Jewelers Mutual Insurance: Before You Pop the Question...

Dec. 4, 2008 - PRLog -- You’ve decided to take the plunge, invested your savings in a diamond, and tonight is the big night.  As you wait for your soon-to-be fiancé, the weight of the ring in your pocket reminds you of the magnitude of the occasion; the cost adds to your anxiety.  For reassurance, you feel inside your pocket for the ring. What if it wasn’t there?  What if it is too big and slides off her finger?  Can you imagine losing something that represents up to a third of your annual salary?  It happens more often than you may think, but there is no need to worry if you purchased the right jewelry insurance!

The holidays bring a record number of engagements, so be sure your life together begins on a positive note.  Insure your ring as soon as you buy it and rid yourself of worries about loss or damages.

“Insurance costs approximately $1 to $3 per $100, depending on the location where the jewelry will be kept, deductible, security, etc.  It is a cost everyone should build into their budget for purchases of valuable jewelry items,” advises Mike Maley, Vice President of Personal Lines Jewelry at Jewelers Mutual Insurance Company.  “Next to a home and car, this may be the single most expensive item you own for many years.”  Sites like InsureYourJewelry.com offer useful premium calculators online so you can easily get a quote with no one looking over your shoulder. But cost is not all you should look at.

How do you choose the right insurance policy?
Like auto and homeowners insurance, all insurance policies are not alike.  Choose a policy that covers the aspects that are important to you.  Here are some important points to compare:

-Coverage. What exactly does the policy cover?  Theft, mysterious disappearance, damage, etc.? What is excluded?  Few policies cover mysterious loss or loose stones in the process of setting.  This is important to know in the event of a claim.  

-Deductibles. Are deductibles an option?  If you are willing to pay the first portion of the loss, your premium may be lower.

-Claims. How well does the company pay claims?  Can you report a claim online, and how long does the claim process take?

-Replacement vs. cash. Engagement and wedding rings will likely hold a lot of sentimental value for your fiancé.  If she were to lose it, could she replace it with something similar?    

-Replacement policies. In the event the item needs to be replaced, what are the insurer’s policies on replacement? Will you be able to work with your own jeweler or must you work with someone assigned by the insurance company? Will you need to get multiple quotes?

-Travel coverage. Is the ring covered when you travel – even out of the country?  This could be an important consideration when you think about the honeymoon.

-Appraisals. Most insurance companies require an appraisal to begin insurance coverage.  Will you ever need another one? If so, when?

-Inspections. Does the insurer require periodic inspections that, if missed, void the policy?

-Insurer expertise. What is the insurance company’s expertise, specifically with the valuation of jewelry?  For example, Jewelers Mutual Insurance Company specializes only in jewelry insurance.  When settling a claim, how important is it to you that you work with someone who recognizes the value of cut, clarity, and quality—the features you paid for when selecting the ring?

-Security. Are there requirements for security precautions?  Or any discounts if you take certain precautions?

-See the policy. Can you view exactly what the policy says?  Can you download a sample?  

-Ratings. Is the insurance company highly rated by an acclaimed independent rating agency, such as A.M. Best?  Ranking provides a reliable way to compare companies regarding their financial strength and ability to pay claims—something that should be quite important to you when choosing an insurer.

Just as you enter into engagement with careful consideration, so should you approach the importance of purchasing jewelry insurance.  So before you pop that question this holiday season, be certain to have the ring insured and covered against loss – alleviate the worries.

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Jewelers Mutual Insurance Company is the only company specializing exclusively in jewelry insurance in the United States and Canada. The company’s strong financial position is reflected in its continued A+ Superior rating from A.M. Best. Jewelers Mutual was founded in 1913 in Neenah, Wis., by jewelers who needed affordable insurance. Today, Jewelers Mutual is licensed in all 50 states and Canada. More than 10,000 commercial policyholders trust Jewelers Mutual to insure their jewelry businesses, and 180,000 individual policyholders carry $2.5 billion in personal insurance coverage. Visit the Jewelers Mutual Web site at www.jewelersmutual.com.