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Protecting Your Investment
The stories are all too common. Just ask Mike Oberweiss of Chicago: "On our honeymoon we went snorkeling in the gorgeous blue waters of St. John, Virgin Islands. Face scrunched in mask, I turned beneath the water noticing my wife's body in panic mode. My first thought was shark. Just then, her face popped out of the water. As she ripped off her mask, I saw tears as she struggled to get the words out, "my ring.it's gone." The good news? The ring was insured.after he got an appraisal, that is!
Appraise Your Piece
After that true story, we are glad you plan on getting your ring insured! But before you call your friendly neighborhood insurance rep., there is something you may want to consider: an appraisal.
Before you buy her the perfect ring, take her rock to an independent appraiser for examination. The appraiser will prepare a document describing the diamond and setting composition, including specifics of the diamond's weight, color and shape. This information should be compatible with the jewelers. If there are any major discrepancies, they should be worked out with the jeweler prior to purchase. Now its time to phone your friendly neighborhood insurance rep!
Insurance
The perfect time to have your ring insured is immediately after your appraisal. Most often, rings are insured as a rider to your current homeowners or renter's insurance policy. Consult with your insurance company to determine your needs regarding protection against theft or loss.
Coverage and replacement of your ring varies widely among insurance policies. It's important to find out, in the event you lose the ring on your honeymoon, if it's covered out of your home country. Does your policy cover loss, theft and damage? Does your policy cover the entire ring, not just the stone? Make sure you read, understand and agree with all the terms of your policy!
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