Learn everything you need to know about insuring your engagement ring and fine jewelry collection. Find out which questions to ask your insurance provider, how to be sure if it’s a good policy, and other ways in which you can protect your diamond jewelry.
Insuring your fine jewelry is an important part of keeping it safe and protected through the years to come. While coverage between insurance companies varies, typical policies will cover theft, loss and damage to your jewelry or engagement ring. Because jewelry often has a high value, both monetarily and emotionally, it is important to consider insuring your collection.
As policies can vary, it is advised that you research which one is right for you and your needs. For example, not all policies will protect your jewelry if you travel with it between states or countries. Have your diamond jewelry appraised, so that you are sure of its value and can find an insurance policy that best protects it at a reasonable price.
Insurance for engagement rings typically works the same way as insurance for other fine jewelry. Ritani recommends insuring an engagement ring because it is likely to be the most valuable and meaningful piece of jewelry you will ever own. With Ritani's Lifetime Care Guarantee, you receive a free appraisal and diamond certification from either the AGSL or GIA. These documents make it easier to find a diamond ring insurance policy that reflects its true value.
While jewelry insurance is not mandatory, it is advised. Many people think that fine jewelry and engagement rings will be covered by a generic home insurance policy, but this isn't typically the case. Contact your home insurance provider and ask them if your jewelry collection is protected by your current policy. If it is not, you will want to consider a separate insurance policy for your fine jewelry, for peace of mind.
In addition to an engagement ring appraisal and diamond certification, locate the original receipts. With antique engagement rings and heirloom jewelry, however, this may not be a possibility. Take photos of your jewelry collection for reference, and be sure to store all items securely.
Even if you choose not to purchase insurance for an engagement ring or piece of fine jewelry, you should still take precautions that protect it. Store it carefully and securely, clean it regularly and keep an eye on its wear and tear. If you lose or gain a significant amount of weight, you may consider getting an engagement ring resized so that it doesn't slip off your finger. Be careful if you wear jewelry to certain events or locations; remove diamond rings before visiting the beach, for example. These are reasonable steps to take to ensure that your jewelry can be enjoyed for years to come.
If you are looking to insure more than one piece of jewelry – and particularly if your items include an engagement ring, ask whether it is more beneficial to have blanket coverage for the collection, or to have scheduled insurance for specific pieces. Make sure it is clear what kind of loss is covered by the insurance. Does it cover only theft, or will damage be covered too? What about if you travel? Cover all eventualities that relate to your lifestyle and concerns.
Get a checklist of everything you would need in the eventuality of having to make a claim. Whether it includes a police report, photographs, or an appraisal from this calendar year, you will want to be prepared.