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21.07.26
Engagement Ring Insurance 101
We know this is a jewelry blog. You want to hear about major sparklers and celebrity engagement rings and the Four Cs. And we cover all that. But not in this post. In this post, we’re covering the important stuff: How to protect your most precious pieces of jewelry just in case. Why do you need jewelry insurance for your engagement and wedding rings? Well, we can’t tell you how many precious pieces have gone missing over the years, lost to the white, sandy beach of a honeymoon, or down a dirty drain pipe. We’ve heard it all. And despite what you may believe, a diamond might be “forever,” but it is not indestructible. Chips happen. We’ve seen the worst of weightlifting, gardening, and garbage disposals to prove it. We want to help, so here is your crash course in engagement ring insurance.
It’s worth it.
You might be thinking, well, I’m not going to spend that much on a ring, or I’m going to be extra careful with it, never take it off my finger.
Famous last words. It can happen to even the most prudent, cautious wearer. You might trip and fall, your ring a casualty. It might slip out of your hands, never to be seen again. It can get lost in a fire or other natural disaster. Or, in the most extreme cases, you may be the victim of a crime, like a mugging or home burglary.
And when it happens, you will freak out. You will panic. And you will cry. For days. And we will cry for you.
Saving yourself heartbreak is priceless, and you’ll find that insurance isn’t horribly expensive. But we’ll get into that.
When to get insurance.
The best time to look into insurance for your engagement ring is before you purchase it. Why? Because it’s another expense you should factor into your ring budget. It’s like a car, wherein you have to factor in regular maintenance and insurance to your monthly expenses.
Don’t get bit on the backend by surprise premiums. Want to ballpark it? Estimate 1-2% of your ring cost per year. For a $5,000 ring, that’s around $50-$100/year. A small price to pay for peace of mind.
Also, there’s a lot of fanfare surrounding a proposal. You’ll be attending parties, having a photoshoot, planning a wedding, fielding “congratulations”es from friends, families and high school teachers on Facebook. In your chaotic joy, you’re likely to forget about ring insurance. So get ahead of it before the excitement eats up all of your brain space.
Review your existing policies.
You probably already have a homeowner’s or renter’s insurance policy. And perhaps you assumed, well, I already have coverage, so I’m good.
Your existing policies may cover some of your jewelry, but as for your jewelry in addition to all of your other earthly possessions … doubtful.
Check with your insurer about this, and ask whether they have jewelry-specific coverage you can add so you’re not left in the lurch if the worst happens.
Don’t settle.
If your insurer doesn’t offer special coverage, or you just want to explore other options, we suggest checking out Jewelers Mutual. They’ve been in the business of protecting jewelry purchases for more than a century. and they provide tons of great education about insuring your most precious pieces. You can even review a sample policy and get a free quote.
Get an appraisal (or at least a receipt).
Not only do you want to account for the value of your ring before it sustains some wear and tear, but certain insurers require an appraisal for insuring your jewelry; just like when you buy a house, the insurance company needs a third party to verify the value of your engagement ring. Check out American Gem Society or the National Association of Jewelry Appraisers for local appraisals. If you’re going with a jewelry-specific policy like Jewelers Mutual, you may be able to skip this step depending on the value of your ring.
Anyway, back to diamonds.
Now that you’ve heard us out, we’ll set you free to explore our collection of diamond engagement rings. Need a little more virtual hand holding? Our team of jewelry connoisseurs is always at the ready. Just email us at hello@shop.frankdarling.com with what you’re looking for, and we’ll be happy to help.
Paige Wasserman is a writer and marketing professional at Frank Darling with a background in fashion, SEO, and editorial storytelling. She writes about diamonds, engagement rings, jewelry trends, and all the details that make finding the right piece a little easier, and a lot more fun.