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Choosing an engagement ring is the decision of a lifetime, requiring a lot of research and consideration—all coupled with major sentimental and monetary investments. Once you’ve found the perfect engagement ring, you owe it to yourself to dedicate some time to also finding the right insurance policy to keep it covered in case of a loss. Luckily, with a some simple research, it can be a quick and inexpensive experience.
Engagement ring insurance is a form of jewelry insurance that makes sure your priceless possessions are covered monetarily in the event that they are stolen, lost, or even damaged. In many cases, it can further accommodate repairs and other preventative measures for fine jewelry. Ring insurance provides you with peace of mind, for the piece on your finger.
Generally speaking, any ring of sentimental and monetary value should be insured. After all, in the unfortunate event that something happens to it, paying for a new one is a very sour cherry on top of an already stressful situation. The amount of insurance you pay is relative to your jewelry cost, meaning every ring is worth insuring – from those under $1,000, to the those flaunting several carats.
When it comes to who should have the insurance on the ring, that should be the person holding it. Before a proposal, the ring purchaser needs to have the ring covered under their home (or renter’s) insurance. However, once the ring has been accepted by ring wearer, it’s their responsibility to insure the ring as a new piece of their personal property.
Get an appraisal, and reappraisal.
In order to insure your ring, you’ll have to know how much it’s worth. Take your ring to a licensed appraiser—a quick Google search should list reputable services in your area. They’ll look at all of the stones and metals in your special piece and determine how flawless and high-quality the stones are, and the purity of the metal, just like a gemologist. Unlike a gemologist, they will then give your ring a monetary value, and issue a signed certificate with the appraisal value on it.
Due to fluctuation in the prices of gold, silver, diamonds and other gems, it’s a good idea to appraise often—you could be surprised at how much your ring increases in value. Almost all insurance companies will require a copy of this document before insuring your stones.
When it comes to selecting an insurer, you’ll have the option to either choose a jewelry-specific insurer, or add it to your existing homeowners or renters insurance.
|A note on adding your ring to existing property insurance:
If you’re intending to insure your ring under the same umbrella as your existing homeowners or renters insurance, it’s important to know that the stated ‘jewelry coverage’ under your homeowners or renters insurance might not protect you without some additional steps and addenda.
Any insurance plan covering your home will pay out for loss of personal property – about 50 to 70 percents worth of your total home insurance value, after the deductible. That does include jewelry, however, many policies will cap jewelry-specific payout at around $1,000. And if your homeowners insurance deductible is over $1,000 to begin with, you’re not receiving any ring benefits.
The best way to insure your ring under your existing property insurance is to talk to your insurance agent about adding a “floater”, “rider” or “endorsement” policy. To an insurance agent, it’s called scheduled personal property coverage. To you, it’ll keep your ring’s total value covered in the event of a loss by adding an additional policy to your established property insurance for the full value of your engagement ring. That way, in the event that you need to claim it, you’ll receive the full appraised value.
Though prices will vary depending on your company and policy, you can usually expect to pay 1-2 percent in the ring’s value, per year. So, a $5,000 ring might cost between $50-$100 to insure on a yearly basis. Which isn’t much for a priceless piece.
Like more familiar types of insurance, your premium will drop if you choose a higher deductible with jeweler-specific insurance – which can usually range from $50 to $500, or more depending on your jewelry’s assessment. If you’re grouping it under homeowners, check your rates. Some property insurance companies will change up to 6 percent of the rings value, versus the 1-2 percent standard with jewelry insurance policies.
It’s important to read the fine print when it comes to purchasing ring insurance. Here are some of the key aspects of insurance that we look for.
Replacement versus cash policies.
One of the most important aspects of engagement ring insurance is the knowing difference between repair or replacement coverage vs. a cash policy. With a cash policy, you’ll receive a check for the money that your engagement ring was last appraised. In an already stressful situation, sitting down with a designer and recreating your ring can be a huge heartbreak. With replacement coverage, your insurance company will use your last appraisal to work with a jeweler and recreate your ring.
Know exactly what you’re covered for.
There are, unfortunately, more ways to lose an engagement ring that just having it lost or stolen. Some carriers, such as Jewelers Mutual, will insure what’s called, “Mysterious Disappearance” – where it wasn’t robbed off you and you didn’t drop it in the ocean. It’s just gone. If you’ve ever misplaced your car keys, you get it.
Consider a policy that includes repairs.
Even if you never lose your ring, donning it daily is sure to give it some wear over the years that results in costly upkeep. Read the fine print on repairs and maintenance for your insurance policy. Does it cover refurbishment? Or tightening loose stones? Investing in an insurance policy that covers repairs pays off in the long run, too — fixing a loose prong is a lot easier than finding a lost diamond.
Know where your coverage protects you.
Another question to keep in mind when picking your insurer is where the coverage may be limited to geographically, as some policies limit to the United States or North America only. If you’re a frequent jet-setter, make sure your insurance coverage will still be valid if you have your ring stolen, broken, or lost while abroad.
Confirm your jeweler of choice.
There’s a third party involved with ring insurance – your jeweler. Like any other type of insurance, some policies only allow you to work with a jeweler in their network, while others let you keep your same jeweler (or any jeweler of your choice) for repairs and replacements. Especially when it comes to replacement, working with the jeweler who made your original piece can be of the utmost importance to some.
There are several nationwide companies that provide engagement ring insurance with great coverage at a low cost. Weigh the pro’s and con’s of each when selecting the one that’s right for you, and don’t hesitate to call and speak with a representative who can answer your specific questions.
Endorsed by the American Gem Society, this jewelry-only insurance company allows you to work with your specific jeweler, and choose your own deductible. They also cover any type of loss, as well as repairs.
Couples are drawn to Lavalier for their free first 30-days for coverage, but the prices beyond a month are reasonable as well, and this jewelry-specific coverage covers repairs once warranties are up.
JIBNA Jewelry Insurance offers premiums as low as $50, and will even insure your antique jewelry, so long as it can be appraised. Great for those who are wearing their grandmother’s ring or any other family heirloom.
General Homeowners or Renters Insurance
Popular homeowners insurance companies such as Geico, Allstate, State Farm, and Travelers can all add “ring rider” policies to existing plans. Each company differs, but the major thing that you want to look for is a policy with it’s own deductible in the event of a loss. That way, you’re not paying your $1,000 or more homeowners insurance deductible if you lose your ring.
When it comes to your engagement ring, insurance really shouldn’t be a question. After all, it’s good insurance that give you the easiest route to a replacement ring in the event of a loss or damaged piece — not to mention keeping it in tip-top shape while it’s on your finger. Hopefully, you’ll never need to use your ring insurance claim, but knowing that it’s there can take the pressure off of wearing a stone of such sentimental value every day.