You can lose your prized possessions, including jewelry, in a burglary or other incident at home. Instead of simply dealing with the heartache and financial losses of losing a valuable wedding ring, many people choose to protect themselves from unforeseen losses by taking insurance cover.
Some homeowners use a standard homeowner’s policy, which has coverage for rings and other valuables. Since a standard homeowner’s policy has a low limit of liability for theft, you can opt to raise the limit of liability if your ring and possession are particularly valuable. Consider speaking to a trusted insurance agency to protect your prized items from the risk of theft, loss, or damage.
If your jewelry gets stolen, lost, or damaged, you can file a claim to obtain compensation for the cost of repair or replacement. But what happens if you lose your ring, file a claim, and then find it?
What Happens If You Find a Wedding Ring After an Insurance Claim
Many people find themselves in a situation where they recover a lost piece of jewelry after filing an insurance claim. You may think you’ve lost a wedding ring but find it a few months later after filing an insurance claim.
First, you should contact the insurance provider immediately. You can either return the money you obtained from the insurance company or hand over the ring you bought to replace the lost jewelry.
The court can find you guilty of insurance fraud if you fail to notify the insurer that you’ve recovered the lost ring.
How to Insure a Wedding Ring
You need more than a grading report while processing an insurance cover because it simply describes the quality of the diamond but not its value. Instead, you should use an appraisal report, which is at most five years old, because the value of jewelry keeps fluctuating.
Most insurance companies do not require an appraisal report upfront. Even so, you may need to present the report if you need compensation for a lost or stolen wedding ring.
Ensure you have a detailed appraisal report with the following details:
Wedding ring information such as shape, color, cut, and carat weight
The value of the ring
Type of metal used in the wedding ring e,g platinum or 22k Yellow Gold
A description of the ring
Contact information of the appraiser
How to Get the Best of Your Jewelry Insurance
You should reassess your pieces of jewelry from time to time. Consider assessing the value of your wedding ring each year before renewing your jewelry insurance policy.
The following tips may help protect your pieces of jewelry and obtain good value for your insurance coverage:
Take images of your jewelry
Save copies of purchase receipts
Store the wedding ring and other pieces of jewelry in a secure deposit box
When traveling, carry a few pieces that you plan to wear
Speak to an Experienced Insurance Agency to Protect Your Jewelry
If you own expensive jewelry, an insurance package can shield you against loss. More importantly, working with an experienced insurance agency helps you make the right decisions to protect your investment.
At Panorama Insurance Agency, we’ve been in the business since 1973, which gives us a competitive edge.
818-781-6630
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