Everything You Need To Know About Engagement Ring Insurance

Getting engaged is an exciting period for you and your better half. As you savor the happy moments, consider getting engagement ring insurance. The engagement shows your dedication to each other and is also a big investment for many partners. With time, your engagement ring could incur damage, theft, or loss. Engagement ring insurance is a sure-fire way to avoid all this.

This article tells you all you need to know about insuring your engagement ring so you can make an informed decision on how to go about it. Some of the things we’re going to cover in this short guide include reasons why it’s a good investment, how to get the most value out of your plan, the average price of jewelry insurance, important questions to ask before insuring your diamond engagement ring, and the definition of a “rider” for a homeowner’s policy.

Definition of Engagement Ring Insurance

Don’t think only about how to buy an engagement ring, but also how to insure it. Engagement ring insurance isn’t any different from conventional insurance. The only difference is that you’re insuring an engagement ring and/or other valuables.

If you want to insure your engagement ring, there are a few options to choose from. You can use either a homeowner’s insurance to cover jewelry or the current renter’s insurance. Keep in mind that having a renter’s or homeowner’s insurance policy isn’t a guarantee that you will have covered all of your jewelry. Personal property coverage usually has numerous limitations so you have to opt for a renter’s or homeowner’s insurance “rider” to adequately cover your engagement ring.

Basically, an insurance rider is an addition to the existing insurance that reduces risks and provides higher coverage limits and individual smaller deductible fees.

An even better alternative is buying from an insurance company that specializes in insuring fine jewelry and watches such as Jewelers Mutual. The upside here is that these companies only insure jewelry, not other possessions like homes, boats, or cars. You won’t have to worry about your insurance cost going up if you have an insurance claim.

Several companies offer plans. Go with one that has an excellent reputation. Pick a company recommended by gemology experts and big insurers such as The American Gem Society (AGS) and The Gemological Institute of America (GIA). Several AGS and GIA accredited gemologists work with Jewelers Mutual. The company will repair and replace your jewelry and rings so you always have top quality items.

How The Price Is Determined

It’s not as difficult as you think. It depends on factors such as where you reside and your region’s theft rate. For most people, engagement ring insurance is approximately 1-2% of the value of your jewelry. Let’s say your engagement ring is valued at $6500; the amount you’d pay is around $65 yearly.

It’s a small amount to protect a treasured item. Just like any other insurance, there are higher premiums for policies with no deductibles. When you move to a new area, you need to make adjustments with your insurance company as premiums may change. Normally, your premium will go up in areas with higher theft rates.

Questions You Need To Ask

There are numerous engagement ring insurance policy providers out there. Here are some important questions to ask so you can pick the best one for you.

  • Inquire from your agent about the different plans. Knowing exactly what is covered and the kinds of service that will be in your deductible is vital.
  • Ask about what to do if you move to a different place or into a new home with your partner as this will affect your coverage.
  • Find out where you can replace/repair your engagement ring. This will help you find the right replacements. Aside from that, understand your policy’s coverage limit.
  • Ask your agent about cases that are not covered. What happens if you lose your ring? What if the diamond is damaged or stolen? A lot of plans cover theft and mystery disappearance, loss, engagement and wedding rings, and loose/damaged stones. Knowing this is crucial.
  • Let the agent tell you about the process of getting and keeping the engagement ring insurance. Ask them to clarify anything you’re not sure of.

Also Read: Romantic Ways To Propose In 2020

How To Take Advantage Of Engagement Ring Insurance

Let’s look at five tips you can use to ensure that your insurance policy protects your diamond engagement ring as much as possible.

  1. All original receipts should be kept in a safe and secure place. This way, you have records of the company you bought your engagement ring from and proof of payment.
  2. At your request, your jeweler can give your insurer a diamond certification with a grading report created by an independent laboratory. The Gemological Institute of America (GIA), one of the top labs in the diamond industry, reviews, and grades all loose diamonds at Alex and Company Jewelry Newton MA.
  3. The professional team at Alex & Company can do a replacement value appraisal for rings and jewelry that exceed $1000. Keep in mind that any piece of fine jewelry you buy from Alex and Company Jewelry of Newton MA qualifies for a complimentary replacement value appraisal. Engagement rings are part of this. High premiums and financial loss usually stem from inaccurate appraisals. Strive to find a quality appraisal. If you ever make a claim on inflated appraisals, you will only get high premiums and disputes.
  4. Engagement rings are similar to long-term investments, and their value can increase with time so ensure you keep your appraisals up to date as value fluctuations happen. Note that we DO NOT inflate appraisals and we advise renewing your appraisals every three years. Keeping it current is the best way to make sure you are covered.
  5. In the unfortunate event that you need to file a claim, be it an engagement ring or a wedding ring, work with a jeweler like Alex and Company known for the best jewelers in boston to make your experience good and ensure the work is done properly. After you file your claim, Alex and Company will work directly with your insurance provider from start to finish to provide you with an equivalent replacement.

Other Types Of Jewelry You Should Insure

Imagine you permanently lost a piece of jewelry you treasure. It could be a wedding ring, an engagement ring, or a high-cost pair of earrings that you hold dear. Once you think about this, you realize the importance of these pieces and which should be insured. Investing in the protection of items you cherish, especially a symbolic one like an engagement ring is a wise decision.

We offer custom designed jewelry in Boston and other areas in MA. If you have decided to buy an engagement ring from us or have already made a purchase, then you have made a great decision! Our partner, Jewelers Mutual, will give you a free insurance quote.


Here are a few more topics that you shouldn’t miss:
Buying an Engagement Ring Online Vs Store – Which Is Better?
Romantic Ways To Propose In 2020

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