What if you misplace your ring? What if it is stolen? What if it is damaged? You don’t want anything bad to happen to your favorite rock. Whether you’ve mistakenly left your engagement ring on the beach, misplaced a stone at the gym, or had your ring stolen. Ring insurance may provide financial security and peace of mind when you need it the most. “If you’d be unhappy if your ring were ever lost, broken, or stolen,” says insurance expert Tyler Krowiorz, “it’s important enough to cover.” “If you believe you would be saddened by the sentimental loss, scared to wear other uninsured jewelry, or unable to bear the expense of replacing the item, it is prudent to ensure that your engagement or wedding ring is insured.”
While any damage to your engagement or wedding ring is painful, knowing it is fully insured can help lessen the shock. Although no two insurance plans are comparable, knowing that you have some protections and protection against some of life’s most horrific possibilities may be reassuring. “Jewelers Mutual protects you in real life with your jewels,” Krowiorz says. “Because you can’t always specify how or where your belongings went missing, we cover inexplicable disappearance, loss, theft, damage, and international travel.”
We’ve produced a complete guide to engagement ring insurance and asked Krowiorz for his thoughts on what it takes to ensure you’ll be able to enjoy your ring for years to come—regardless of what life throws at your left hand. Everything you need to know about insuring your wedding rings is right here
The Price of Engagement Ring Insurance
“The rate is set by several rating criteria and features (such as an auto or home policy) to create a personalized rate based on the particular risk characteristics,” Krowiorz explains. The cost of coverage will vary substantially depending on several factors, including the worth of your ring, where you reside (and the area’s theft rates), and whether or not your insurance includes a deductible. Premiums for insurance with low or no deductibles will always be higher.
According to Krowiorz, insurance normally costs one to three percent of the item’s worth, although this range might vary depending on individual risk profiles. So, on average, you should expect to spend $1 to $3 for every $100 the ring is worth. In principle, a $10,000 bauble should command a premium of $100 to $300 every year.
Advice on How to Insure Your Engagement Ring
Get Engagement Ring Insurance as soon as possible.
Your soon-to-be fiancé (or fiancée) can insurance the ring as soon as it is acquired and in their possession, similar to how you would insure a car before driving it off the lot. You might not think of anything happening to your treasured and sensitive memento at first, but the sooner you insure it, the sooner you’ll be covered. After you’ve acquired the ring, you or your partner can start looking for ring insurance companies. Krowiorz points out that the timing might vary based on the specific circumstance. Coverage can be granted immediately (once the application, appraisal, and sales receipts are filed) or may take two to four business days if underwriting review is required.
Select a Service Provider
You have two choices when it comes to insuring your engagement ring (or another precious piece). If you have homeowner’s or renter’s insurance, you may add an extension (commonly known as a rider) that explicitly protects your engagement ring. However, there is one thing to bear in mind. “A jewelry claim made against your homeowner’s policy might have an impact on your overall policy,” Krowiorz warns. “As a result, if your engagement ring is ever stolen or misplaced, your premium or eligibility for your complete homeowner’s policy may be affected upon renewal.”
If you don’t have homeowner’s or renter’s insurance, you may get coverage through Jewelers Mutual, an independent organization specializing in jewelry insurance. “We advise you to put your house in the hands of your homeowner’s or renter’s insurance professionals and your valuables in the hands of jewelry insurance specialists,” Krowiorz adds. If your wedding ring insurance provider does not give the precise coverage you desire, look into independent firms like these. “Most homeowner’s insurance plans cover jewelry to some level,” notes Krowiorz, “but coverage is sometimes limited by scenarios covered, obligations to employ jewelry replacement firms, and coverage value restrictions.”
Pose the Correct Questions
It is critical to be well informed when picking which insurance plan or provider most suits your needs. Important questions to ask a potential insurance provider include:
Do you have a say in who fixes your ring?
Where can you get a new ring if you’re insured for replacement rather than cash?
What happens if a suitable substitute is unable to be found?
If you file a claim, how will you show the ring vanished?
Is there anything that hasn’t been covered?
Will you be insured if you leave the country?
Are you insured for damage or only for loss and theft?
Will the policy be adjusted in response to inflation?
What kinds of repairs go toward the deductible?
When insuring anything precious, the most crucial thing you can do is properly understand your insurance,” explains Krowiorz. As you receive responses to these questions, you will have a clearer idea of which company can give the best ring insurance.
Obtain an Appraisal
You can’t preserve your ring’s value if you don’t know how much it’s worth. An appraisal will consider all essential value factors, such as diamond carat weight, cut, color, clarity, and quantity; metal type and weight; shape and carat weight of additional stones; and any distinguishing marks, model numbers, or stamps. Current retail pricing in the region, the provenance of the materials used, and the craftsmanship of the artwork are all considered. Most insurance companies will need an assessment for higher-value products (such as rings costing $5,000 or more), although an invoice or receipt will do for lower-priced items.
Obtain a Diamond Certificate or a Grading Report.
Suppose your center stone is half a carat or larger. In that case, your jeweler will almost always provide a diamond certificate or grading report from an independent gemological laboratory. The Gemological Institute of America (GIA) established the “4Cs” used to evaluate diamonds: color, cut, clarity, and carat weight. While not an appraisal, this quality evaluation contains all of the metrics your appraiser will need to make the most accurate value judgment. (This particular information can also aid in the recovery of your diamond if it is ever stolen.)
Check that your appraiser has the necessary credentials.
Find a trustworthy appraiser with glowing recommendations, especially with a doctorate in gemology and a national appraisal association membership. (The GIA recognizes these associations.) Also, ensure that the assessed value is correct and not exaggerated. Sure, you could be ecstatic when your partner’s $2,000 sparkler appraises for twice as much, but you could wind up losing money in the long term. For a ring worth $4,000, you’ll have to pay a larger monthly premium.
Keep in mind to reassess.
The good news is that your engagement ring was a wise purchase. Because the value of your ring has most certainly increased since you acquired it, you should have it appraised every two to three years for insurance purposes. Most professional appraisers will keep a copy of your first appraisal and work from that rather than beginning from scratch (this also helps cut costs). Bring a copy of your original appraisal with you if they don’t retain records for that long.
Reassess Your Overall Insurance Requirements
There may be more to consider than simply how to insure engagement rings. As soon-to-be newlyweds, you might want to consider increasing your insurance coverage to cover pricey or difficult-to-replace wedding presents.