How to Choose an Engagement Ring Insurance Policy

Protect that gorgeous engagement ring at all costs! Here are the top questions to ask when choosing an engagement ring insurance policy.

By Lavalier

couple chooses engagement ring insurance policy
Photo by Krista Joy Photography

It may not sound very romantic to shop for jewelry insurance when all you want to do is show off your new engagement ring and plan the perfect wedding, but it should be an important task on your wedding to-do list. Your ring is not only a priceless symbol of love and commitment to your partner, but it’s also a major investment. Don’t overlook purchasing an insurance policy just because it’s unfamiliar.

Make sure your beautiful new ring is properly insured, as this exciting time in your life shouldn’t be ruined with a lost or stolen ring. Here, the experts at Lavalier share how to make an informed decision about ring insurance. Read on to get answers to the most common ring and jewelry insurance questions.

INLINE Aja&Randall PhotobyPeterTogelPhotography Photo Credit // Peter Togel Photography

Top Ring Insurance Questions

How does jewelry insurance work?

It’s similar to other insurance policies, but it’s tailored to the needs of jewelry owners. Companies like Lavalier.com design a policy specifically for jewelry and it typically offers more comprehensive coverage than your homeowner’s or renter’s policy.

What type of jewelry can be insured?

You can insure any jewelry that is valuable to you. This can be an item with a high monetary value that you cannot afford to replace, or even an item with a high emotional value that you want to protect from damage.

If I need an appraisal, who can do that?

If you have a new piece of jewelry, the jeweler you purchase it from will often provide an appraisal along with your item. If you are appraising something you already own, look for an appraiser with good reviews, advanced training in gemology, and who is a member of a national appraisal society. This ensures you’ll receive a complete and accurate appraisal.

How much should jewelry insurance cost?

The price for a policy can vary based on your address, deductible, and any available discounts. Generally, it should only cost around 1-2% of the jewelry’s value.

Does my homeowner’s policy cover my jewelry?

It depends, but not always. Check with your insurance company as they may have a sub-limit for jewelry items or require you to schedule the jewelry.

How often should I get jewelry appraised?

Since the jewelry market is always changing, a good rule of thumb is to have it appraised every 18 months.

Do I need extra traveler’s insurance if I’m out of the country?

There is no need as long as your policy has worldwide coverage. Just be sure to check your policy before you travel.

INLINE PhotobyPaulDoudaPhotography Photo Credit // Paul Douda Photography

Additional Questions to Ask a Ring Insurer

  • In addition to theft, is my ring covered against damage and loss?
  • Do I have to pay a deductible?
  • Can I choose who would repair my ring if it is damaged?
  • If I’m insured for a replacement ring (instead of a cash payout), may I use my preferred jeweler?
  • What happens if a suitable replacement cannot be found?
  • How do I need to prove loss if I make a claim?
  • Are there any circumstances where I’m not covered?
  • Does the policy adjust for inflation?
  • How is a vintage or unique piece covered?
  • What happens if there is an only partial loss (i.e. a lost diamond)?
  • Do I have a choice of a cash payout and, if so, will I get the full amount of its value?
  • What if an item is irreplaceable? Will we settle on an agreed value ahead of time?

In order to get the best policy for your new sparkler, it’s good to know exactly what you are purchasing and what type of coverage you’ll receive. Since you never know what your future holds, it’s best to start out your new life together on the right foot. Being prepared with jewelry insurance will give you peace of mind that the symbol of your love is well protected.