| Generally, any diamond engagement ring is very | | | | the reason for it. |
| costly and an average earner has to bear a huge | | | | As far as the insurance is concerned, know that |
| amount of money that may be equivalent to | | | | most of the insurance is done for retail |
| three months’ salary and lots of savings too. | | | | replacement value, meaning that the insurance |
| Clearly, such a heavy investments must be first | | | | company will replace the ring in kind and quality. |
| secured by appraising and insuring the ring. | | | | Clearly, the insurance company is not going to |
| The appraisal allows you to have a true price of | | | | pay in cash. It is now clear that in case you have |
| the ring you are purchasing. The insurance allows | | | | lost the engagement ring, the insurance company |
| you to claim the money back if the ring is lost or | | | | is likely to pay you an amount that is equal to the |
| its diamond falls out and is not traceable. But the | | | | ring that they can offer you by replacing it |
| appraisal should be done by a competent | | | | through their own sources, if you insist on getting |
| professional of the field and must be handling | | | | the cash. |
| property related deals. | | | | Many of the jewelry insurance company do not, |
| While searching for the appraisal professionals for | | | | however, ask for appraisal from an independent |
| your engagement ring, know that the appraiser | | | | professional and they can employ their own |
| may be employed by the jewelry store and may | | | | appraiser person for the purpose. The aim behind |
| be performing for the customers of the store or | | | | this is to get all the details of the ring and |
| for outside customers. But ensure that the | | | | diamond. The insurance company aims at finding |
| appraisal is for true market value of the ring and | | | | out accurate and complete description of the |
| not the price you paid for the ring in the store. | | | | diamond and its current market price. It would be |
| This is because the store may give you a | | | | better if your ring appraisal has mentioned any |
| discount that will not be the true price of the ring. | | | | diamond grading report. A insurance company will |
| Also avoid an appraisal that puts your ring price | | | | take the decision of insuring the ring only when it |
| very high than its current market value as this | | | | comes with the detailed description in the appraisal |
| practice is unethical. Moreover you will be at loss | | | | certificate. |
| when insuring the ring. This is because you will be | | | | Another source for insurance is the |
| paying much higher for the insurance based on | | | | homeowner’s policies that cover the jewelry |
| the high market value of the ring in the appraisal | | | | also. Ask your agent about the requirements of |
| certificate. So, if the ring has been overpriced, ask | | | | such insurance. |