18 Feb


Your engagement ring is a symbol of your everlasting love and is your most prized possession. Just as you protect your other possessions with insurance such as your home and your vehicles, you’ll want to have coverage for the unexpected life events that can affect your engagement ring.

While it’s probably the last thing on your mind, losing or damaging your engagement or wedding ring would be devastating, and it happens more often than you think. Coverage on your engagement ring can protect you against incidents including theft or damage. If this were to happen to you, having insurance would give you peace of mind. Here are a few facts you need to know.

Sooner rather than later

We understand you’ll want to show off your engagement ring to all of your friends and family as soon as he pops the question. Your next step should be contacting an insurance provider. Don’t delay the process, because having coverage will give you peace of mind.

Understand your appraisal

As part of the process, you’ll need to have an appraisal. A good appraisal will document and value your ring based on the following information

  • Carat Weight
  • Cut
  • Color
  • Clarity of diamonds
  • Metal type
  • Identifying Marks

Find a reputable appraisal with experience and knowledge of Gemology, and preferably a member of the National Appraisal Society. Ask questions regarding your appraisal and if you don’t agree with the appraisal seek a second opinion.

Over time the value of your ring may appreciate. You’ll want to schedule a reappraisal every few years to ensure that the value of your ring is properly documented in your policy.

Shop around and understand the policy

You’ll want to understand the potential policy before you finalize your decision. Asking questions about the policy will help you make the best decision. Understand what happens in the event that you need repair or replacement. Also, understand your coverage when traveling and any limitations on your coverage.