Do I Insure a Diamond Engagement Ring and If So

Do I Insure a Diamond Engagement Ring and If So, How?

Personal Property

Diamond engagement rings are expensive purchases. They can be as expensive as any real estate purchase so you may want your diamond engagement ring to be fully insured. Some people prefer to use their homeowners or renters policy but most homeowner or renters policies only cover up to around $500 to $1,000 and this is usually only for theft. If your engagement ring gets lost or damaged, that is not usually covered in the homeowners or renters policy. However, the aforementioned policies usually allow a floater or rider to be added on. For exact pricings, each insurance company is different.A person can also get a stand alone policy for their engagement ring. There is not much difference in the cost compared to getting a jewelry floater on your homeowner or renters policy. A floater or rider usually costs approximately $1.50 for every $100 of the engagement rings value. So if your engagement ring is $5,000, the insurance should cost about $50 to $100 per year to insure.When you talk to the insurance agent you’ll want to make sure that several things are included in the insurance policy. Make sure the exact ring value will be covered in the policy and also make sure loss, damage, and theft are included. Ask if there’s a deductible and how much if there is one? Also find out the exact terms, conditions and process of repayment in the highly unlikely event that you’ll need to make a claim.Purchase an engagement ring with a GIA, EGL or AGS certification because some insurance companies will only accept these reputable third party laboratory gradings. Be sure you receive an appraisal from the jeweler that specifies the engagement ring details like exact diamond carat weight, clarity, color, cut, and of course dollar valuation. In review, the three documents you’ll need to take to your insurer are the receipt, the appraisal and a GIA, EGL or AGS certification for the engagement diamond.