Tips for Protecting Your Investment in Diamond Engagement Rings

Many individuals look at the purchase of a diamond engagement ring as a showing of love and affection for another. However, this type of purchase is indeed a financial investment as most diamond engagement rings are expensive due to their preciousness and value. Therefore, when buying a diamond ring for your engagement there are a few tips to keep in mind in order to protect your investment which is the beautiful ring purchased for your loved one.

Appraising Your Diamond Engagement Ring

Some individuals wonder whether it is a good idea to have their engagement ring appraised. This is definitely a wise idea as again, diamond engagement rings are a big investment and valuable items. Therefore, you want to be sure that the item which you are paying for is worth that amount. There are a few different places where you can have your diamond engagement ring appraised. Some of your options include the jewelry store where you are buying the ring, an outside appraiser at a different jeweler or an independent appraiser who works in the personal property arena. Just be certain that the appraiser has been trained in the personal property field, has credentials, and has a minimum of 5 years of appraising in addition to his gemology training that he has.

Insuring the Engagement Ring

In addition to having your engagement ring appraised to ascertain its true value you should also contact insurance agencies regarding insuring the piece of jewelry. Although the sentimental value cannot be replaced should the ring ever be lost or stolen, your financial investment will be safeguarded should loss occur. If you are insuring the engagement ring you will have to have it appraised in order for the policy to accurately reflect its value. There are many different insurance companies which will issue policies on personal property items such as jewelry. The best way to locate an insurance company to insure your diamond engagement ring is to shop around, see which company offers the most competitive premium and consider the other benefits offered by the insurer with regard to policy coverage.

When the insurance policy is issued, it will be based upon not only the diamond gemstone but the setting upon which it is mounted. If a diamond grading report has been completed reference to this document should be contained in the policy as well. You may find that if you have a current homeowners insurance policy you will be able to add your diamond engagement ring to the policy coverage. This makes it easier than having to acquire a completely new insurance policy from a different insurer.

Keeping Your Diamond Engagement Rings Safe and Secure

Once you have had your diamond engagement rings appraised and insured the final step to protecting your investment is keeping the ring safe and secure while in your possession. Make sure that if the ring is not on your finger it is in a safe place where it will not be visible to the outside world. In addition, make certain that the place in which you keep your diamond engagement ring is a spot where it will be safe from being banged around and scratched.

To learn more about the many facets of a diamond engagement ring visit James Greene at http://www.diamondmarketwatch.com where you'll find this and much more about diamond rings and other fine jewelry.

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Buy Engagement Ring Insurance to Protect Your Investment

If you followed the convention of spending two months salary on the diamond engagement ring with which you proposed to your girlfriend, who is now you wife, we are talking about some serious money. So wouldn't you want to protect that investment in case your wife losses the ring or damage it from wearing it every day?

As with any kind of insurance, the right engagement ring insurance makes financial sense. Insurance give you some protection for your monetary investment and gives you peace of mind in case the engagement ring is lost or stolen. While you may not be able to replace the sentimental value connected with the ring, at least you'll be able to get a replacement ring without too much of a financial burden.

Most homeowner's and renter's policies come with jewelry coverage as part of the over-all policy. The limit for the coverage is usually low, typically in the range of $1,000 to $5,000, after the policy deductible is met. If you have fine jewelry such an expensive diamond engagement ring that is worth more that the limit of the coverage, you need to pay an additional premium to buy additional coverage for the ring.

The problem with jewelry coverage under a homeowner's or renter's policies is that most likely the policy does not cover damage or loss to the engagement ring outside the home and only provide cover if the loss happens inside the covered property due to fires or theft.

If you want an insurance policy that covers a loss or damage away from home, you need to purchase a stand alone policy through a company that specializes in jewelry insurance. Many of the major home and auto insurers also offer jewelry insurance policies. Knowledgeable jewelers should be able to give you names of insurance companies that offer that kind of policy, if they don't sell the policy themselves.

Some jewelers, as a service to their customers and to make some additional money, sell stand alone jewelry policies that are underwritten by insurance companies. Just be sure to do some comparison shopping to make sure you are not being over charged for the policy.

The best jewelry insurance policy is a replacement type policy that would replace your loss or damaged ring with a ring of like kind, at the current value. For example, if you own and insure a diamond engagement ring from Tiffany and the ring is loss, the policy will replace the right with a similar ring from Tiffany and not from Kay jewelers, for example.

The most common and least expensive type of policy is the actual value policy, which replace the cash value of your ring, minus any depreciation. This type of policy is similar to an auto insurance policy, where in the event of a total loss; the insurance company would pay the current value of the auto, minus any depreciation.

When shopping for a engagement ring insurance that fits your needs, be sure you know the type of coverage you are getting so you don't get a big surprise if you ever have to file a claim and only then discover that the coverage is not what you thought it was.

Premiums vary depending on the type of policy, the policy limit, the deducible, and where you live. As with other types of insurance, shopping around will get you the best deal. But in general, engagement ring insurance is relatively inexpensive compared to the price of replacing a valuable diamond engagement ring, and the peace of mind of being able to wear your ring without constantly worrying about losing it far outweighs the cost of the insurance.

For more information on engagement ring insurance and other tips on caring for your diamond engagement ring, visit http://www.buy-engagement-ring-guide.com. You'll also find information on non-traditional engagement rings, using natural and manmade diamonds, and other gemstones.

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