An engagement ring is one of the top three largest purchases you will make in your lifetime. Engagement ring insurance can protect this investment.
Few things in life are guaranteed. But when you have engagement ring insurance, your peace of mind is guaranteed. Just like health insurance and home insurance, the right insurance policy will cover the loss of your ring, or even the loss of a single stone — which can be a major help down the road.
DOES ONE POLICY FIT ALL?
There are a couple of ways you can go about insuring your engagement ring. You can add the engagement and wedding ring to your home renter’s or owner’s insurance, or you can have a separate ring policy.
Don’t automatically assume that once the ring is in your home it is covered by your home insurance coverage. In order to get the ring covered by home insurance, you must contact your insurance provider and add the ring to the policy. The process will require you to send in pictures of the ring along with an appraisal.
Alternately, you can purchase a separate insurance policy for the engagement ring. You can often bundle in additional services such as repair and maintenance fees. Ritani has a Lifetime Care package that includes everything from ring cleanings to repairs. If your ring’s setting is loose, for example, Ritani will make the repair at no cost, and with as little hassle as possible for you. Also included in Ritani’s Lifetime Care Package is a ring appraisal, which you will be required to provide when applying for engagement ring insurance.
With any insurance policy, it’s always important to notice the fine print. What’s covered and what’s not? Is there any aspect of the engagement ring policy that includes an extra charge or needs to be updated each year?
When it comes to a ring insurance policy, it’s important to first consider the lifestyle of the person who is wearing it. Occupation, personal habits, hobbies — all of these things play into what kind of coverage you need and what questions you should be asking. For the avid traveler, make sure to find out if the engagement ring policy is still valid out of state and abroad. For the weekend warrior, will the ring insurance policy cover partial loss (losing one of the side diamonds or damaging the band)?
Obviously, the whole idea of engagement ring insurance is to protect your investment in the case of loss or theft. Carefully review those coverage details to make sure the entire ring, center diamond included, is covered.
Just like any kind of insurance policy, costs will vary depending on where you live, on your insurance plan’s deductible, and daily wearing habits (whether she will wear the ring every day or just once in awhile). In general as a guide, most insurance rates will run 10 cents to the dollar when compared to the jewelry’s total value.
WHAT YOU’LL NEED TO GET ENGAGEMENT RING INSURANCE
Getting engagement ring insurance is easy with just a little preparation.
- Get an appraisal for your engagement ring. Some jewelers provide an appraisal when you purchase the engagement ring. Jewelers like Ritani include the appraisal for free, so that’s one less thing you need to worry about.
- Take pictures. Make sure to carefully photograph your ring from all sides. Providing visual documentation along with the appraisal means that you can provide a comprehensive look at your engagement ring.
- GIA certification and appraisal. This is different from the appraisal that you get for a wedding ring – this appraisal is all about the diamond. Because diamonds can come loose from their settings, it’s important to have separate information on the diamond, so that if the need arises to replace it, you can get the exact same diamond cut, shape, size and sparkle.
Learn more about Ritani’s Lifetime Care Package and Jewelry Insurance where we care not only about making the ring perfect, but every day after.