Choosing the diamond, making the purchase, popping the question. Three tasks that require a sufficient amount of consideration but once they’ve been accomplished, and before you make the big announcement, there’s something else you should think about: insurance. Not particularly romantic but extremely important nonetheless. This piece of jewellery is far too valuable, in numerous respects, for you to lose or have stolen. Wedding Album gets some pointers on protecting this valuable asset from Mutual & Federal‘s Head of Product Solutions Fourie Grobler.
1 Choose the right insurance policy
All risk insurance is perhaps the most effective insurance coverage for a specified item such as an engagement or wedding ring. The policy ensures that, while you’re away from home, your ring that you wear daily will be covered if lost.
2 Keep all documentation
Hang on to documents such as the jeweller’s valuation certificate, a photo of the ring, and, of course, the receipt. These are crucial in speeding up – and smoothing out – the process of making an insurance claim.
3 Value your ring regularly
‘It’s very important to update the value of your jewellery on a regular basis to make sure that your sum insured is adequate,’ says Fourie. So ensure you have your ring is valued every year so that the insured value is up to date with the replacement value. A jeweller will either offer you a free annual valuation or charge a flat rate for one. The latter option includes an updated valuation certificate.