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Job Profile Insurance Sales Agent

May 31, 2016

Sales Agent

Insurance Sales is an upcoming and growing job opportunity for many graduates and other professionals. Selling insurance covers and other financial products is the main job responsibility of insurance agents. In India, the number of people already under insurance covers is much less than the potential number of people who require such a cover. Thus, demand for insurance agents and job opportunities for them are rising.

Nowadays, the job of insurance sales agents is not just limited to selling insurance policies. They are diversifying their profile to sell more and more financial products. Mutual funds, retirement funds and other securities are also now sold by insurance agents. Thus, the purview of their job is expanding.

The job of an insurance agent is very client oriented. Insurance sales agents are the first point of contact between a consumer and an insurance company. These agents help businesses, individuals, and families in selecting insurance policies that best suit their needs. These insurance policies are meant to provide the best safeguard for their health, lives, and property.

Insurance sales agents could be of two types: independent agents, and captive agents. As the name suggests, independent insurance agents work independently. They are not bound by any company instead represent several different insurance companies. They are also referred to as brokers. Their job includes making the client buy product from such an insurance company whose policies, rates, and coverage best satisfy the needs of that particular client. On the other hand captive insurance agents or dedicated agents work only for a specific insurance company that has hired them. They find policies within their company to fit the needs of their clients. Although the function of both types of agents is more or less the same, their mode of payment is different. Both are required to maintain records, prepare reports, find new clients, and help policy holders settle their insurance claims. Independent agents work on commission basis whereas captive agents work on salary plus incentives basis.

In the job of insurance sales, the agent sells insurance policies such as property, casualty, life, health, disability and long-term care. Property and casualty policies are sold to individuals and businesses who want to protect themselves from financial loss due to fire, theft, natural calamities, automobile accidents, and various other things that can cause significant damage. Some insurance agents specialize in selling life insurance polices that provide beneficiaries with income when a policyholder dies. Health care agents find clients who wish to insure coverage for medical care in the case of illness or injury. They may also sell dental insurance and short- and long-term disability policies.

The first task of an insurance agent is to convince the client that the financial product offered by the company is useful for the client. Once the client is convinced, the insurance sales agent helps the client select the best policy that suits his needs. This could be buying insurance cover for self, spouse or children, mediclaim policies, child education policies, pension plans and so on. After this, the agent helps the client through all the paper work and legal formalities that are involved. Then, the agent has to maintain relationship with the client for reminder of premium deposits, any other settlements, claims or if the client wishes to upgrade his policy. Also, since much business is generated through referrals, it is always important to maintain a good relationship with the client.

These days, the job of an insurance agent has become relatively simpler with the advent of technology. Internet enables easy access and regular communication with the client. It is also easier to keep records and make reports using increasing technology advancements. This improves the efficiency of insurance sales agents allowing them to take on more and more clients and servicing them well.

With the increasing competition in the insurance domain, there is need for aggressive insurance sales agents. With so many players in the market, it is the agents who can ensure a customer’s satisfaction with the services of the company. The agent should be smart, pleasing to talk to and convincing enough. He/she should also have thorough knowledge of the products of the company. There should also be certain quickness and the ability to think on feet while processing claims, answering questions, making changes in policies, and selling more products.

The job of an insurance agent is both rewarding and challenging. As long as one keeps getting clients and the business keeps flowing in, it can be monetarily very rewarding but if the clients dry up, it becomes very frustrating. One can enter this job as a graduate and entry level and grow to a higher level. There are opportunities galore and for aggressive young people with good sales ability, this could turn out to be a long-term career with ample scope of growth.

Some useful links: www.naukrigulf.com www.naukrigulf.com/ni/nijobsearch/loc-jobs-dubai/

Featured

Is There A Better Alternative To Pet Insurance

March 25, 2016

Pet InsuranceIf your home is like 72.9 million others in the U.S., it is home to at least one pet. According to the 2011-2012 APPA National Pet Owners Survey, 62 percent of households in the U.S. have at least one pet. It’s not hard to imagine why. Pets, whether furred, hoofed or winged, bring so much to our lives. But, along with unconditional love and unquestioning devotion, they can also bring significant vet bills. In fact, the APPA (American Pet Products Association) estimates that U.S. pet owners will spend $14.1 billion on veterinary care in 2011.

Some pet owners opt for pet insurance as a method of reducing the costs of routine and emergency vet visits. However, Consumer Reports recently published a review of several pet insurance plans. The review was not favorable. Their basic conclusion: “Pet insurance is rarely worth the price… Only in uncommon cases, when a pet required very expensive care, would the coverage have more than paid for itself.”

Here are a couple of reasons why a pet insurance plan may not be your best option to save on your pet’s healthcare costs.

1. Lack of Coverage
Most pet insurance companies promise to cover 70 to 90 percent of your pet’s veterinary costs. However, these companies have adopted much of the fine print that the large human health insurers use: cumbersome claims processing, deductibles, per-visit reimbursement limits and per-incident limits. They may also deny coverage for many common conditions, including those deemed “inherent to the breed” and “pre-existing” conditions. As a result, their insurance rarely covers more than 50 percent of a pet’s annual medical costs. And since they charge $400-$1100 for a policy, the insurance typically costs the average pet owner far more than it saves.

2. Poor Return on Investment
In the aforementioned Consumer Reports review, they analyzed the lifetime vet bills of Roxy, a 10-year-old beagle in Dobbs Ferry, NY. Costs were totaled for nine different pet insurance policies, calculating how much would be paid out in reimbursements. Over Roxy’s 10 years, none of the policies Consumer Reports evaluated would have paid out more than the cost of the plan. Even when treatments for several hypothetical serious ailments were added in, the average policy would only have saved Roxy’s family $65 over her lifetime.

Consumer Reports concludes: “We believe most pet owners will be better off passing up pet insurance.”

So what should pet owners do to help cover rising vet costs? Here are a few alternatives to help:

1. Financial Assistance
There are a number of financial assistance programs financed by grants and private donations. While each one has different guidelines and requirements, your local shelter is a good place to start. Many shelters have updated listings and information on financing opportunities.

2. Veterinary Discount Plans
Veterinary discount plans provide discounts on services at participating veterinarians, immediately reducing the amount you have to spend on routine and emergency care. In Consumer Reports hypothetical case of Roxy, the largest veterinary discount plan showed Roxy’s family saving almost $2,500.

3. Start a Pet Savings Plan
Open a savings account with a high interest yield that you can use an emergency fund. If you put away just $25 a month for 4-5 years, the compounded sum will cover almost any procedure.

Be creative! Mix a Pet Savings Plan with a Veterinary Discount Plan and Financial Assistance plan. Now that’s something to crow (meow, bark or chirp) about!

Featured

Insurance Sales Tracking For Increased Sales

March 10, 2016

Insurance SalesWhen you struggle to track where prospects are in your sales funnel and how likely they are to do business with you it’s easy to drop the ball and miss prime opportunities. Many tracking systems are complicated and unwieldy. You need a simple tracking system. You need to know at a glance exactly who your prospects and leads are, how likely they are to do business with you, their contact information, the commitments agreed upon during your last contact, and the next action you must take to close the business.

And you need all that information in one place. Sales is a hectic fast paced business. You need to know exactly who your prospects are at any given moment. When you try to track all your prospects in your day planner, a call sheet, or many CRM’s you really can’t access everything you want and need to know quickly and easily and everywhere you are.

You can use a single sheet to record all the information you need to track your sales funnel. This will make the whole tracking process easier for you. Plus it helps you to have everything you need in one location when you need it.

Prospects don’t usually enter and exit your sales funnel as customers in one step. Most sales cycles involve multiple and incremental steps that occur over a period of time. Some sales cycles are extremely long especially when the sales involves high ticket decisions. The sales cycle itself poses a stumbling block for many sales professionals.

Define the required steps for advancing the sale in your sales process. Based on your sales experience what sales techniques do you have to advancing a prospect that doesn’t fall within your standard sales process? You’re sales success depends on your ability to move people through the buying selling process. If you don’t have a next step option for your prospect you can’t expect them to come up with one for you. Plan clearly defined advancement options that both you and the prospect can agree to. If you don’t have advancement options you have to have far more leads in your sales funnel that someone who does. You’re letting valuable prospects slip through your fingers because you don’t have a plan for keeping prospects on track and on board with your solution.

All too often sales professionals drop the ball and allow months to pass without taking the appropriate next action. This probably happens more often than you’d like to admit or than you even realize. These time gaps hurt your relationship to the point where you almost have to start over with the prospect. You’ve lost your connection and now they don’t trust you because you’ve demonstrated that they can’t count on you. That kind of relational damage is hard to repair. Effectively tracking all your leads and prospects and the next actions you’ve committed to reducing the likelihood of dropping the ball. It’s much easier for you to monitor your entire sales process and everyone in your sales funnel, and you close more business.

If you want consistent and predictable result you have to know exactly how many people you need in your sales funnel at all times. As soon as you close a prospect you know you immediately need to replace that prospect in your sales funnel. Through experience you’ll discover both your capabilities and limitations. You’ll discover how many leads you need to consistently generate to produce prospects for your sales funnel. Eventually you want to develop lead generation systems that produce the right number of new prospects entering and leaving your sales funnel as customers so you obtain the sales objectives that fit your needs.

Featured

Advantages And Disadvantages Of Getting Pet Insurance

March 10, 2016

Pet Insurance 2When our pets get sick, we want to provide the best health care possible. But how do we do that if hospitalization, treatment and medication would cost about $3000? Pet insurance enables pet owners to have options on how they could provide better for their pets, after all our pets are not just animals around the house. They are our companions.

In the United States, only 3% of Americans got their pet friends insurance. This is lower compared to other countries like Canada which has 19 % of pets insured and with Sweden with an outstanding 49%.

There are undecided pet owners on whether getting pet insurance would be able to benefit them and their animal companions. Let’s understand the advantages and disadvantages of getting pet insurance, to be able to guide us in making the best decisions.

Advantages

The gist of having a pet insurance policy is to make sure that in terms of medical emergencies and accidents, your pets are well provided for. When unforeseen circumstances happen, it would be difficult for the pet owner to come up with a big amount immediately. How many pet owners were forced to touch their personal funds for the sake of their pets.

Depending on the kind of insurance plan, coverage could also include vaccinations, spray, neuter and even flea medications. Veterinary costs are increasing fast. There are already sophisticated medications that could deal with your pet’s sickness. Having a pet insurance could actually save your beloved animal from euthanasia.

Aside from medical reasons, there are also insurances that could cover rewards, posters, advertising and financial assistance for pet owners whose pets have been stolen. In these cases, insurance companies could even provide assistance in acquiring a new pet.

Another kind of insurance will be for kennels and boarding, which will answer to the question when something bad happens to the owner and nobody could take the pets in. A pet insurance policy could help with the cost of kennels and boarding.

Disadvantages

Some pet insurance tend to be overly expensive. However, there are pet insurance companies offering lower plans. You just have to know what kind of coverage you would like to be in your plan so you can choose an appropriate insurance for your pet. The prices also tend to be different based on the animal and its breed. There are some animal breeds that would require expensive medical treatments. For example, when a big dog like a German Shepherd injured his hip, the procedure tends to be expensive.

Pet insurances are also very particular with pre-existing conditions. If you dog is sick and old, then definitely you would have problems getting them and insurance plan. Most insurance companies does not pay the bill upfront. What happens is that the pet owner would have to pay for it and then will have to reimburse if after.

There are times when the pet owner does not have the money yet, there are vet clinic who would allow the pet owner to pay part of the bill and the insurance company will be fixing the balance directly. Before a pet owner could take advantage or use the insurance, it would need a two-week or a few days of wait before the coverage would start.

Thinking about it, getting a pet insurance policy definitely would have its pros and cons. It would definitely be your call as a pet owner if you would like to get one for you pet, but it is important to always keep in mind our responsibility as pet owners and our pets’ welfare.

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Pet Care Insurance- Responsibility of the Owner

March 9, 2016

Pet Insurance 3Pet care insurance is all about becoming a responsible pet owner. Lately owning and correctly caring for a animal is a huge responsibility. Not only do you have to offer adequate food and shelter for the family pet, but they also require appropriate health attention.

Sadly for ninety-seven percent of the pet owners, the concept of “suitable medical treatment” is not taken very sincerely with respect to buying pet care insurance to ensure that a policy is in place to supply medical care if and when it’s needed.

When speaking about this responsibility for providing good health care for a animal, this includes a price tag. Personal time, along with the monetary side of having your animals taken to the veterinarian for regular check ups, vaccinations and potential treatment for injury or sickness are some of the key reasons why owning a family pet is a huge liability. Scientific studies show that around 65% of veterinarian visits are spontaneous because of emergencies. In lots of cases these unforeseen visits to the veterinarian may result in an unexpected blow to your private finances when a huge veterinary invoice rolls in.

You possibly can keep away from this gigantic “hit” on your wallet with a family pet health plan. Pet care insurance assists you to lessen family pet care expenditure through reimbursements on veterinary charges, diagnostic exams and diagnostic treatments.

Not all pet care insurance plans are equivalent, as a result as the animal owner you must be willing to perform some detective work to obtain the most applicable pet care insurance for your own family pet. Doing research and obtaining pet insurance quotes often contributes to financial cost savings and realizing what is the most comprehensive plan for you and your animal.

Some key ideas to help find the top animal health care :

1. Compare pet care insurance companies. This will help you to locate the most cost efficient pet care provider for you.

2. Institute a sum you are agreeable to purchase family pet services. Setting aside an affordable sum for health care can safeguard you from getting talked into an expensive coverage that you can not pay for.

3. Get in touch with a number of vet clinics in your area to inquire on the subject of their fundamental treatment plan costs. Like any other business, competition will lead to a wide range of charges for the same treatment between vet hospitals.

4. Ask in relation to free samples from your local vet. Oftentimes pharmaceutical organizations that provide drug treatments to the pet marketplace recommend free of charge samples to see if their products perform. Check with your vet if there are free samples as this may save you money on fundamental prescription drugs.

5. Carefully look over any family pet insurance policy prior to signing. It is vital that you read and comprehend the “fine print” in pet care insurance plans to totally grasp the inclusion and exclusions for the coverage.

While pet care insurance may well not look important now, believe me when I declare, that as a pet owner myself this is something that will save you from both psychological and financial heartache if and whenever you possess a sick or gravely hurt animal and are confronted with huge veterinary costs guarantee your animal of the top attention and treatment viable.

Show your pet that you truly care! Take action now to find out more about pet care insurance and protect both yourself and your pet. Visit our website now to find how to cheap pet insurance and much more. Articles on pet medical insurance, pet health food recipes and tips and links to many other resources. Let us help you as we have already helped hundreds of other concerned pet owners find pet care insurance.

Your Need to Know Basics on Cheap Insurance

February 7, 2017

Every person who wants to buy cheap insurance for home must know the basics of this matter. This will help you get the best and most affordable rate of home insurance. This will also help you know more about the coverage and features of cheap insurances.

Get Basic Information on the Internet

The Internet is the best source where you can ideas about home insurances and even low cost premiums. Various selections of different kinds of home insurance and other types of cheap insurances are available on the Internet.

Know the Coverage of Insurance

You must know what type of coverage featured on a particular cheap insurance you are choosing. There are two types of premium coverage you can choose from. These are usually offered by many insurance companies. You can either choose the content’s coverage or the home coverage. You can even avail both of these types of coverage.

Find Out the Insurance Quotes

It is necessary that you get insurance quotes so you will be able to compare prices of various types of insurances. This can help get the best, cheapest and the most reliable insurance plan for your home. Through these insurance quotes, you are surely given a list of possible cheap insurances you can choose.

Seek Other Options in Finding Insurance

There are alternative ways you can do to search the right insurance agency where you can purchase the cheap insurance plan. These are other sources which include newspaper ads and yellow pages of phone directories. Newspaper ads give exact rates for some home insurances. The yellow pages cover phone numbers with addresses of home insurance agencies.

Determine the Replacement Cost of Your Home

A homeowner who is interested to get insurance, like you, must not only insure the market value of his home. He also needs to know the cost of how much to rebuild or renovate it. You must know your home’s replacement value. You could use the Internet to know the exact monetary value of your home and its market value.

Learn the Content’s Insurance Coverage

The coverage of content’s insurance must be determined to know exactly the personal belongings or items that are covered in this kind of cheap insurance. What are the specific appliances, furniture, fixtures, jewelry and other personal items that are covered in this insurance plan? That is what you are going to find out if you get content’s insurance.

List Down Things that are not Covered

It is also advisable to make a checklist of items that are not covered in the cheap insurance you are trying to get for your home. This gives you idea whether you can get lots of benefits from that insurance or not.

Every homeowner needs to review the coverage of insurance they are choosing before making a purchase. You must be able to secure the best insurance policy with the right price. Apparently, this insurance can help you protect your home and assets even in times of damages and accidents. Having the cheapest insurance policy does not mean that you get the right and the best insurance for your home. It is important that you get the most reliable insurance company that offers the perfect insurance.

The word for cheap insurance in Danish is Billig forsikring her and if you want to get one you should visit this amazing Danish website. You can translate it with Google Translator if you don’t know the language. More about cheap insurance you can read here.

Do I Need Motor Legal Protection Cover (on my car insurance)

January 29, 2017

If you’re in an accident that was not your fault, the cost of getting your car repaired is not the only expense that you’ll face. There are numerous additional costs that you might need to consider, such as the cost of phone calls to deal with claims and the financial impact of any essential time off work. These miscellaneous expenses are the ones that are covered by motor legal protection.

What are the benefits from having motor legal protection?

The recovery of costs including (but not exclusively): -Vehicle repair and recovery -Personal injury -Hire vehicle (often unlimited) -Loss of earnings -Policy excess -Medical bills -Legal expenses

Is motor legal protection a legal requirement?

Drivers are not legally required to have motor legal protection, and in fact, a large number of drivers do not have the cover. However, it can be extremely beneficial to invest in motor legal protection to fully shield oneself from all motor-related eventualities.

Consider the following scenario:

Mrs. Davies stops her car at a set of traffic lights. Another car, going too fast, drives into the back of her. The rear of Mrs. Davies’ car is badly damaged and she is injured. Mr. Barnes, the man driving the other car, is at fault. While his insurance will pay for the damage to Mrs. Davies’ car, there are many other expenses that Mrs. Davies will incur. For example she is forced to pay out for the car-towing fees, a hire car until her car is fixed and a considerable policy excess on her car. Her injuries necessitate a visit to the doctor and because she is self-employed, this causes her to lose half a day’s earnings. Mrs. Davies has not got motor legal protection. Uncertain if she is permitted to claim back these expenses and daunted by the prospect of chasing up her claims, she decides not to claim and is left out-of-pocket.

In the above scenario, if Mrs. Davies had motor legal protection she would have felt reassured in knowing that a legal professional would have chased her claims on her behalf, and that her expenses would have been reimbursed, hassle-free.

Why do some people choose not to buy motor legal protection?

Market research suggests that the main reason people do not buy motor legal protection is because they feel it is too expensive, an unnecessary expense that can be spared. This view is somewhat paradoxical considering the amount of money typically paid out by the non-fault party in an accident. Granted, some motor legal protection polices can be unnecessarily expensive with high-commission pushing up the prices. However, if people are prepared to shop around, there are some extremely competitive high-quality, low-cost packages available on the market.

What if you don’t have motor legal protection?

Everybody is entitled to claim back any uninsured losses; however this tends to require a lot of effort. You would personally have deal with every single aspect of your claim and although achievable, it would necessitate a lot of time, patience and determination. The benefit of having motor legal protection makes the process of getting back to the position you were prior to the accident relatively hassle-free. It will make life easier for you as a driver, providing important peace of mind in knowing that your uninsured losses will be recovered in an accident that was not your fault.

Will your insurer sell you motor legal protection?

They may try! Many insurers offer motor legal protection as an optional extra, often under another name such as uninsured loss recovery or legal expenses insurance. It is important to realise that you are not obligated to take them up on their offer. In fact, you’re likely to find that even if you want motor legal protection cover it is cheaper to buy it elsewhere, since most insurance companies charge a premium to add it to your insurance.

It can be easy to see motor legal protection cover as one more unnecessary expense, but the benefits certainly outweigh the cost. To find out more about Motor Legal Protection Cover, visit: https://www.bestpricefs.co.uk/motor-legal-protection

Understanding Car Insurance Basics

January 22, 2017

Most motor vehicle insurance providers usually offer different types of cover. The three most common include Third Party Only, Third Party Fire & Theft and Comprehensive. You might use all of these over the course of your driving career or just one, but in either case, you need to know what sets each type apart so you can select the one suited to your needs.

Third Party Only

Third Party Only insurance is often confused with Road Traffic Act Only insurance. The latter of these, which is usually not sold anymore, offers the absolute bare minimum you need to meet the requirements of the Road Traffic Act of 1988. Third Party Only insurance provides just a little more, exceeding what the Act requires. It provides liability cover to third parties (others involved in your accident), but that’s about it. You can use it to pay for damage or injury to others, their vehicles or other property they own, but it doesn’t protect you, your car or your property.

Third Party Fire & Theft

This type of insurance is more common than Third Party Only. It offers the third party liability cover of Third Party Only, but in addition, as the title insinuates, you also get protection from having your car stolen or damaged in a fire. It still will not cover injury to you or damages to your vehicle or property that result from an accident.

Comprehensive

Comprehensive covers everything Third Party Fire & Theft does, but you also can make claims for your own injuries, vehicle damage or property loss in accidents. You also might get other perks rolled into this type of cover, too, depending on the insurance provider you’re using. For instance, your insurance might cover getting you a rental vehicle free of charge while your own is being repaired. It also could cover things like roadside assistance.

Which Type of Insurance Should I Get?

Very generally, Third Party Only and Third Party Fire & Theft both are good options if you drive a relatively cheap car that it wouldn’t cost too much to fix or replace on your own if written off by the insurance company (totaled). You also might want to consider them if you feel sure you could do a lot of the repair work yourself. The decision of whether to use Third Party Only or Third Party Fire & Theft usually comes down to whether you feel it’s worth it to insure yourself, your car or your stuff a little more.

Young drivers also can find Third Party Only or Third Party Fire & Theft helpful. Although rates vary and sometimes are higher than what you’d pay for more cover, these options tend to be less expensive overall and, therefore, are attractive to young motorists who don’t have as much money to spare. For the same reason, anyone with a tight budget can investigate whether these choices are more economical for their specific circumstances. Another reason you might opt for them is because you want to deter yourself from making claims that could be covered under Comprehensive but which would drive up your rates over time.

Fundamental Principles Of Insurance

January 20, 2017

Insurance is a contract, a risk transfer mechanism whereby a company (Underwriter) promised to compensate or indemnify another party (Policyholder) upon the payment of reasonable premium to the insurance company to cover the subject-matter of insurance. If you are well conversant with these principles, you will be in a better position in negotiating you insurance needs.

1. Insurable interest. This is the financial or monetary interest that the owner or possessor of property has in the subject-matter of insurance. The mere fact that it might be detrimental to him should a loss occurred because of his financial stake in that assets gives him the ability to insure the property. Castellin Vs Preston 1886.

2. Umberima fadei. It means utmost good faith, this principle stated that the parties to insurance contract must disclose accurately and fully all the facts material to the risk being proposed. That is to say that the insured must make known to the insurer all facts regarding the risk to be insured (Looker Vs Law Union and Rock 1928). Likewise, the underwriter must highlight and explain the terms, conditions and exceptions of the insurance policy. And the policy must be void of small prints.

3. Indemnity. It stated that following a loss, the insurer should ensure that they placed the insured in the exact financial position he enjoyed prior to the loss (Leppard Vs Excess).

4. Contribution. In a situation where two or more insurers is covering a particular risk, if a loss occurred, the insurers must contribute towards the settlement of the claim in accordance with their rateable proportion.

5. Subrogation. It has often been said that contribution and subrogation are corollary of indemnity, which means the afore-mentioned two principles operates so that indemnity does not fail.

Subrogation operates mainly on motor insurance. When an accident occurred involving two or more vehicles, there must be tortfeasor(s) who is responsible for accident. On this basis, the insurer covering the policyholder who was not at fault can recover their outlay from the underwriter of the policyholder who is responsible for the incidence.

Buy Engagement Ring Insurance To Protect Your Investment

January 20, 2017

If you followed the convention of spending two months salary on the diamond engagement ring with which you proposed to your girlfriend, who is now you wife, we are talking about some serious money. So wouldnt you want to protect that investment in case your wife losses the ring or damage it from wearing it every day?

As with any kind of insurance, the right engagement ring insurance makes financial sense. Insurance give you some protection for your monetary investment and gives you peace of mind in case the engagement ring is lost or stolen. While you may not be able to replace the sentimental value connected with the ring, at least youll be able to get a replacement ring without too much of a financial burden.

Most homeowner’s and renters policies come with jewelry coverage as part of the over-all policy. The limit for the coverage is usually low, typically in the range of $1,000 to $5,000, after the policy deductible is met. If you have fine jewelry such an expensive diamond engagement ring that is worth more that the limit of the coverage, you need to pay an additional premium to buy additional coverage for the ring.

The problem with jewelry coverage under a homeowner’s or renters policies is that most likely the policy does not cover damage or loss to the engagement ring outside the home and only provide cover if the loss happens inside the covered property due to fires or theft.

If you want an insurance policy that covers a loss or damage away from home, you need to purchase a stand alone policy thru a company that specializes in jewelry insurance. Many of the major home and auto insurers also offer jewelry insurance policies. Knowledgeable jewelers should be able to give you names of insurance companies that offer that kind of policy, if they dont sell the policy themselves.

Some jewelers, as a service to their customers and to make some additional money, sell stand alone jewelry policies that are underwritten by insurance companies. Just be sure to do some comparison shopping to make sure you are not being over charged for the policy.

The best jewelry insurance policy is a replacement type policy that would replace your loss or damaged ring with a ring of like kind, at the current value. For example, if you own and insure a diamond engagement ring from Tiffany and the ring is loss, the policy will replace the right with a similar ring from Tiffany and not from Kay jewelers, for example.

The most common and least expensive type of policy is the actual value policy, which replace the cash value of your ring, minus any depreciation. This type of policy is similar to an auto insurance policy, where in the event of a total loss; the insurance company would pay the current value of the auto, minus any depreciation.

When shopping for a engagement ring insurance that fits your needs, be sure you know the type of coverage you are getting so you dont get a big surprise if you ever have to file a claim and only then discover that the coverage is not what you thought it was.

Premiums vary depending on the type of policy, the policy limit, the deducible, and where you live. As with other types of insurance, shopping around will get you the best deal. But in general, engagement ring insurance is relatively inexpensive compared to the price of replacing a valuable diamond engagement ring, and the peace of mind of being able to wear your ring without constantly worrying about losing it far outweighs the cost of the insurance.