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Engagement Ring Insurance 101

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With so many of you getting the best gift ever (a proposal and ring) this holiday season, I thought it was necessary to give you some insight on how to best protect your gorgeous ring and give yourself peace of mind!

I will never forget the time I thought I lost my ring…the one and only time that is. I had just returned to work after the winter holidays and freshly engaged. When I went in the lounge to wash my hands, I took off my ring, sat it on the edge of the sink, washed, dried, and walked back down to the opposite side of the building. As I was excitedly telling a story to a friend at work, hand motions and all, her face fell flat and she just stared at me. “Where is your ring?” she asked.

My heart sank as I looked down at my bare finger. My dumbfounded response, “I think I left it on the sink”. I can still hear the urgency in her voice as she uttered one word, “Run”. I took off in a sprint, across the building, and back to the lounge, all while thinking how I was going to explain to my fiancé that I had lost my gorgeous ring not even a month into our engagement. Thankfully, as I entered the lounge, I saw my ring still sitting on the sink’s edge; not washed down the drain as I so vividly pictured in my head. That day I realized something very important… the “call agent for jewelry insurance” line item that had been on my to-do list for the past few weeks needed to happen, and it needed to happen now! This post will give you a good starting place as to how to avoid the near heart attack I experienced and walk you through the process of insuring your engagement ring.

The first thing you will need is an appraisal for your ring. Some people may feel uncomfortable doing this and do not want to know how much their guy spent on the sparkler. Unfortunately, the company that insures your ring will want to know. If you feel bad finding out the price, ask your fiancé to get the ring appraised. After all, he probably wants his investment insured just as much as you do, right?! In Houston, as I’m sure in most cities, there are appraisal firms who appraise all types of jewelry. They can, however, be somewhat pricy and charge per item, and often per carat. Some local jewelers will also be willing to appraise your ring at a cost. I would start by calling the location that your ring was purchased from. For some reason I called everywhere but the jeweler who made my ring before I finally had the realization that he could probably provide the info I needed. Even better…he appraised my ring free of charge since it was purchased from him!! Yay me! Regardless of where you go, do some research to make sure you have a reputable person appraising your priceless gem!

After you have the appraisal, consider the various entities that could insure your ring. If you have an existing home/renters policy this may be a good place to start. Some homeowners and renters insurance policies will cover your ring and all you will need to do is add the new item to your policy. Rule of thumb says it is best to call and speak to your agent to find out the specifics and ask all the important questions: How much will the policy cover?, How does the process work?, Is theft covered?, Is mysterious disappearance covered?, How much is the deductible? Asking these questions and more will educate you on the process and allow you to purchase a policy to truly meet your needs.

Another option is to seek coverage from a company who specifically specializes in insuring valuable jewelry. I personally went through Jewelers Mutual as suggested by my jeweler. Thankfully I have never had to use the policy so I cannot give you any insight as to the quality of their claims department, but I have found their policies to be reasonably priced, simple to understand, as well as easily amended and renewed. (I think my policy even went down a few bucks this last renewal process!) In case you are wondering… No, I do not have any affiliation with this company, don’t receive a kickback, and am not promoting whether to use them or not…just another suggestion from my experience! Again, as you call these insurance companies, ask questions out the wazoo and make sure you fully understand all the crazy clauses and jargon they will throw at you! Just like home and renters insurance, each policy is different so don’t assume anything! Ask questions until you fully understand what you are getting!

Once you have chosen a policy and signed on the dotted line, make sure you place both an electronic and printed copy of policy in a safe place. I would also strongly recommend you add your appraisal and a picture of your ring to this file. This way, should anything every happen, you will have all the documentation you need to replace your ring. Much like you would treat your home, auto, and health insurance, keeping track of your jewelry insurance is crucial. Let’s be honest ladies, your guy spent a pretty penny to buy your dream ring! Keep it protected!

As a final tip, don’t forget to have your wedding band and hubby’s ring added to your policy once those additional pieces are purchased! Fingers crossed you never have to use your insurance or file a claim, but it is great to have just in case. I truly believe having a policy to protect such a prized possession is worth the small premium and you can rest easier knowing your ring is insured!

As always, best of luck! If you have any questions please feel free to ask and I will be happy to help!
XOXO- Lisa

 

 

 

Image by Katya Nova Photography
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