The moment you get engaged, chances are you will have a nice addition of some bling on your finger. We want to offer some sage advice on getting the proper protections in place long into the future. Engagement ring insurance (yes, it exists) can protect you if you were to lose your ring, if your ring were to get stolen and even if your beloved bling were to sustain some damage. Properly insuring your ring will certainly save you some heartache in the rare event that something were to happen.

pic courtesy Bensimon

When should I get engagement ring insurance?

We think this needs to happen as soon as possible. Your fiance can even insure the ring as soon as it’s purchased. The sooner you can protect your ring, the sooner you can rest easy at night.

How much does engagement insurance cost?

The million dollar question. The price for insurance varies on several factors including the value of your ring, where you live, as well as whether or not your policy has a deductible. For most people, jewelry insurance will cost 1-2% of the value of your jewelry. For example, a $5,000 engagement ring could cost as little as $50 per year to insure.

What will I need before I get my ring insured?

One of the most important items you will need is a diamond certificate from an organization such as the Gemological Institute of America. This report tracks color, cut, clarity, and carat weight. This information will be helpful for your appraiser and can even help you find your diamond in the event of theft.

You will also need to get your ring appraised. Make sure the appraiser has reputable credentials – checking to see if they are a member of a national appraisal society. Seeking out an accurate appraisal will make sure that the price you are paying to insure your ring is the most accurate based on the appraised value.

Where can I get my ring insured?

You will need to seek out a specialized jewelry insurance policy that provides comprehensive coverage.

• If you are a Geico policy holder, GEICO Insurance Agency has teamed up with Jewelers Mutual Insurance Group to offer jewelry insurance.
• You can even go through Jewelers Mutual directly, as they specialize in jewelry insurance.
• State Farm has a personal articles policy that covers jewelry as well.
• Allstate has some great options available also.

Considerations: 

Ask your insurer if the ring remains insured if you were to travel outside of the U.S. Where can you take your ring for repairs? Will it cover damages – or just loss or theft? What type of identification will be necessary to file a claim?

One last tip to leave you with: ask your insurer what types of repairs contribute to your deductible.