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Art Deco Style Ideas & Tips

Types of Engagement Ring Insurance Policies

Engagement rings, especially when they are vintages, such as art deco engagement rings, are considered to be of high financial and sentimental value. It is best and highly recommended to get your engagement ring insured to cover financially your engagement ring in an event of an accident, such as loss, damage, or even if it gets stolen. There are numerous different types of engagement ring insurance policies that you can choose from. Each insurance policy varies on its coverage, maintenance costs, and circumstances of the claim.

Engagement Ring Insurance Policy: Homeowner Policy

Types of Engagement Ring Insurance Policies

Valuable household items and jewelries can be covered by a homeowner insurance policy. The homeowner insurance policy will cover engagement rings that got stolen or damage due to a catastrophy and/or home related damages (fire, flood, tornado, hurricane, etc.). However, the homeowner insurance policy does not cover damages acquired in your engagement ring while doing household chores or other incidents.

Engagement Ring Insurance Policy: Replacement Policy

Replacement policy will help refund the cost of replacing the lost engagement ring. Replacement policies cover lost ring by replacing it with a new as much as possible identical engagement ring. The diamond size, ring setting, and the metal band will be taken into consideration when replacing the ring. If your engagement ring costs more now compared to how much it cost before, the insurance policy will refund the new increased cost of a similar ring. However, if your lost ring cost decreased as compared to its value when you bought it, the insurance policy will not be obliged to pay for any additional investments.

Engagement Ring Insurance Policy: Actual Value Policy

This type of insurance policy is not so complicated to understand. In fact, this type of insurance policy is very simple to understand. The actual value insurance policy will replace your lost engagement ring with a cash value of your ring minus the cost of the ring from its everyday use. This type of insurance policy is one of the most purchased, since it does not cost a lot and it is the simplest type of insurance policy.

Engagement Ring Insurance Policy: Valued At Policy

This type of insurance policy is considered to be the most complicated, most difficult, and most expensive insurance policies. The value of your ring will be set including your rings,

  • Actual cash value
  • Sentimental value
  • Heirloom consideration

In an event when your engagement ring got stolen or it got lost, the insurance policy will pay you the value you have set for your engagement ring, regardless of its appraised value.