Congratulations, you’re engaged! Now you need to protect that precious ring with insurance that will cover the cost of replacing or repairing the ring if anything happens to it. If you lost your ring, or if it got stolen, you would want a way to replace it with a ring of the same quality and value. And if your engagement ring gets scratched, or if a stone falls out of the setting, you will need to have it repaired and that can be expensive. With ring insurance, you’ll have peace of mind knowing that you will always be able to repair or replace your ring. The best way to protect your engagement ring that has both monetary and sentimental value is with a solid jewelry insurance policy. Here’s how to get a ring insured in just a few easy steps.

Buy The Ring and Keep The Purchase Receipt

Of course, the first thing to do is buy the ring. Your future husband can go ahead and have the ring insured before he even gives it to you. In fact, that is even recommended. The sooner it is insured the better. When your beloved buys your engagement ring, it is vital that he keeps the purchase receipt. A purchase receipt is often required by jewelry insurance companies, so keep it safe! If the vendor provides any other documentation, such as a certificate of authenticity, valuation certificate, or warranty, keep that as well. 

Go Online And Find A Jewelry Insurance Provider

Although it is possible to add your engagement ring to existing homeowners insurance, it is not recommended. Homeowners insurance rarely covers the entire cost of replacing an engagement ring if a claim is made. And homeowner’s insurance often comes with a number of conditions. For example, it may not cover the theft of your ring if the crime does not take place on your property. So instead, search online for insurance companies that specialize in jewelry insurance and can offer a stand-alone insurance policy for your engagement ring.

Apply For Jewelry Insurance

Next, fill in an online form. Reputable jewelry insurance companies provide a simple online form application where they gather the basic information about you and your engagement ring. But insurance is a complicated business, so after you have filled in the application you’ll be contacted by a representative who will talk you through the rest of the process. The jewelry insurance company representative will ask for more details about your engagement ring and will let you know the optional clauses and the kinds of insurance policies you could have. This is the stage when you can ask all the important questions about what is included in your policy, how you can make a claim, and what kind of compensation you will get. The insurance company representative will also tell you about any additional documents you might need. Often the purchase receipt is enough to prove the value of your ring. But for more expensive jewelry, and for more comprehensive insurance policies, you will probably be asked to have your engagement ring appraised. You will also be asked to get a jewelry appraisal if your engagement ring is an heirloom, or antique.

Get Your Engagement Ring Appraised

If you need to get your ring appraised your insurance provider can give you a list of professional appraisers. You can also contact the American Gem Society or the National Association of Jewelry Appraisers for a list of qualified appraisers. It is not recommended to get your ring appraised by the same jeweler who sold you the engagement ring. The appraiser will examine your ring, the gems, the setting, and the band to determine its value which may not be the same amount you paid for the ring. 

For those with vintage or estate engagement rings, be aware that these may require a specialized appraisal due to their unique character and historical value, so ensure to choose an insurer that understands the worth of vintage pieces.

Complete The Insurance Process

Return to your insurance provider with the appraisal, and finalize the insurance policy. You can schedule whether to pay annually or monthly, and add any additional coverage you might need such as worldwide coverage in case your ring is damaged or lost overseas. Now you’re all set, keep a copy of your insurance policy in a safe place and every few years get your engagement ring reappraised (some companies adjust your insurance coverage automatically according to the fluctuating value of precious gems and metals). If the value has changed, inform your insurance provider.