Engagement Rings Blog

21 Oct 2009 @ 4:06 PM

Insurance For Engagement Rings

Insurance For Engagement Rings

After receiving a call from one of our customers the other day, we thought it was important to post a blog about insurance for engagement rings. Well it just so happens that this customer of ours had a beautiful wedding day, only to wake up the next day with the engagement ring gone from his hotel room. It turns out that their wedding day was very hectic (as all wedding days are) and the bride decided to take her engagement ring off for a short time and leave it in their hotel room. After all the dust had settled from the exciting wedding day, the bride went to put her engagement ring back on her finger. Unfortunately her engagement ring was no where to be found. After a couple of hours of searching everywhere for it, they concluded that it wasn’t in the hotel room anymore. They called the police and made a report, but could not prove that it was stolen, let alone who stole. They have since concluded that it was one of the cleaning staff at the hotel that came into their room and stole their engagement ring. But again, they couldn’t prove it. Now at least they were feeling a little bit better when they remembered that they had purchased insurance for their engagement ring. However the saddest part was that they would never be able to replace the actual engagement ring that he proposed with. But at least it was covered under insurance. (Or so they thought)

Immediately they called their agent to describe what had happened and place a claim for their loss. You can only imagine their surprise when they were told that the enormous loss they had just suffered was not even covered under their policy. Not only was their engagement ring stolen, but their insurance company was not going to cover it. (talking about adding insult to injury!!) It seems that their insurance company had some fine print in their policy that referred to this situation as a “MYSTERIOUS LOSS”. It seems that since they could not “Prove” that their ring was stolen, and could not “Prove” who did it, the insurance company said that they were not responsible for honoring this claim. Now this new couple that was planning on starting their new life together has to buy a new engagement ring all over again. I have to say that at Engagement Rings By Secret Diamond, we feel for them and we are doing everything we can to get them an even nicer engagement ring this time around and we are helping them with an even lower price. But even with our help, they are still out thousands of dollars, and the ring he proposed with.

The point to this story is that although we love selling you engagement rings, we don’t want you to have to pay for them twice. Not only should you always buy “insurance for engagement rings” but you should also due your homework and get the best policy you can afford. It’s bad enough that your ring could be lost or stolen one day, but to have to pay for it all over again is something you should not have to do. Check with your homeowners insurance agent about insurance first, and GRILL them with every question you can think of about what is covered and what is not. ( I would also ask them about “MYSTERIOUS LOSSES” too )

After you check with your insurance agent, then check around for a better policy if there is one, and maybe even get a better price. Another company that you can check with is www.JewelersMutual.com. Give them a call and see what they can offer you and see if it’s better. The old way of insuring your engagement ring (Homeowners) may not always be the best way. Engagement Ring Insurance is very affordable and no-one should go with out it. The pricing at www.JewelersMutual.com for engagement ring insurance is 1% per thousand dollars insured. So if your engagement ring cost $4,000, your insurance will only cost about $40 per year. That is cheap “peace of mind”.

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