Engagement ring insurance is a form of financial protection that is available to help you recover the cost of your engagement ring in the case of a claim.
Engagement ring insurance policies are typically purchased by individuals who have purchased or are planning to purchase an engagement ring or other jewelries with value over $5,000. The policy provides coverage for losses related to theft, vandalism or natural disasters.
The most common types of loss covered include:
Loss due to fire or theft – This type of insurance covers up to 90% of your actual cash value (ACV) after deducting your deductible. If your diamond is stolen and you opt for this type of coverage, the ACV will be calculated based on the average price per carat at which diamonds were sold in the last 12 months.
Loss due to vandalism – This type of insurance covers up to 50% of ACV after deducting your deductible. Vandalism may occur when someone intentionally damages or removes your valuable item from its original location.
Natural disaster – This type of coverage provides temporary living expenses while you rebuild your home and/or business following a major storm damage event such as hurricane Harvey
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