Insurance for Engagement Ring

Your engagement ring is likely one of the most important items you own. Not just the monetary value of the ring, but the sentimental value too. It's priceless to you. Have you thought about engagement ring insurance? It's a way to protect the value just in case something terrible happens. We've got everything you need to know about engagement ring insurance.


A Few Things to Consider When Insuring a Ring

Diamond ring insurance is simple to obtain. It's something that will give you peace of mind when it comes to your engagement ring. You have some options when considering engagement ring insurance:

Renter’s and homeowner’s insurance policies can cover the loss of your ring up to a certain amount. Check the policy's deductible and stated limits on unscheduled personal property. You can purchase scheduled personal property coverage. Ask your insurance company or agent.

  • There are jewelry insurance companies that can cover your ring. Because they specialize in this, they might offer more comprehensive coverage, such as recreating a lost piece or repairing a damaged one.
  • Find out if your existing homeowner’s or renter’s policy will cover your ring. If not, you'll need to purchase a separate policy. Make sure you know what the policy covers, from theft to disappearance, damage, fire and more.


Should You Get Ring Insurance?

Are you debating if you should spend the money and effort to get ring insurance? If you are on the fence about getting engagement ring insurance, ask yourself these questions:

  • If your jewelry was gone today would you be devastated?
  • Are you afraid to wear your jewelry because you fear you may lose it?
  • Do you avoid wearing your jewelry just so something won't happen to it?
  • Are you unable to cover the cost to replace the ring?

These questions will get you thinking about whether or not you should buy engagement ring insurance. Insurance offers you peace of mind when it comes to your favorite ring.


How to Insure an Engagement Ring

  • Have your ring appraised by a graduate gemologist. Find a reputable appraiser who has a graduate degree in gemology and is a member of a national appraisal society. An appraisal will document every aspect of your ring. It will detail the diamond setting and other stones. The appraisal will include an estimated value of the entire engagement ring. If you are wearing a ring that is from your family, the same rules apply. Consider bringing your family rings and heirloom jewelry in for appraisal.
  • Your jeweler should provide a diamond certification grading report with your ring. It may come from an independent gemological laboratory like the Gemological Institute of America. The jeweler will make an assessment of the diamond quality and list all of the measurements for the diamond. It's important to remember this is not an appraisal for the ring, just documentation on the diamond. An appraiser and a jeweler do different jobs and serve different functions.
  • You will need documentation supporting your ring's value. A receipt from the jeweler may be acceptable. Usually, a receipt will only work if you get the insurance very soon after buying it.
  • Are you unable to cover the cost to replace the ring?


Questions to Ask about Engagement Ring Insurance

When shopping around for a policy provider, there are some questions you should ask. These are questions to consider even if you find out the current policy you hold covers your ring.

  • Are there any circumstances when the ring is not covered by insurance?
  • Does the coverage count if something happens when you are out of the country?
  • Are you covered for damage to the ring or just loss and theft?
  • Can you choose who makes repairs to your ring?
  • If you have insurance for a replacement, what if you can't find a suitable replacement?
  • What do you need to do to prove you lost a ring?
  • Will the policy adjust according to inflation for the diamond ring?


How Much is Ring Insurance?

The cost will vary depending on the company you choose, but there is a good rule of thumb you can consider. Plan to pay $1 to $2 for every $100 of your ring's replacement value. For example, a ring worth $4,000 is covered for about $80 annually.

Your engagement ring is a great investment! The value of the ring may have gone up since you first got it. As such, it’s a good idea to have your ring reappraised every three to four years. You might want to go to the same jeweler each time. Always keep your copy of the original appraisal, so they can work from that instead of starting from the beginning again. Also, take pictures of your ring from several different angles.


Using Engagement Ring Insurance

You have ring insurance for a reason. You might need to use it one day. Don't panic, you are prepared.

When you first call to make an insurance claim, they will ask your name, address and insurance policy number. You'll need to know the date the ring was lost or stolen and if there was a police report involved.

You will need to provide a recent appraisal for the ring. If you don't have one, the insurance company will estimate a value based on similar rings. This price may be lower than you expect, so make sure you have the appraisal handy.

You will start the process of an insurance claim with a phone call, but make sure you get everything in writing. The company should provide email confirmation of anything you discuss. Make sure you get something in writing the same day you call about getting coverage.

Remember, insurance companies handle thousands of claims each day and sometimes they do deal with fraud. In order to get the most out of your insurance claim, make their job as easy as possible. You may feel like they are giving you a price that is too low. But try to approach the situation with patience and understanding.

Be ready for any questions they have and remain calm. Even though this is a terrible loss for you, it's just another business day for them. So, keep that in mind if you don't get the response you think you need.

Don't worry too much. When it comes down to it, insurance companies are generally honest and will pay the amount you deserve. If you have prepared enough ahead of time, you will have all of the proper documentation. With this in hand, there shouldn’t be too much negotiating about the price amount.

If you have questions about diamond appraisals, contact your Zales store for help.