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How to insure a diamond engagement ring?

Insuring a diamond engagement ring is a smart way to protect your valuable investment.


Here’s how to go about it:

  1. Get the Ring Appraised: Before insuring your diamond engagement ring, you’ll need to have it professionally appraised. Look for a certified gemologist or a reputable jewelry appraiser. The appraisal should include details like the diamond’s cut, carat weight, color, clarity, and any identifying marks on the ring.

  2. Choose an Insurance Provider:

    • Homeowners or Renters Insurance: Check if your existing homeowners or renters insurance policy provides coverage for valuable items like jewelry. Some policies cover jewelry up to a certain limit, but this may not be sufficient for high-value engagement rings. You can add a rider or endorsement to increase coverage.

    • Specialty Jewelry Insurance: Consider specialized jewelry insurance providers. These companies offer standalone jewelry insurance policies that provide comprehensive coverage for your ring. Popular options include Jewelers Mutual, Lavalier, and Perfect Circle by Jewelers Mutual.

  3. Gather Documentation: Provide all the necessary documentation to the insurance provider, including the appraisal report, purchase receipt, and photographs of the ring. Having these documents helps in the claims process.

  4. Determine Coverage Amount: Decide on the coverage amount you need. This should reflect the current replacement value of the ring. Keep in mind that the value of diamonds and precious metals can fluctuate, so you may need to update your coverage periodically.

  5. Review Policy Terms and Deductibles: Carefully review the terms of the insurance policy. Understand what is covered and any exclusions. Pay attention to deductibles, which are the amounts you must pay out of pocket before the insurance kicks in.

  6. Pay Premiums: Pay the insurance premiums as specified by the policy. The cost of insurance varies based on factors like the ring’s value, where you live, and the type of coverage you select. On average, jewelry insurance premiums can range from 1% to 2% of the ring’s appraised value per year.

  7. Keep Records: Maintain records of your ring, including photographs, the appraisal report, and receipts. These documents will be essential if you ever need to file a claim.

  8. Periodic Appraisals: Consider having the ring reappraised every few years to ensure your coverage amount is up to date with the ring’s current value.

  9. Understand Coverage: Familiarize yourself with what the insurance covers. This typically includes theft, loss, damage, and even disappearance in some cases. Make sure you understand the conditions under which you can make a claim.

  10. Report Loss or Damage: In the unfortunate event of loss or damage to the ring, report it to the insurance company promptly. They will guide you through the claims process, which often involves providing documentation and working with an approved jeweler for repairs or replacement.

By following these steps and carefully selecting an insurance provider and policy that suits your needs, you can ensure that your diamond engagement ring is adequately protected.

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