Guide to Engagement Ring Insurance

Thanks to modern technology, insuring an engagement ring starts with a few clicks on your keyboard. Contact a reputable jewelry insurance company and get the process started. You’ll have to provide various documents, and a certified appraisal, then you’re set to go. Unlike other valuable items, engagement rings have both financial and sentimental value.

This makes your ring even more precious. If you don’t have ring insurance in the event of theft, loss, or damage to your ring, you might not be able to replace or repair it. The damage would be financial and emotional. But with engagement ring insurance you can enjoy the beauty of your ring knowing it is protected.

What is Engagement Ring Insurance?

Engagement ring insurance mitigates risk in the event of loss, theft, or damage to your ring. The policy will also cover “mysterious disappearance” for times when jewelry disappears and you are unsure whether you’ve lost it or whether it has been stolen. Depending on your policy, ring insurance could also cover preventative maintenance and replacement of your ring.

Should You Insure Your Engagement Ring?

Yes! Your ring is not only a valuable asset that needs protecting, it also has sentimental value. There is incredible emotional loss when an engagement ring goes missing or is damaged. With engagement ring insurance at least you’ll have the opportunity to replace your ring.

How Much Does Engagement Ring Insurance Cost?

The cost of engagement ring insurance depends on many factors – the value of your ring, where you live, etc. The average cost of engagement ring insurance is about 0.5%-2% of the appraised value of the ring per year. Some engagement ring insurance policies may have a “deductible”. This is an amount you’ll be required to pay before the insurance kicks in. 

When Should You Get Your Engagement Ring Insured?

Your future husband can get your ring insured as soon as he buys it. There is no reason to wait until the proposal. But if you receive an engagement ring that is not yet insured, then you should get it insured as soon as possible. The sooner it is insured the sooner it will be protected.

How To Insure Your Engagement Ring?

Find a reputable ring insurance provider. You might consider insuring your ring under your homeowner’s insurance but it is not advisable. Homeowner’s policies offer limited coverage of jewelry and any jewelry claim against your homeowner’s insurance will raise your premium. Rather choose a jewelry insurance specialist with experience specifically with jewelry.

They will ask to see an appraisal of the ring or the ring’s sales receipt. You’ll have to fill in an application form and provide any certificate of authentication you have (a diamond certificate or grading report), sales receipt, or appraisal. Ask your policy provider any questions you have, and read the fine print.

What Happens if Your Engagement Ring is Lost or Stolen?

If you’ve chosen a reputable jewelry insurance company, you will likely have replacement coverage. This means that your insurance will cover the cost of replacing the lost or stolen jewelry with one of equal value.

Make sure your policy coverage is worldwide, in case your ring gets lost, damaged, or stolen while you’re abroad. If your ring is lost or stolen make sure you report it to the police and get a police report. This will be needed when making your insurance claim.

What Happens if Your Engagement Ring is Damaged?

Your jewelry insurance should cover the cost of repairing your damaged engagement ring. Once you have made an insurance claim, you can select a jeweler to work with to repair your ring. You will need to be involved in the process and contact the jeweler. Your insurance company may ask for a quote or several quotes for the cost of the repairs before work begins on your ring. But in the end, your engagement ring should be restored to its original condition at no cost to you.  

How to Make a Claim on Engagement Ring Insurance

These days it is not difficult to make a jewelry insurance claim. It can be done online in a few minutes. Then the company will contact you to follow up and maybe ask for additional information. You’ll need to provide various documents – a police report in the case of theft, photos of the piece that has been damaged, and any other relevant documentation. After you’ve filed a claim, you will be on your way to replacing or fixing your precious engagement ring.