Do you own expensive jewelry? Or something priceless with great sentimental value? You may want to consider the benefits of insuring your prized pieces.
Here’s why, courtesy of Laura Gilbert and theknot.com.
While putting an insurance policy on your beloved’s engagement ring doesn’t sound very romantic, should the ring get lost or stolen, you’ll be the hero when you can replace it quickly thanks to an insurance check that covers what you paid for it.
Understanding personal property insurance
While most renters and homeowners’ policies cover items inside the home, they only do so up to a certain dollar value. Expensive or sentimental items, like engagement rings, art and even electronics, are guaranteed through scheduled personal property coverage—an insurance policy extension that you purchase to cover specific items.
Another option is to insure your ring through a company that specializes in jewelry insurance, which might offer more coverage than a standard homeowners policy. These kinds of policies can vary widely company by company (usually a jeweler will offer a policy that’s underwritten by a smaller company), so ask specific questions about the level of coverage provided.
Who needs it most?
Any person or couple with jewelry that’s expensive and/or has sentimental value should get extra insurance for the piece or pieces. Whether your wedding and engagement rings are worth $500 or $50,000, an insurance policy is a way of honoring not just their financial value but what they represent to you. The sentiment behind your jewelry might be irreplaceable, but the rings themselves can be replaced—if they’re insured—in the event that something happens to them.
How it works
When you purchase the policy, be sure to take pictures of the ring or piece and upload it to your policy page on the insurance company’s website for reference.
Should the ring or piece get lost or stolen, you’ll need to provide your receipts, as well as an appraisal, which costs a small fee. You can get an appraisal from a certified gemologist at a jeweler.
In the case that the ring gets damaged, take pictures of the damaged ring and upload it to the insurance site. Then, when it is repaired, submit the receipt to the insurance company for reimbursement.
When you shop for a “ring rider” policy, make sure to read the fine print. A good policy will cover every potential ring-threatening situation, from theft and damage to accidentally dropping it in the garbage disposal.
If you move, make sure your “ring rider” follows you—some couples have the ring insured at the bride’s address before the wedding, but forget to add it to their new home’s policy when they move in together.
Questions to ask before choosing a policy
- Is the ring covered if you lose it accidentally—or only if it’s stolen?
- How will the company replace the ring? With a check? Will they require you to purchase a replacement through a specified jeweler?
- What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond—and that of a replacement if needed—be documented?
- Is the ring insured to full cost or a fraction of it?
- How will you need to prove the ring vanished if you make a claim?
- Are there any circumstances of loss or damage that aren’t coverd?
Average cost of a policy
The average yearly cost to insure your ring ranges between $1 to $2 for every $100 that it would cost to replace. This means that if your ring would cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it—or slightly more in areas where the risk of theft is higher.
If you’re in the market for an engagement ring or another fine jewelry piece, visit Adina by Empire Jewelers. You’ll find certified fine diamonds and jewelry at true wholesale prices and a professional buying experience beyond your expectations.