Having an engagement ring stolen can break your heart, especially if you have no hope of replacing it.
But if you have jewelry insurance, and you follow the correct steps after the theft, you could be compensated for the loss.
It is important to know the best jewelry insurance so that you are adequately covered in the event of theft. You should get your beautiful engagement ring covered by a stand-alone insurance policy provided by a company specializing in jewelry insurance.
Steps to Take After Your Engagement Ring is Stolen
If you have a solid jewelry insurance policy there is a good chance you could get your stolen engagement ring replaced with a ring of the same value, and appearance.
1. Report your stolen engagement ring to the police:
If your engagement ring has been stolen, the first thing to do is report it to the police. Fill out the correct documentation at the police station, and get a copy of the registered report.
2. Gather any relevant documents relating to the ring:
Make sure you have a copy of your jewelry insurance policy, any photos of the ring, the police report, appraisal report, and/or purchase receipt.
You might want to note down the names of any witnesses or police officers who dealt with the case. It is often useful to write down what happened immediately after the engagement ring is stolen when the event is still fresh in your mind.
3. Report the theft of your engagement ring to your jewelry insurance provider:
Depending on who your insurance provider is, you should be able to report the theft online. Go to your insurance company’s website, and look for the section called “claims.” Submit your claim electronically.
The form will take a few minutes to fill in and requires basic information about the theft of your ring. It is a simple, painless process. If you prefer not to make your claim online, you can call your jewelry insurance company directly.
Talk to a claims representative: In most cases, a dedicated claims representative will call you back to assist you through the process and ask you for any further information that may be required.
4. Provide the supporting documentation:
In this particular case, when an engagement ring has been stolen, you will be asked to provide the police report.
5. Choose the jeweler who will replace your engagement ring:
Contact the jeweler where you purchased the ring or the appraiser of your engagement ring to see if they can replace your ring. Alternatively, choose any jeweler, supplier, or dealer to replace your engagement ring and have them approved by the insurance company.
6. Get your engagement ring replaced:
After the insurance company has approved the jeweler and been in contact with them, work can begin on replacing your precious engagement ring.
How Is Your Claim Paid Out?
Usually (and with the most reputable jewelry insurance companies), there will be no cash reimbursement. There is no waiting for an approved compensation check before getting your engagement ring replaced.
This is to prevent fraudulent claims. Instead, you can claim for repair of damaged jewelry or replacement of your engagement ring in the event of theft or loss.
Once a jeweler has been chosen to replace your engagement ring, the insurance company will pay the jeweler directly.
Not only that, but the top insurance company covers the replacement of the claimed engagement ring for equal or greater value, up to 125% of the appraisal value.
How Is Your Engagement Ring Replaced After an Insurance Claim?
Your jewelry insurance supplier will work as fast as possible to get your engagement ring back on your finger.
The best jewelry insurers don’t work with any preferred network of jewelers for jewelry replacement claims. Instead, you get to choose the jeweler you are comfortable working with.
You could go back to the jeweler where your fiancé originally bought the ring or choose any jeweler that you please.
When you make a claim with a top insurance company, they will let you choose your own preferred suppliers, dealers, and vendors that you trust to replace your engagement ring. Once you have chosen the jeweler, the insurance company will contact the jeweler and arrange payment.
|⚠Disclaimer: This article talks about making an insurance claim from the top jewelry insurance company in the country. And is not discussing insurance claims made when the insurance provider is second rate, dishonest, or unreliable. Always choose a reputable, professional, and respected jewelry insurance company that has positive reviews, and a sterling track record.