I would like to get my ring insured and need some advice. A new policy (my homeowner's policy would not cover the full amount) is not that expensive but I'm torn about which one to get. All of these policies would cover the full cost of my ring.
$70 a year for with NO deductible.
$56 a year with a $250 deductible.
$49 a year with a $500 deductible.
Policy covers lost stones, theft, suspicious loss and damage. I am waiting to see if they can send me a draft policy so I can see everything in writing to make sure I understand what it covers.
If something happens to the ring they replace it as close as they can to the specs of the ring, not the cost of the ring itself (so I'm protected with the flucuation in gold prices). We can also increase the policy to cover our wedding bands or any other valuable pieces we acquire over the years.
We both keep emergency funds so I can't imagine a scenario where we wouldn't be able to cover a $500 deductible so that is the most tempting to me because it is the lowest annual cost.
Suggestions? Advice?