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Do You Plan On Insuring The Ring Before or After Your Engagement?

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Posted: 2/2/17 Updated: 1/13/19

The Insure Thing

To paraphrase Beyonce, "If you like it, then you should put a policy on it -- oh, oh, oh!"

Now that he's put a ring on it — and now, it's time to put insurance on it. But before you buy any ol' insurance policy to protect your most precious piece of jewelry, read our top tips from expert Elizabeth Doyle, co-owner of New York City jeweler Doyle & Doyle.

Choose the right insurance for your needs

All insurance isn't created equal. "There are two basic types of insurance policies for rings," explains Doyle. "One is a replacement policy, which, in the case of a loss, the insurance company will work on your behalf to replace your ring with something comparable. The second type of policy would reimburse a percentage — 100 percent, or something less — of the value of the ring in the event of a loss. In general, a replacement policy will be more affordable than a policy that will reimburse with a check."

Determine how much coverage you need

Like any kind of insurance, you'll make premium payments — monthly, quarterly, or yearly — dependent on the appraised value of the item you're insuring. "To determine the right amount of coverage, a couple needs to weigh the hardship of monthly premiums versus the hardship of paying for all or part of the ring if it's lost, stolen or damaged," Doyle says. "Many people determine that having their ring fully insured gives them the peace of mind that they will be able to replace their ring regardless of their future circumstance. For them, this is worth the expense of the premiums."

Get an appraisal (don't forget your receipt)

Most jewelers will offer a complimentary appraisal with your ring purchase, but if you haven't been provided one, it's wise to seek a European Gemological Laboratory appraisal and a diamond report. "One important advantage to using EGL is that they will grade a diamond in the mounting," Doyle says. "This is especially important when grading a diamond from a vintage or antique ring. If a diamond has to be removed from a mounting, there is the possibility of damaging the mounting."

Ask the right questions (don't be shy)

If it's not clear what's covered in the policy description, don't be afraid to pipe up. "Ask if the policy covers loss, theft, damage and mysterious disappearance. Are there any deductibles, if so what are they?" asks Doyle. 
"What percentage of the appraised amount will be covered? Will they cover the insured amount if the replacement cost has gone up since the appraisal was performed? How often do they require, or should you reappraise your ring?"

For instance, will they give you a replacement or give you a check. And, how much is your deductible. Typically, you will have to pay up to $2 for every $100 required to replace the ring; e.g., a $10,000 right should cost $200 a year. Or, less than the price of a wedding cake.

For more tips, advice or ideas you can check our wedding cluster boards

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