How Does Engagement Ring Insurance Work?

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So you have the ring. Now what?

With the cost and appreciation of engagement rings, it makes sense to protect the investment. Many jewelers have appraisers on site. If it is possible, have the jewelry store's appraiser make the appraisal of the ring. This is key because it states description, diamond certification and specifications and value of the ring. This document, when signed by the appraiser, is a legal document.

Jewelry appraisers not affiliated with the sale of the ring will charge for their services. In many cases, customers can negotiate the price of the appraisal as part of the sale price.

Getting insurance

Most homeowners and renters insurance policies have the ability to add a jewelry rider, which provides for full replacement of the ring with no deductible while taking appreciation into account. Separate jewelry policies can be taken and may be advertised by the jeweler. The cost of the policy is based on the full appraised value of the ring and whether the policy will appreciate with the value of the ring. As jewelry often gains value over time, opting to purchase insurance that appreciates with the ring is advisable.

Placing a claim

In the case of loss, theft or damage to the ring, the holder of the policy would make a claim. Much like an insurance claim for cars or houses, a report is made to the insurance company. It is investigated and the claim is paid directly to the policyholder.

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