Congratulations! You just popped the big question and she said yes! You made sure to pick out the perfect engagement ring for your perfect lady. Now the two of you are spending your time and energy on venues, flowers, colors, and cake. But don’t forget, you still need to insure your engagement… ring that is. No matter how much you paid for her ring, it is still an important piece of jewelry, and you want to be covered it anything happened to it. There are few options how you can go about insuring it.
One way to go about insuring your ring is through a rider. A rider is essentially an extension of your renters or homeowners policy. your ring would be guaranteed through personal property coverage. A second option would be to work with a company that specializes in jewelry insurance. You might decide this route is better as they might offer more coverage than your homeowners policy like replacing a lost or stolen rings instead of paying you a set dollar amount.
The first thing you’ll need to do is get your ring appraised. You can do this by visiting a local graduate gemologist. They establish the value of the many elements of your ring including the purity and quality of the metal; as well as the cut, color, clarity, and carat of your diamonds and gemstones. Once they have assessed the value, they will document all the details. Sometimes an insurance company is okay with just the receipt from when the ring was purchased. Make sure you check with your insurance company first on what type of paperwork they prefer.
Questions to Ask
When looking around and figuring out what policy will be best to cover your precious new bling, here are some questions you’ll want to make sure to ask:
- Is the ring covered if it’s accidently lost or only if it’s stolen?
- How will the ring be replaced? Check? Purchased through a specific jeweler?
- What if the piece is vintage or custom? How will the quality and of the diamond be documented?
- Is the ring fully insured or only a percentage?
- How will you need to prove the ring is gone if you need to make a claim?
- are there circumstances insurance won’t cover?
As with any insurance coverage, the cost of insuring your ring will vary with your insurance company and what is being covered. The basic rule of thumb is to pay $1 or $2 or every $100 of your ring’s value. If your ring is worth $4,000 you will pay about $80 per year. Make sure you keep your paperwork somewhere safe if you ever need to refer to it. Buy a safe for your jewelry when it’s not being worn. These two things will help keep your cost down.