Wedding Essentials: Insuring Your Engagement Ring

You’re engaged, yay! One of the first -- and frequently overlooked -- steps is to insure your engagement ring. Your fiance most likely spent quite a pretty penny on it, or maybe it’s a family heirloom. Regardless of its history, it’s extremely important that you get insurance on it as soon as possible. Why? You insure other items that are high in value: your home, your vehicle, your health… so it makes sense that this would go right along with those things, too. This way, you have a backup plan if something were to happen to your ring. Instead of losing thousands of dollars in the ocean on your honeymoon, you know you can file a claim with your insurance when you get home to recoup your losses to replace your ring. Going about acquiring your insurance for your ring can be confusing, there are lots of different options! So today, we’re going to break down all those details and help you make sense of what your options are.

Image Source: Olive Ave Jewelry

Image Source: Olive Ave Jewelry

Your Options:

There are two main avenues you can pursue for insuring your ring. The first is to add it onto your home or renters insurance as a “rider.” While home and renter insurance typically covers items within the home, it’s really only up to a certain dollar amount. That’s why it’s best to get a rider to cover your ring specifically to avoid any complications. The other option is to get an independent policy just on your ring, usually from a company that specializes in jewelry insurance. A big pro to this option is that they usually offer more comprehensive coverage than a rider would. So instead of just getting the cash, your policy may actually issue a replacement ring in the event something happens to it.

The Process:

The first step in any process is usually to have an appraisal done. Make sure that you’re having this done with a licensed gemologist. There’s usually a small fee associated with this process. It’s also good to note that you should get your ring re-appraised on a somewhat regular basis. We recommend every two to three years to make sure your insurance coverage is still the right amount. In addition to your appraisal, some companies will require your original receipt as well as a copy of your GIA certificate.

Image Source: Charla Storey

Image Source: Charla Storey

What can I expect to pay?

Typically, most policies will include a premium that is 1-2% of the ring’s value. So if you have an $8,000 ring, you can expect an $80-160 premium. That being said, rates will differ depending on the cost and quality of the piece, your location, and your level of coverage. Shop around and see what different quotes you can get with different options.

Questions to Ask:

This is the time to ask all the questions! You want to make sure you have a full understanding of your policy and exactly what is covered and what isn’t. Are there any hidden stipulations? Now is the time to dig in and really get all the answers! Some of the questions we suggest asking include:

  • Is the ring covered if you lose it accidentally, or only if it's stolen?

  • How will the company replace the ring? Are you insured for a replacement or only cash? Will they require you to purchase a replacement through a specified jeweler? What happens if a suitable replacement cannot be found?

  • What if it's a vintage ring or other unique piece? How will the quality and size of your diamond—and that of a replacement if needed—be documented?

  • Is the ring insured to full cost or a fraction of it?

  • How will you need to prove the ring vanished if you make a claim?

  • Are there any circumstances of loss or damage that aren't covered?

  • Can you choose who repairs your ring?

  • Will you continue to be insured when out of the country?

  • Are you covered for damage or just loss/theft?

  • Will the policy adjust according to inflation?

  • What maintenance is required?

  • What services go towards a deductible?

Image Source: The White Wren

Image Source: The White Wren

Remember, if there’s anything that you’re confused about, uncomfortable with, or just unsure on, now is the time to ask!

Things to Remember:

If you opt to insure your ring through a rider on your home or renters insurance, make sure you remember to move your rider with you to your next residence! This is something that can easily be overlooked and forgotten, and unfortunately you most likely won’t remember until you need it most. A lot of policies will require regular cleanings and checkups on your ring, even if your policy doesn’t, we highly recommend getting into this practice because it’s the best way to catch if something is coming loose before it’s too late!