Engagement Ring Insurance 101
Posted on March 04 2014
When buying an engagement ring, or any other piece of important jewelry, we strongly recommend insuring it. Insurance comes from a third party insurance company and is not something provided by deBebians or most jewelers. A jewelry company will usually provide a warranty against manufacturing defects, etc. But insurance will give you the best protection against theft, loss, and other scenarios a warranty would not cover.
The first step towards insuring your ring is getting an appraisal. At deBebians, we offer a complimentary appraisal prepared by a GIA graduate gemologist on any item selling for over $1,000. This appraisal is a document that is included with the ring and the package that is delivered to your door. Basically an appraisal provides the replacement retail value for the piece, providing leeway for a projected increase in diamond and labor costs over a five year period. The appraisal also details all the specifications of the ring, so the ring can be replaced later if needed. (For more information about our appraisals, please check out this blog post.)
The appraisal is then given to the insurance company. You can check with your insurance company for coverage if you have an existing homeowner’s or renter’s policy, or you can go through a specialty jewelry insurance company, like Jewelers Mutual. According to Jewelers Mutual, their policies start at $25 a year. When shopping for insurance, it’s important to understand exactly what your insurance covers and the procedure for replacing your ring. Some companies will issue a check for the appraised value, whereas other companies will require using a particular jeweler and impose other limitations.
In the past, we’ve worked with customers and their insurance companies to replace damaged or lost jewelry they had originally purchased from us. If you’re able to work with the original manufacturer, it can make replacing the piece a lot easier.
Insuring your engagement ring can save you a lot of headache later. Things happen, you know? A prong catches on something, a diamond falls out and is not recovered. The ring slips off your finger while swimming in the ocean. You’re mugged and your ring is stolen. I hope none of these things ever happen to you! Unfortunately bad things sometimes do happen, and you want to make sure you’re covered when it does.
(About a year ago, I wrote a guest post for FindMyRock.com with similar tips on engagement ring insurance. You can check it out here, if you’re interested.)