning your ring is protected wherever you are, whether that be at home or on vacation.
Do I Need Jewelry Insurance If I Have Homeowners Insurance?
As mentioned above, numerous engagement rings are one-of-a-kind creations these days. Knowing this, it's also good to note that not all standard renters' or homeowners' insurance will cover these unique rings sufficiently.
In fact, when looking at common homeowner's insurance, you'll often find that you need a rider added to cover the loss or disappearance of your engagement ring.
Additionally, typical homeowner's insurance doesn't always cover damage or natural disasters. However, specialized engagement ring insurance allows you to tailor coverage to your engagement ring's particular characteristics, ensuring that every aspect of its value is safeguarded.
It’s important to keep these things in mind when asking about coverage to ensure you get what you need.
Customized Plans Give You Flexibility
Also, insurance companies that specialize in jewelry generally provide customizable plans that let you select the level of coverage that best suits your requirements. Options for coverage limitations, deductibles, and extra coverage for particular situations are all part of this flexibility.
This flexibility allows you to maximize your investment by customizing the insurance policy to your preferences.
If you need to file a claim, you'll also find that most companies that insure jewelry have a simple procedure in place that helps you during this frustrating time rather than adding delays and complications.
Cost Comparisons
Finally, contrary to popular belief, it's usually less expensive than you might think to insure your engagement ring. In general, premiums are affordable, particularly when you take into account the possible cost of having to replace or repair the ring without insurance. The protection and assurance that insurance offers make the premiums well worth the investment.
Now that you know the basics, you might wonder about your options. You'll be happy to know that when you shop with our team, you'll gain the added advantage of one of the leading jewelry insurance companies in the world.
Zillion: Insurance Made Easy
Zillion understands what your engagement ring means to you, which is why they're dedicated to offering comprehensive coverage for all your jewelry needs. Zillion has been giving newly engaged couples all over the world added peace of mind since 2018.
The team is committed to providing customers with exceptional customer service and easy-to-understand policies that protect the things that matter most to them. Our team at Yadav Diamonds and Jewelry is proud to partner with Zillion to help you protect your jewelry investment for years to come. Plus, like us, jewelry is what they do. You'll also see from the features below that they check all the boxes mentioned above and then some.
Consider the following features of Zillion's insurance for engagement rings, and you'll see why it's our insurance of choice:
Extensive Protection: Zillion offers protection against a number of situations, such as loss, theft, damage, and even disappearance. This all-encompassing protection guarantees the safety of your engagement ring under a variety of conditions.
Worldwide Protection: Zillion provides protection for your engagement ring not only while you're at home but also when you're traveling or living overseas. This worldwide protection is a useful feature for people who have a strong desire to travel.
Reasonably Priced Premiums: Zillion is renowned for its reasonably priced and competitive premiums. The insurance premium is determined by the estimated value of your engagement ring, providing an affordable way to guarantee that your priceless item is sufficiently safeguarded. You'll also get $0 deductibles and zero impact claims.
Easy Claims Process: Zillion offers a simple and easy-to-use claims process in the unfortunate event that you need to file one. This guarantees that you can move through the necessary steps to process your claim quickly and effectively. Also, you'll be happy to know that if you do need to make a claim, our team can handle it.
This makes the process quick and easy, especially since we're already familiar with your engagement ring. Additionally, our team has the skills and knowledge needed to complete your claim quickly and efficiently.
Getting Protection
When you shop for your engagement ring with our team, we'll review insurance with you and the many reasons why it's essential. From there, starting your policy is easy. The first part is to understand the true value of your engagement ring with an appraisal. The appraisal looks at the cut, clarity, color, and other aspects of the ring.
Your insurance coverage will be based on this appraisal, which will also establish the value of your ring. Our team can assist with this, not only providing you with any documentation you need but also transferring this information to Zillion. Even better? We work seamlessly with Zillion so all you need to do is click a few buttons, and your coverage can be active before you even leave the store.
This type of insurance is called embedded insurance. It means that along with providing you with the coverage you need, Zillion and our team make things easier by eliminating the hassle of completing a bunch of paperwork.
Zillion offers a choice of insurance options based on your ring's appraisal. They also let you alter your coverage to meet your unique requirements, which gives you the flexibility to wear the engagement ring with confidence, knowing it's protected in a variety of scenarios. Once you have the details sorted, you can purchase the coverage and let Zillion handle everything else.
Protecting your engagement ring with insurance from Zillion is a wise move to preserve the representation of your devotion and love. Zillion provides a dependable way to safeguard your investment with extensive coverage, reasonable premiums, and an easy-to-use claims procedure.
Reappraisal
Once you've been married for a few years, it's a good idea to have the engagement ring reappraised to ensure you still have the coverage needed to protect it if you need to make a claim. For most insurance purposes, it is recommended to do this every two to three years.
At that time, you could also add in any jewelry you've purchased that might not be part of your original Zillion coverage. Of course, if this jewelry was purchased through us, this step might already be completed thanks to your partnership.
Protect Your Investment
The choice to propose is the first step in a long-term commitment. That commitment should be protected to the best of your ability, which includes insuring the engagement ring. And as mentioned, investing in insurance for your engagement ring is a smart move that offers more benefits than just financial security.
When shopping for your engagement ring, talk with our team about your insurance options through Zillion. You'll find that we, and they, are dedicated to ensuring your peace of mind through dedicated customer service and care.