Do I Need Engagement Ring Insurance?
Insuring your engagement ring is essential for protecting your investment and providing peace of mind. Engagement rings are high value items that are vulnerable to loss, theft, or damage, and the right engagement ring insurance ensures that if the unexpected occurs, your natural diamond ring can be replaced or repaired. Don’t risk losing your precious symbol of love—insure your engagement ring today to safeguard its value and your future. Below, a guide to how to insure your engagement ring, plus an overview of the different insurance policy options out there—including the coverage and exclusions details you may not know about.
How to Insure Your Diamond Engagement Ring:
1. Get an Appraisal
Have your natural diamond ring appraised professionally to determine its value. Regularly update the appraisal every 3-5 years as natural diamonds appreciate in value. It’s also important to note that a diamond grading report you may receive with your engagement ring is not an appraisal.
2. Choose the
Right
Coverage
Opt for jewelry insurance that covers loss, theft, and damage. Consider a scheduled jewelry policy for comprehensive protection.
3. Keep Documentation
Maintain detailed records, including photos, receipts, and appraisals, to support any jewelry claims.
4. Review Your
Policy
Regularly
Ensure your policy reflects any changes in your ring’s value, particularly after resizing, setting modifications, or market changes.
5. Store Safely
When
Not Wearing
When not wearing your ring, store it in a secure location. Avoid keeping multiple valuable items in the same place to reduce the risk of losing everything in a single incident.
6. Have Your Ring Inspected Annually
Have your engagement ring inspected at least once a year. Regular inspections ensure that the diamond or gemstones are securely set, and that the band and prongs haven’t succumbed to wear and tear. Some insurance providers may even require annual inspections to keep your jewelry insurance valid.
7. Travel Smart
Have your engagement ring inspected at least once a year. Regular inspections ensure that the diamond or gemstones are securely set, and that the band and prongs haven’t succumbed to wear and tear. Some insurance providers may even require annual inspections to keep your jewelry insurance valid.
Does Homeowners Insurance or Renters Insurance Cover My Engagement Ring?
The standard homeowners insurance policy or renters policy may offer limited coverage for jewelry, typically covering it under personal property. This will usually cover jewelry lost in catastrophic events like a fire. For example, if you have $100,000 of personal property coverage and there is a fire, that money has to be used to replace everything (clothes, furniture, electronics, etc.), including your jewelry. Many people find out too late that this is not sufficient to cover the replacement cost of their valuable jewelry. Most importantly, traditional coverage limits will not cover things like loss or damage and will limit theft coverage for jewelry to only $1,500, regardless of the amount of personal property coverage. Additionally, claims for jewelry can increase your premium, and your deductible will likely be subtracted from any payout.
Increasing Coverage with Your Existing Insurance
1. Blanket Coverage
or a Rider
Blanket coverage, or a rider, can increase jewelry theft coverage to $5,000, but it may not cover loss or mysterious disappearance, and claims can increase home insurance costs.
2. Personal
Property Floater
Blanket coverage, or a rider, can increase jewelry theft coverage to $5,000, but it may not cover loss or mysterious disappearance, and claims can increase home insurance costs.
Specialty Jewelry Insurance:
For the most comprehensive coverage, consider a standalone jewelry insurance policy from specialty jewelry insurance from jewelry insurance companies like Jewelers Mutual, Zillion, Gem Shield, BriteCo or Lavalier Jewelry Insurance. These companies offer extensive protection for lost, damaged, or stolen jewelry, with coverage tailored to your specific needs. Specialty insurance often includes preventative maintenance, such as repairs or tightening stones, and typically pays the jeweler directly for replacements. The advantage of specialty insurance is that claims don’t impact your home insurance policy or insurance premiums.
What Does Jewelry Insurance Cost?
On average, jewelry insurance costs between 1-2% of the value of the ring per year. For example, a $5,000 engagement ring could cost between $50-$100 annually to insure. Discounts may be available if you have a home security system or safe.
Insuring your engagement ring protects not only the value of your ring but also its emotional value. With the right coverage, you can wear your heirloom worry-free, knowing it’s safeguarded for the future.
