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How to Insure an Engagement Ring


Some women consider their engagement rings their most prized possessions because of both their sentimental value and their price. The combination of a diamond stone on a gold or platinum band can cost between a few hundreds to thousands of dollars. Therefore, many women opt to insure their engagement rings.

Choosing the Right Kind of Insurance Policy

Choosing the type of insurance policy that is right for you will depend on how valuable your ring is and how much you are willing to pay monthly for your coverage.

If you already have a home insurance policy, you may not need a separate policy for your engagement ring. You can add personal effects that you would like include in your homeowner’s policy by informing the company of this upon the renewal of your contract. Your monthly premiums may increase slightly as a result. Take note however that you may not be reimbursed with enough to fully compensate the value of your engagement ring because of the deductions that your general policy will apply.

Jewelry insurance companies will be able to provide you with more protection for your engagement ring. Common stipulations in jewelry insurance policies provide for coverage against the damage, loss, theft, and/or mysterious disappearance of your jewelry. Another benefit that jewelry insurance companies provide is the replacement of your engagement ring with another one of the same kind and quality.

Getting an Appraisal

It is also important that you have your engagement ring accurately appraised before you have it insured. This is the only way that your insurance claim, in the event of the loss, damage, theft, or disappearance of your engagement ring, will be settled swiftly and for its proper value. This is true whether you insure your engagement ring with a jewelry insurance company or under a general home insurance policy.

An appraisal involves the certification of a gemologist with respect to the ring’s quality, monetary value, authenticity, and design. Appraisals for insurance purposes are called replacement cost appraisals. This differs from the diamond certificate that the jeweler may have provided you or your spouse when your engagement ring was purchased. The diamond certificate is essentially a report about the diamond’s value prior to it being cut or mounted on your ring.

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