How to Insure an Engagement Ring?

October 15th, 2021 / Alese Oldenburg

Your car, your home, your pets – we insure all of our most valuable things for added peace of mind. And with a diamond simulant engagement ring being amongst the most important, sentimental, and costly purchases that you can make, it’s only natural that it would be added to the insurance plan.

Think about it, from the moment that you get engaged, your ring becomes your new companion. From the gym to the beach, your new shiny addition is there. So what happens if the worst-case scenario becomes a reality? Whether your new ring holds a natural diamond, lab diamond, or a diamond simulant, it is a valuable possession that must be financially protected.

In this article, we’ll discuss how fine jewelry insurance can protect you if your forever adornment gets lost, damaged, or stolen. Because as unromantic as it might sound, choosing the right jewelry insurance policy should be an integral part of everyone’s wedding planning process.

Who Should Insure Their Engagement Ring?

If you are wondering, “should I insure my engagement ring?” the answer is absolutely. Every couple can benefit from engagement ring insurance. No matter the cost of the diamond ring, engagement rings, and wedding bands represent two people’s commitment to each other, making them priceless possessions. Insurance coverage on these treasured pieces honors not only their financial value but the message that they represent.

“If you’d be upset if your ring was ever lost, broken, or stolen, then it’s valuable enough to insure,” said insurance expert Tyler Krowiorz in an interview with Brides. “If you think you would be devastated about the sentimental loss, afraid to wear other uninsured jewelry, or unable to cover the cost to replace the item, it would be wise to make sure your diamond simulant engagement ring or wedding ring is covered by insurance.”

Insurance acts as a safeguard and knowing that your prized possessions are properly insured can help soften the blow if worse comes to worst.

What Is the Best Way to Insure an Engagement Ring?

Your soon-to-be-fiance can insure their ring immediately after you pop the question. Much like a car, an engagement ring is eligible for coverage as soon as it’s purchased and in the owner’s possession. While you might be more concerned about flaunting your new rock than something as snooze-worthy as jewelry coverage, it’s important to protect the piece ASAP.  

How Do I Add an Engagement Ring to My Insurance?

Adding a ring to your insurance is easy. If you have homeowner’s or renter’s insurance, you can purchase something referred to as a “rider,” which acts as an extension to cover your ring in specific. However, using this method, it’s important to keep in mind that if your ring was ever lost or stolen, your premium could be suspect to change, or your homeowner’s insurance policy could be affected when renewal rolls around. 

Alternatively, you can opt to take out a policy through an independent jewelry insurance company, one of the most popular of which is Jewelers Mutual. 

In order to determine which potential policy provider is right for you, it’s important to ask questions. Here are a few things to consider before making your decision:

• Is the ring covered if it’s stolen or lost accidentally? 
• How will the ring be replaced? Will they require you to purchase a replacement with a specific jeweler? Or, can you choose who repairs or replaces the ring?  
• What’s the scoop when it comes to vintage or heirloom pieces? 
• How will you need to prove that the ring vanished when making a claim? Do they cover mysterious disappearances? 
• Does your insurance continue when you leave the country? 
• What are the coverage limits? Are there any situations in which the loss or damage will not be covered? 

Are Engagement Rings Covered Under Contents Insurance?

Yes, for those living in the U.S., home contents insurance is usually included in a standard homeowner’s or renter’s insurance policy to cover the cost of replacing items in one’s home that are damaged or stolen. This sort of personal property coverage includes things such as electronics, firearms, jewelry, and precious metals. 

People living outside of the U.S. may not find this coverage included with their homeowner’s or renter’s insurance and will instead need to purchase a standalone contents insurance plan.  

How Much Does it Cost to Insure an Engagement Ring?

On average, you can expect to spend somewhere around $1 to $3 for every $100 your ring is worth. So, if your diamond ring costs $9,000 of your month’s salary to replace, your yearly payment would be somewhere between $90 to $180. 

The cost of coverage can also vary depending upon factors such as where you live, and whether or not your chosen policy has a deductible which is an out-of-pocket sum that you pay for damages or replacement before the company gets involved. 

How Can I Determine My Ring’s Value? 

Get It Appraised

In order to learn the true value of your ring, you’ll also want to get an appraisal. Several things go into determining your engagement ring’s appraised value, including, but not limited to carat weight, cut, color, clarity, the number of diamonds, type of metal, stone shape, distinctive markings, model numbers, and shapes. But it doesn’t stop there, the full value of a piece of jewelry is also determined by a comparison of retail prices on the regional market, the origin of materials, and the overall craftsmanship.

Your wedding ring insurance policy might require you to get your ring reappraised every few years to reassess the piece’s value.

Obtain a Grading Report or Diamond Certificate

Many jewelers provide a grading report or diamond certification for stones measuring a half-carat or more on the diamond carat size chart. Diamonds and other gemstones are commonly graded by the Gemological Institute of America (GIA) or the American Gem Society (AGS), where the 4Cs of diamond quality – cut, carat, color, and carat – are used to determine a stone’s total worth.

A Final Word

Above all, be sure to read the fine print. A good ring rider policy will cover your engagement ring in even the direst of situations. From petty theft to freak accidents, make sure that your plan has you covered. 

Sources:

https://www.theknot.com/content/engagement-ring-insurance-101

https://www.brides.com/story/how-to-insure-your-engagement-ring

*Here at Diamond Nexus, we strive to provide valuable information while being clear and honest about our products. The Nexus Diamond™ alternative is a patented lab created diamond simulant that, among all simulants, most closely imitates the look, weight and wear of a diamond, with two exceptions – it is absolutely perfect in every way, and it costs significantly less. Price points and environmental facts expressed in this blog were taken from popular online retailers and may vary. Learn more about the environmental impact of mining by visiting our blog.