Engagement Ring Insurance

There are hours of your invested time in making decisions, online research, and finally selecting the perfect engagement ring for your loved one. She said yes, so the scary part is over, however, what are you going to do when you realize you didn’t cover everything and the ring becomes lost or stolen?

We like to think optimistically as men but as a man who just made a significant purchase for a diamond ring, there are two things you need to consider doing next. Don’t wait until your wife loses her ring or has it stolen and finds out you didn’t love her enough to buy insurance? You don’t want to be that guy, so we’re here to the rescue. Buying a diamond is a big step in your life and you want to protect your investment as well as your marriage. You should consider engagement ring insurance for your new purchase!

jewelry insurance

Get an Appraisal and Insurance for Your Engagement Ring

Diamond ring insurance works like other typical policies they can be added to your homeowner’s insurance policy or your renter’s insurance. It’s best to check with each company for specific policies and standard deduction rates will vary depending on the insurance company. You can also get your engagement ring insured with specialty companies that only insure jewelry. Specialized insurance jewelers can be a benefit over standard insurance policies by replacing the diamond engagement ring rather than giving you the current cash value for it.

After buying your diamond engagement ring an appraisal works like a specific receipt for your diamond ring. If anything should happen to your loved one’s diamond ring the appraisal will act as your liaison and get you the ring back or have it replaced at the appraisal value.

You’ll need the appraisal before the insurance company will provide insurance in most cases. An appraisal is the one thing that guarantees your rings value if stolen and an instant lottery ticket to get your ring back if it’s lucky enough to be in police custody. Vintage and Heirloom rings should also be appraised as well.

Why do You Need Insurance for a Diamond Engagement Ring?

It’s no big secret that the sentimental value means more than the actual ring itself. The same statement holds true that your loved one cannot be replaced, however, a stolen or lost ring can be. Buying insurance for your engagement ring is a wise thing to do and it gives you the added benefit of knowing your investment is safe.

When Should You Get an Appraisal and Insurance?

As soon as possible! This is something you don’t want to procrastinate, the quicker you get an appraisal and insurance the more you can relax. Some insurance companies will allow the process of getting a policy before the ring is appraised, however, in order to take effect a certified appraisal is needed.

Below are some questions you should ask your insurance provider before you agree to a policy.

  • Is the value of the ring partially covered or fully covered?
  • Will I get a check for the full appraisal value of the ring?
  • Will you replace the ring with a similar one or will it be the exact ring from any store that has it?
  • How easy is it to process a claim. Get details.
  • Is there any circumstances that my engagement ring won’t be replaced?
  • Am I covered if I damage, misplace, or lose the ring?
  • Is my ring covered in case of a natural disaster or in a fire?
  • What does the policy cover if my ring is stolen and I have a police report?

How do You Get Insurance For Your Engagement Ring?

Most insurance companies will want a receipt and a certified appraisal before they issue an insurance policy for your ring. Some insurance companies will vary with standard requirements before a policy is issued, it’s best to have the appraisal in place before you take this step.

How Much Does Insurance Cost?

Insurance rates will vary depending on if you live in a low-risk crime neighborhood or in a neighborhood where the crime rate is high-risk. The average cost of insurance is about $1.00 to $2.00 for every $100.00 of replacement value for your engagement ring. A $3,000.00 dollar engagement ring could cost anywhere from $30.00 to $60.00 a year. It really is pretty small in comparison to not having any insurance for your investment or a ring to show for it?

How Much Does an Appraisal Cost?

New diamond rings should come with a free appraisal, however, if you’re optimistic about wondering if you got ripped off? You can hire an independent appraiser to confirm your purchase. Rings that need to be re-appraised or you might have existing rings you want to be appraised, the appraisal will depend on the complexity of the jewelry and flat hourly rates of $50.00 to $150.00 an hour are standard rates in this industry.

If you are looking to purchase jewelry insurance, consider Jewelers Mutual, who have various plans available!

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