This One’s For Keeps
One would be hard-pressed to find a happily married couple (legal or otherwise) who would consider their engagement, wedding or commitment rings to be anything other than priceless. And, though this is true the moment than an engagement ring is presented or a wedding band is placed on a ring finger, it is also true that the sentimental value only grows with each passing year.
The same can also be true for the appraised value of the ring. A solitaire ring, diamond band or ring made of a precious metal, for example, may make an impactful statement at a cash register upon purchase, but, depending on key factors important to accurate appraisals, that value can also grow exponentially over the years.
According to a recent survey of same-sex couples who wed in 2012, more than two-thirds of couples signified their engagement with two rings (one for each partner) during the engagement phase. And, if these couples are anything like their straight male counterparts who recently were recently engaged and surveyed by Jeweler’s Mutual Insurance Company, at least half of them did not insure their rings after purchase, leaving the jewelry without protection in cases of loss, theft or damage.
photo credit: iStock
You and your partner might very well have rings that are of high sentimental value, but be unsure if the appraisal values match the sentimental value in kind. And, if so, wonder if jewelry protection is right for you.
When should you insure your ring(s)?
Applying directly after purchase is the most ideal time to get protection; it’s fast, easy and more affordable than you may think. Get a free Perfect Circle® Jewelry Insurance quote from Jewelers Mutual and see for yourself. Once it’s insured, you and your partner won’t have to worry about keeping the rings safe between purchase and the Big Day or beyond.
How can you protect your ring(s)?
1. Store the ring(s) in a safe place. Sixty-six percent of straight men reported in the Jewelers Mutual survey that they stored the ring at their place of residence after purchase. This may not be the safest option.
2. If the engagement will be a surprise, ensure that your fiance/fiancee won’t find the ring. Hiding an engagement ring at home increases the potential that your partner will discover it. Keeping the ring at a bank safety deposit box will prevent this from happening and also keep the ring safe from theft.
3. Document the ring(s). Keep an accurate appraisal of the ring(s) in a safe place. Make two copies and store one separate from your jewelry. If possible, include a photo or video of the ring.
4. Keep the ring(s) with you at all times. If traveling to a special destination for a surprise proposal at a hotel or restaurant, don’t hand your jewelry bag to a hotel or restaurant staff. Carry it personally.
5. Insure it right. Perfect Circle Jewelry Insurance from Jewelers Mutual Insurance Company provides personal jewelry protection against loss, damage, theft and mysterious disappearance* wherever your travels take you, worldwide. So get the right insurance then relax and wait for the “Yes!” you are expecting.
*Underwritten by Jewelers Mutual Insurance Company, Neenah, Wisconsin. Coverage is subject to underwriting review and approval, and to policy terms and conditions.