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Engagement ring insurance

Engagement Ring Insurance 101

Engagement Ring Insurance

Talking about insuring your engagement ring may feel a bit unromantic in the following days of proposal… Nothing, however, can bring more piece of mind than knowing that the worry of loss or damage is not on you.

New brides are statistically more susceptible to loss, theft and accidents because they need to acclimate to wearing a fine piece of jewelry in their everyday routine. ~Scott Conrad | Country Financial.

Newly engaged couples may think that the business of engagement rings is done and over once it’s nicely complimenting your radiant glow, but nothing could be further from reality. There is one more order of business to take care of that newly engaged couples often forget about  – Engagement Ring Insurance!

Who needs to insure their ring?

Everyone. Many couples think that insurance is only for your car or your home; perhaps your life… We recommend that anyone whom owns fine jewelry that carries either a monetary or sentimental value should seek the advice of their jeweler and insurance agent. Whether your engagement ring was $700 or $30,000, there is more than just dollar signs associated with its significance. An insurance policy is a way of honoring the the sentimental value that the ring represents. While the ring itself can be replaced, the symbolic tradition behind it can not. Having peace of mind that the financial burden of replacement is well taken care of, is something that every couple should consider. 

How does ring insurance work?

At Gittelson Jewelers, we want to help you and your fiancé avoid catastrophe so our involvement doesn’t end with the sale of your ring. Appraisals are a big step in the process of insuring a piece of jewelry, specifically an engagement ring. When you shop with Gittelson Jewelers, appraisals are just a part of the process in the steps of our client care from a family operated Minneapolis Jeweler. Every item purchased at Gittelson Jewelers, is accompanied by a complimentary, written appraisal. We also appraise fine jewelry not bought through us, as an affordable customer service in downtown Minneapolis.

When seeking to engagement ring insurance, you’ll need to provide your receipts, as well as an appraisal. Once you have an appraisal from Gittelson Jewelers, you’ll have a certified document that tells you everything about your engagement ring that is required for insurance purposes – cut, color, clarity and carat weight (The 4C’s). It will also list the value of the jewelry, which is the value that you should insure the ring for in case of accident, loss or theft. These details will vary by the customer and ring in question, but every appraisal should highlight the defining characteristics of the ring. An appraisal also serves as a detailed article on what you have purchased for future reference, but moreover it satisfies the requirements by any insurance company you might be speaking to.

If your center stone is larger than a half carat, your jeweler will often provide a diamond certificate from an independent gemological laboratory like the Gemological Institute of America (GIA) – the organization that founded the “4Cs” (mentioned above) used to evaluate diamonds. The common form a insuring your ring is under your homeowners or renters insurance policies with a “ring rider”. If you move after the wedding, make sure your “ring rider” follows you. Some couples have the ring insured at the bride’s house (or her parents’) before the wedding, but forget to add it to the policy for their new home when they move in together. An honest mistake, but costly one should you need to exercise your insurance policy.

If you don’t have a renters or homeowners policy, there are certain insurance companies whom offer policies through jewelers on individual pieces—ask your jeweler if they work with an insurance company to offer ring insurance.

Questions to ask about insuring your ring.

  • Is the ring covered only if its stolen or if you lose it accidentally?
  • How does replacement work? Do they cut you a check or require you to source and purchase a replacement ring before hand?
  • Is the ring insured to the full cost or is there a “depreciation”?
  • How does one prove that is vanished or needs to be replaced? This question is most important!
  • What if the ring is vintage, unique or a family heirloom? What are the proper documentation steps in order to safely insure possible loss or damage?
  • Lastly, what haven’t we covered? What if you’re feeding monkeys are the zoo and one of them steals it and throws it into the pit? Maybe you’re swimming with the dolphins and it finds it way to the center of the earth…

What’s the cost of insurance?

Peanuts. Typically, you insure your fine jewelry at $1 to $2 per $100 in value. For example, if your engagement ring was $10,000, you’ll pay just under $200 per year to insure it – a small monthly investment considering the potential sum of financial and emotional upset upon the unspeakable happening.

Just remember this…

You need a written appraisal from a fine jeweler in order to adequately protect and insure your fine jewelry. Submitting receipts or certificates alone will not get the job done!

When shopping for a “ring rider” policy, make sure to have your list of questions handy and read through the fine print. There are many types of policies out there, but good ones will cover every potential situation that may arise, from damage to theft, to toilet flushery. And don’t forget to re-appraise every 2-3 years, as the value of your diamonds has likely increased.

With nearly 30 years in the jewelry business we are happy to help you and your fiancé during this special time, from consultation through custom design, appraisal and insurance recommendations.

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