Author Archives: Allan Ohagan

How Important Is Engagement Ring Insurance?

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Unlike some other forms of insurance, like auto or home insurance, engagement ring insurance is optional.  This leads some people to question how necessary it is.  These days people are pushing insurance for all sorts of things so we often start to wonder how necessary any optional forms of insurance really are.

When it comes to engagement ring insurance or any other type of jewelry insurance it is a personal question.  The answer to that question will vary from person to person.  Fundamentally insurance is protection from an unexpected event.  When evaluating whether or not you should purchase ring insurance consider your risk factors including where you live and how careful the person who wears the ring is with it.  If you feel there is a decent chance the ring may be lost, stolen or damaged insurance is probably a good idea. 

The other thing to consider is how you would feel if something happened to it and whether or not you could replace the ring if something happened to it.  Some people would be more devastated than others if something happened to the ring.  Weigh in how you feel about this.

If you have homeowner’s insurance you will have some protection over certain conditions, but keep in mind this type of insurance will only cover up to a certain amount (often $1,000) and it won’t cover for all types of loss or damage.  Check your policy to see what it will cover before you make any final decisions on whether or not you should get engagement ring insurance. 

If you check your policy and you decide you want more coverage you have a couple of choices.  You can likely add a rider onto your home policy to provide added protection for your engagement ring.  The other option is to get a policy with a company that specializes in jewelry insurance.  This is often the best way to go if you want a robust policy that covers a wide variety of conditions.

 

Insurance Terms and Definitions

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When you are in the process of looking for insurance there are a couple of terms that make sense to learn. A lot of definitions and terms in insurance are actually shared terms. What this means is that regardless of whether you are looking for life insurance or perhaps garage liability insurance, there will be terms which are common to both.

Premium is a good example of this. Premiums are the amount that you pay for your insurance. The terms for this premium can vary and can range from monthly charges, quarterly charges or even yearly charges. Depending on what you chose, your insurance plan should be able to give you enough leeway to pay the premium and obviously still have money to spend.

Deductibles are another common term. Deductibles are payments that you shoulder whenever you have to pay for a particular service. In the case of health insurance for example you pay a deductible whenever you need to go to the doctor. If you don’t have a deductible on your insurance then your premiums are likely to be higher.

Coverage is a term that refers to the amount which you are capable or receiving. It can also refer to the fact that you are already covered by insurance.

Limitations refer to the limits in your insurance plan. For example, if you are limited to a value of $500,000 on your insurance plan then that’s the amount that you are limited to. This can also refer to a service limitation and so on.

There are plenty of other terms to learn too but if you are just starting the lookout for insurance it always helps to understand these basic factors to begin with.