As you investigate the various ways to protect your engagement ring, wedding ring, or other jewelry, you may be questioning your options. Whether through your jeweler, friend, family member, or your own online research, you likely came up with a couple of considerations: a protection plan and jewelry insurance.

Spoiler alert: They are not the same.

You want to wear your jewelry without worry, knowing you’re covered if something happens. Both a protection plan and jewelry insurance are great to have, but it’s important to understand how the coverages differ.

Let’s go over some of the things that set protection plans apart from specialty jewelry insurance so you can make a confident decision about how best to protect your special pieces.

What does a typical protection plan cover?

• Protection plans may be purchased from your jeweler at the same time as the jewelry purchase and typically covers your jewelry from damage caused by normal wear. This may include damage like a worn prong or a thinning band.
• You may be able to purchase a protection plan for various time periods, such as 1-year, 3-years, 5-years, or even lifetime. When your plan expires and you want further coverage, you would need to purchase a new plan.
• Protection plans typically do not include loss or theft.

What does jewelry insurance cover?

• A stand-alone policy from a specialty jewelry insurer like the Jewelers Mutual Group may be mentioned by your jeweler as an option to consider but is the coverage you would purchase directly through the insurer, not with your jeweler.
• Specialized jewelry insurance includes more comprehensive coverage to protect your jewelry from perils such as loss, theft, damage, and mysterious disappearance.
• Accidents like cracking your stone on the edge of a table, leaving your ring on a beach towel, or just not having a clue where you left your necklace would all be covered with jewelry insurance.
• Jewelry insurance policies typically are 12-month renewable policies with the premium paid annually.

Couldn't I purchase both?

Jewelry owners may purchase both a protection plan for routine maintenance along with a jewelry insurance policy for comprehensive coverage that extends beyond the protection plan coverage for maximum protection.

Remember to check with your jeweler for any complimentary services they may provide to keep your ring and other jewelry sparkling like new. Whether you have a protection plan, insurance or both, it’s recommended you visit your jeweler at least twice a year for a professional cleaning and inspection. Your jeweler will be able to examine your ring with an expert eye to ensure it’s in good condition.

For more information about specialty jewelry insurance from Jewelers Mutual, visit: JewelersMutual.com