Insuring Your Engagement Ring
Connie is a licensed broker for all lines of insurance and has been in the industry for 38 years, 20 of them with C&S! She has been married for 40 years and has two adult daughters.
Are you engaged, or at least thinking about thinking about getting engaged? Congratulations! It’s certainly an exciting time filled with a lot of decisions. But you don’t want to overlook an important one you may not have considered: engagement ring insurance.
No one wants to think about it, but the unfortunate reality is that any type of jewelry can be lost, stolen, or damaged. You want to make sure your valuables are protected, which is why engagement ring insurance is important.
Who Needs Engagement Ring or Wedding Ring Insurance?
The simple answer? Anyone with an engagement or wedding ring that’s relatively expensive or has sentimental value. What’s considered “expensive” is subjective, of course, and some rings are more valuable than others. Engagement ring insurance is a personal choice, and though it’s not required, it will certainly give you peace of mind knowing that your valuables are covered.
Does Homeowners Insurance Cover Engagement and Wedding Rings?
Although most renter’s or homeowners insurance policies do cover the items inside your home, they are limited to a certain dollar value and specific types of loss events, like fires or burglaries. If your engagement ring or wedding ring is lost or broken under other circumstances, you may be out of luck.
Tips for Insuring Your Engagement Ring
Ask the right questions
- Can you choose who repairs your ring?
- If you’re insured for a replacement (as opposed to a cash payout), where can you purchase a new ring?
- What happens if you can’t find a replacement ring to your liking?
- How will you need to prove the ring is lost if you need to file a claim?
- What isn’t covered under engagement ring insurance?
- Does inflation affect the policy?
- Are you covered just for damage? Or loss and theft?
- Is your engagement ring still covered if you travel outside the United States?
Get an appraisal
A store receipt is not enough for an accurate appraisal of your engagement or wedding rings; you need to contact a reputable jeweler. This often requires making an appointment and, yes, you guessed it — paying the appraiser/gemologist. Make sure you understand the process and price beforehand. For example, can the appraiser do the job in front of you, or will you need to drop your rings off? In the second case, allow yourself enough time to complete a “take-in” sheet and possibly a “plot diagram,” if necessary, so there are no concerns about your piece getting switched. Hourly rates for jewelry appraisal range from $50 to $150, according The Knot, which offers this helpful article on wedding ring appraisal.
Find a certified appraiser with the right credentials
Look for an appraiser who is certified by one of the approved Gemological Institute of America associations. The American Gem Society also lists qualified professionals.
Consider coverage options
Where you live may affect the cost of engagement ring insurance. If you live in an area with a higher risk of theft, you might pay more. Ask whether your insurance company provides any discounts if you’re willing to install a secure system or rent a safe deposit box to store your valuables when they aren’t in use.
Obtain a grading report or diamond certificate
You’ll typically receive a diamond certificate or grading report if your engagement ring has a center stone of a half carat or larger. “This assessment of quality — while not an appraisal — lists all of the measurements your appraiser will need to make the most accurate determination of value,” according to Brides. This information is also helpful in the event your diamond is stolen since it provides detailed information that can help you track down your ring.
Don’t forget to reappraise
Jewelry values will fluctuate, so it’s best to use an appraisal within the last two years, if possible. This means you should consider reappraising your jewelry every few years, even if it’s not required by your insurance provider.
What Are the Expected Costs of Engagement Ring Insurance?
Depending on where you live, the average cost to insure diamond jewelry is $1 to $2 for every $100 in replacement costs.
What Should You Do After You’re Insured?
It should go without saying, but it’s important to keep your engagement ring safe — and that you know where it is at all times. You should also keep all documents related to your engagement ring insurance together in a safe place. This includes the written appraisal, receipts, photos, certificates, reports, and all policy details.
Q: What’s the difference between a premium and a deductible?
A: A premium is the amount of money you pay for an insurance policy. An insurance deductible is the amount of money you have to pay from your own pocket before your insurance coverage kicks in.
Q: Are there any ways to bring down the premium cost?
A: A premium is based on a number of risk factors and rates, so it’s best to consult with your insurance agent. Some policies may provide a discount if you install a home security system or buy a safe, but it depends on the provider.
Q: Can I insure multiple pieces of jewelry?
A: Yes! In fact, we encourage it. You can insure all your jewelry from the beginning or add on pieces to your policy as you go.
Q:How and when will I get paid if something happens to my jewelry?
A: After your claim is approved, you will be paid in one of two ways: actual cash value or replacement cost. The replacement cost refers to the price of replacing something new today; the actual cash value is the same thing but takes depreciation into account.
Keep Your Engagement Ring Safe With C&S Insurance
Do you still have questions about how to insure your engagement ring? Contact us today! At C&S, we act as advisors and advocates working on your behalf. We have specialized insurance agents who specialize in the intricacies of engagement ring insurance, and we’ll review your insurance policies to make sure you understand your costs and receive the best coverage at the best rates available in the market.