Engagement Ring Insurance:10 Things You Need to Know

Engagement Ring Insurance

Wao! After the word I do? What next? Interesting, one of the amazing thing that got to happen to man or women is the agreement ring they both share on their left fingers.

Some do not procure less expensive ring for their wedding instead, they got the most expensive ring, in fact, world-class engagement ring, this comes with the understanding that it is what ones have got to use for life, till death do the couple apart.

Sadly, one may lose his or her engagement ring to an ugly incident, lost mistakenly, got stolen, damage, burnt in a fire incident even got missing without traces then the question is what happens next?

Anything can tamper with your engagement ring, but one of the surest way couples has been protecting their wedding, and their engagement ring is by insuring it.

Insuring your wedding or engagement ring, it comes with knowing who is the best option you should insure with and how can you get the very best insurance company to insure your wedding ring.

One may be asking do I need to insure my engagement ring? Some may be poised with the question reasons you must insure your wedding ring, take a sit back, we will be giving in details all you need to do to figure out best insurance company to insure your engagement ring with.

I know you can’t withstand the horrible accident if it happens.

If you left your ring behind during one of your vacation to the beach, you can’t let go easily the sight of seeing your engagement ring drowning in the beech right in your sight, nor you may not forgive yourself easily, it may hit you in your weakest point.

But don't worry all the stress and financial implication could be handled by your insurance companies.

Over time, people have asked questions on several occasions, how do we choose the best insurance company to insure my engagement ring.

Some even asked if there differences between insuring your jewelry and insuring your engagement ring, of course, we will provide detail information as we move ahead in this piece.


1. Get Engagement Ring Insurance as Soon as Possible

The first thing that should be in your mind and of course the priority budget is making sure you get your ring to insure your finance immediately or soon to be husband secure your engagement ring. 

There is every chance that the ring got missing or damaged before the wedding day, and of course it could be so disheartening to lose your ring to any incident that may not be funny. 

But you could place the stress and risk on insurance company by insuring the ring immediately it is being purchased. 

In fact as an expert, it is advisable you already make the necessary finding and get a registration procedure before paying for the ring. 

Of course, you have got a reason for you to get this done because you will not want to listen to comforting songs after the occasion. 

But you could rest assured that you are landing on a safer side if you have insured the ring the moment it is being purchased.

2. Choose a good Coverage Provider

If you already have an existing insurance plan with an insurance company, you may not necessarily need to get new insurance companies, all you have to do is apply for an extension which is also known as a “rider” this will cover your engagement ring precisely. 

But if you do not have existing insurance with any company or insurance agents, you may need to get an insurance company who are into jewelry insurance. 

These insurance companies will give room for ensuring your ring with them, and terms and conditions that may follow will be given to you.

Various insurance companies are into this, you can make inquiries all around, we will still provide you what you need to know before choosing one.

3. Understand How the Price of Engagement Ring Insurance is Determined

When selecting an insurance company and insurance plans for your engagement ring, it is worth we intimate you that your insurance plan will vary which is dependent on the cost of your ring. 

Usually, the cost of coverage for just a ring usually ranges between $1 and $2 for about $100 worth of a ring. 

Also, it is suggested you should always ask your insurer what type of deductible applies to your ring on a monthly base and per annum.

Another factor that most insurance companies work on is the area you live in if there are high cases of theft and insecurity in that area, the cost per insuring your engagement ring may increase.

​4. Ask the Right Questions

Before you sign an agreement with any company, do ensure you ask useful hints and questions that will guide you into making your decision, among other questions here, are relevant questions you may request that will guide you when making your decisions.

• Can you choose who repairs your ring?
• If you're insured for replacement (instead of a cash payout), where can you purchase a new ring?
• How will you need to prove the ring vanished if you make a claim?
• What happens if a suitable replacement cannot be found?
• Are there any circumstances that aren't covered?
• Are you covered for damage or just loss/theft?
• Will you continue to be insured when out of the country?
• Will the policy adjust according to inflation?

Most insurance companies’ response and reply to most of your questions will guide you in making the unusual decision, it will also guide you knowing the right insurance company you should choose and those you should discard.

​5. Get an Appraisal

You may not learn how to appreciate your ring more if you lack the understanding and measure of what your ring is. 

Also, without detailed information, your insurance company may not apply the necessary terms and conditions for you. 

So, it is always advisable to have a clear appraisal of your ring, the cut, carat weight, color, and if it is diamond, you need to have the clarity information.

The carat weight and of course the shape and then if it is any colored stones, you need to get the fineness or karat, and the metal type, you need to figure out the hallmarks, identifying marks or stamps. 

This was obtained from a random opinion poll that was conducted among insurance company owners and how they chose plans for engagement rings. 

Always your invoice with correct information, you may purchase your ring at a high price, but if in your invoice lesser amount was found, the invoice will use to judge the worth of your ring.

​6. Get a Diamond Certificate or Grading Report

If the center stone found around your ring is about a half carat or even larger, there is always a diamond certificate that will be attached to your ring report example of this is the certificate usually from Gemological Institute of America. 

This was an organization that set up “4Cs” and they are used to evaluating diamond cut, color, clarity, carat weight and other necessary information one may be needed to make a decision.

The check always done by this firm is not an appraisal, but it is quality check which may, of course, give clues to what your ring may cost. 

The information provided by this body could help track your ring if stolen or misplaced for another man’s ring. 

So, if you got your ring missing, you may not be able to recover the worth of your ring is you are without appraisal note for the ring, so it is one of the suggestion we always make for our readers to work with.

​7. Make Sure Your Appraiser Has the Right Credentials

You may need to get a quality and certified appraiser which has a sparkling review which also double to be the member of the national appraisal society. 

One of the beauty and assurance you may have on your ring insurance is to have an accurate appraisal. 

Try to prevent overinflating the worth of your ring, this may lead you paying a homogenous fee to insure your ring when you actually bought something of a lower price. 

Also, ensure you do not underestimate your ring maybe you want to play smart on the insurance companies and other gaming you may want to play, this has its payback time if anything happens to your ring.

​8. Remember to a Reappraise

What I will assure you of is, have it at the back of your mind that your ring is an investment, in fact, a smart investment. 

Just as we know what the jewelry industries are talking right now, worth of your gold, your diamond always rises and appreciate over time. 

Reappraise your ring at least every 2 years, this will help you update the record of your ring, add value to your ring with your insurance companies. 

If you had a nice experience with your appraisal it is advisable you check back with him or once in a while, make a call to know the value of your ring to prepare an updated record for your ring. 

While we suggest your old client is because they see the nitty-gritty of your ring, all you have to do is go along with your old copy of the appraisal they may not have the record any longer, with a copy with you, your record may be updated to the current value in the market.

​9. Reevaluate Your Overall Insurance Needs

It may not be limited to just your engagements ring, as a new couple to be, there is a need to reevaluate your assets, there is a need to review old insurance policies while you are single, and there is a need to take a step to update your record from your previous status to your new status. 

This always helps the newly married couple, it always gets some things fixed before hands. 

This is important because you may not be planning for any urgent damage to properties, but it may happen, and your insurance policies may not include your new status to the agreement sign, so there is always need to reevaluate your assets.

​10. Engagement Ring Suggestions

I will recommend you meet old friends and folks who have got into this before you, question them on how they chose their plans, what are their observations so far, any exciting event so far? 

Be curious to learn more from your friends. 

This will help you gather intelligent information from friends, insurance companies and it will help you greatly making your decision. 

You have a stand on the shoulders of many people looking from the different angle and taking a different approach to things, then I will rest assured that your decisions will be worthwhile, as you may be taking the best decision so far.

So cheers to you as you step into the new euphoria of life, as you tie the know, remember to secure the knot for you to have a heart in place while you sleep off your head and wear your rings or throw it somewhere in assurance you are well secured with an insurance company.


I will conclude by saying, it is better to insure to secure, why you need to get this straight is.

Securing your engagement ring is not by a deliberate watch or caution you place on this little but essential token of agreement.

Instead it is the assurance you provide through your insurance companies.

So, it is of candid opinion that as you plan and prepare your wedding event also plan alongside securing your engagement ring with viable insurance companies and of course an excellent antecedent to rest assured if anything goes wrong with your weeing ring at any time, there is an insurance policy that will cover for you.

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