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You just got engaged—congratulations! You’re ready to hit the ground running with wedding plans, but there is something else extremely important that you need to do first: you need to get engagement ring insurance. Whether you’re newly engaged or have been married for decades, if you don’t have ring insurance, you are putting yourself at risk of a serious loss that could otherwise be avoided.
No matter how old or new your engagement ring is, and regardless of how much it’s worth, engagement ring insurance is incredibly important, and knowing how to insure an engagement ring properly will help you should anything ever happen to your ring.
Engagement ring insurance works just like other insurance policies. If something should happen to your ring, whether damage, theft, or loss, the insurance company will cover the cost to repair or replace it. Insurance coverage is particularly important for engagement rings because:
They often hold a lot of sentimental value. Even if the ring is not a family heirloom or incredibly expensive, it’s still a ring that represents your love and marriage, and it’s not something that you would ever want to be without.
Ring insurance will provide coverage that standard homeowner’s insurance and traditional jewelry warranties will not cover, such as accidental loss.
Engagement ring insurance will protect you in any situation where your ring is damaged or lost, and having it will give you peace of mind as you wear your jewelry day in and day out.
There are two primary options when it comes to types of engagement ring insurance. You can either go through your homeowner’s or renter’s insurance policy, or you can choose a company that only does jewelry insurance. It is, of course, simpler to set up coverage through a pre-existing policy, but you will have to add on what’s called a “rider” to get the additional jewelry coverage. The downside of utilizing an existing policy is that if you have any loss to claim on any of your possessions, your entire rate could increase, even for unrelated things. For example, if your home is broken into but your jewelry isn’t stolen, your rate for jewelry insurance may increase simply because of the claim for the theft of other items.
The second option is to utilize a jewelry insurance company. While it may take a little more effort to get this coverage set up, the engagement ring insurance will be more comprehensive and the company will have more experience in the specific type of coverage you want.
No matter what company you use for your jewelry insurance, you need to be sure they are a reputable and well-known company. Many smaller companies may offer competitive rates, but that doesn’t always mean you’ll be getting excellent coverage. It’s best to check with larger companies, particularly if you’re using a homeowner’s or renter’s insurance policy add-on. If you choose to go with a jewelry insurance company, ensure that the company is recommended by the Gemological Institute of America (GIA) or the American Gem Society (AGS).
You should get engagement ring insurance as soon as possible. This means that if you are about to purchase a ring, you should already be searching for insurance policies. If you recently purchased a ring or have had one for years and years, there is no time like the present. Similar to insuring a new car before driving it off the lot, anything can happen at any time with an engagement ring, and it’s best to have jewelry insurance sooner rather than later to ensure your cherished and sentimental investment is protected.
A few different factors go into determining the cost of engagement ring insurance.
1) The actual value of the ring. This may be determined by a store receipt if it was purchased recently and is on the lower end of valuation, but you may need to have an appraisal done to be sure that the correct value is assigned to your ring so that you’re not left waiting if something does happen to it.
2) The cost. One factor to determine the cost of insurance is by the crime rate in your area. The higher the crime rate, the higher your ring insurance will be.
3) Your insurance deductible. Not all policies have deductibles, but if yours does, your annual rate may be lower than a similar policy with no deductible.
In most cases, ring insurance will cost about 1-2% of the total ring cost per year. That’s between $1 and $2 for every $100 your ring is worth. So if your ring costs $10,000, your engagement ring insurance will cost you between $100 and $200 annually. That is a small price to pay for peace of mind that your cherished ring is protected and covered in case it gets lost, damaged, or stolen.
Now that we’ve gone through the big questions related to insurance and engagement rings, let’s break down the steps of how to insure an engagement ring.
If you’re still shopping, that’s not a problem. You can explore engagement ring insurance once you’ve narrowed down your top choices. However, if you already own the ring and have it in your possession, you need to start researching jewelry insurance coverage and contacting insurance companies.
In most cases, it is best to get complete and comprehensive coverage on your engagement ring. This means that if your ring is broken, stolen, or lost in any capacity, it will be covered. This includes crazy scenarios you never thought would happen, like dropping it down the garbage disposal or losing it at the park or accidentally throwing it in the garbage. Be sure to get the fine print from each company you’re considering and be sure to ask questions (like the ones we list below) to cover all the details.
If you purchased it recently, a store receipt may be enough to properly value it. However, the safest way to ensure it is valued correctly is to have an appraisal done by a certified gemologist. The value of jewelry does change over time, particularly with high-end jewelry, so it’s a good idea to keep this paperwork and update your appraisal on your engagement ring every few years.
Be sure to ask about what expenses will go toward your deductible, who to contact if you need to make a claim, and any ways you can reduce your personal engagement ring insurance cost while still maintaining all the coverage you want. It can be easy to draw out the process of how to insure an engagement ring, but it is a good idea to streamline the process as much as possible and get it done as quickly as you can. You don’t want to be without engagement ring insurance any longer than necessary, so prioritize this process and get your engagement rings covered.
It can be overwhelming to learn how to insure an engagement ring, but the more prepared and knowledgeable you are, the better off you’ll be in the end. Do your research on companies and types of engagement ring insurance, and be sure to ask any questions you may have. Here are a handful of excellent questions that you need to ask regarding your jewelry insurance.
This covers the fine details of when you can and cannot make a claim. Some jewelry insurance only covers theft, while other policies cover theft and damage, but not accidental loss. You want to make sure your ring insurance covers every possible scenario that could leave you without your ring. In addition to asking when your engagement ring insurance would start, ask about any specific instances where you would not have coverage.
Some companies will cut you a check for the pre-determined value, some will pay a jeweler of your choice directly, and others will require you to use a pre-determined jeweler for any repairs or replacements. Knowing this ahead of time can save you a great deal of stress later. Also, be sure to ask about what will happen in the case that a suitable replacement cannot be found (if that’s the route they require you go).
This will be different with every engagement ring insurance policy, so ask upfront. If you anticipate moving in the near future or have a specific jeweler you love, you want to know where you can go to get claims and minor repairs taken care of.
This should be a resounding yes, but some engagement ring insurance will only cover a portion of the complete cost of the ring. Again, this is something you want to know from the beginning so you can make the best decisions regarding your policy and plan accordingly if something does happen to your ring.
Most insurance companies won’t just cut you a check if you simply claim that your ring was lost—they need proof that it’s actually gone. Different insurance companies will go about this in different ways, so be sure the policy is outlined somewhere in writing for you to reference if you ever need to.
Let’s say you get the prongs of your ring re-tipped because the diamond was slightly loose. That’s not worthy of an insurance claim because no damage was done, but will the cost of that repair go toward your deductible? Asking about these things will help you minimize surprises and maximize the money you spend caring for your jewelry.
Moving from one state to another will certainly require some changes on your jewelry insurance, but what about moving from one house to another within the same town, such as when you get married and move in with your spouse? Find out what requires amendments to the policy and be sure to handle those in a timely manner so you don’t have any gaps in your coverage.
Since rates can be determined based on crime rates around your home, what happens if your ring gets stolen when you’re traveling to another state or another country? Find out how far your policy reaches and where it does and doesn’t extend to so you can make the best travel decisions regarding your cherished jewelry.
Keep records of everything. Keep the original receipt from the purchase of the ring, up-to-date photos of the ring, and all appraisal records.
If you aren’t given a diamond certification with a grading report when you purchase the ring, ask for one. This contributes to the overall value of your ring and is an important part of jewelry insurance.
Get your ring reappraised every few years. Just like any investment, the value of an engagement ring can fluctuate. Most commonly, rings increase in value and this can directly affect your engagement ring insurance, so keep these up to date.
Travel smart when it comes to your most important jewelry, even if it’s fully insured. Don’t pack extremely valuable jewelry in a suitcase. If you pack pieces in a carry-on, be sure they are packed properly with appropriate cushion and fabric around them to avoid damage. Don’t take unnecessary amounts of jewelry with you on trips, as that increases the likelihood of loss or damage to your expensive and prized pieces.
Get your jewelry inspected regularly. It is far less of a hassle to take your ring in for a cleaning and inspection every few months than it is to file a claim and wait for your gemstone to be replaced. The more you get your jewelry inspected, the more likely you are to avoid gemstone loss and other damage to your ring.
Take your jewelry off when necessary and store it in a safe place that you’ll remember. Chemicals, cosmetics, and more can damage your rings and other jewelry, so it’s best to remove them when you can to avoid unnecessary damage to the metal and gemstones. However, people have lost their rings due to taking them off mindlessly, so be sure to establish a safe storage place for your jewelry when you aren’t wearing it, and always put them there when removing them, even if it means going out of your way significantly.
Any jewelry of any value can benefit from having jewelry insurance coverage. This can include a vintage heirloom necklace from a family member, a gorgeous ring that was an anniversary gift from a spouse, or that amazing pair of expensive earrings that you couldn’t resist treating yourself to. No matter what type of jewelry you are thinking about getting jewelry insurance for, it’s better to be safe than sorry.
A good rule of thumb is to consider how you would feel if you lost a particular piece of jewelry. If you would be devastated by the sentimental loss, afraid of wearing other uninsured jewelry, or unable to afford to replace a lost piece, you should go ahead and get jewelry insurance for the piece in question. The price is small in comparison to the peace of mind that you’ll get from having your most valuable jewelry pieces covered.
If you are interested in learning more about how to insure an engagement ring, contact some insurance companies near you to ask questions. If you’re beginning your search for the perfect engagement ring or want to gift another spectacular piece of jewelry to someone special, visit Roman Malakov today. We have two store locations in New York City and you can shop online 24 hours a day, 7 days a week. Contact us if you have specific questions about our selection or how we can help you find the perfect piece of jewelry.