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21.01.21

Engagement ring insurance do’s and don’ts

I know, this is a jewelry blog. You want to hear about major sparklers and celebrity engagement rings and what on Earth are the 4Cs. And we cover all that. But not in this post. See, in this post, we’re covering the important stuff. Like, how to actually protect your most precious pieces of jewelry just in case. That’s right—jewelry insurance. Why do you need insurance for your engagement and wedding rings? Well, we can’t tell you how many of those little baubles have gone missing over the years…lost to the white, sandy beach of a honeymoon, or down a dilapidated drain pipe. We’ve heard it all. And despite all you’ve come to believe, a diamond might be “forever” but it is definitely not indestructible. Chips happen. We’ve seen the worst of weightlifting, gardening, and garbage disposals to prove it. And we want to help. So here are the do’s and don’ts of engagement ring insurance that will help you keep your cool in the case of something catastrophic.

Do: Know That it’s Worth It

You might be thinking, well, I’m not going to spend that much on a ring, or I’m going to be extra careful with it, never take it off my finger…yes, the best laid plans, my dear. But for many of us, engagement rings are one of the largest purchases, and definitely the most sentimental, that we’ll ever make. If under any circumstances you’d be brought to tears by the damage, loss, or theft of your jewelry, then insuring it is worth it. 

Frank darling proposal
Try to set up insurance BEFORE
the proposal in ensure it goes
off without a hitch!

Don’t: Wait

Sure, better late than never, but the best time to look into insurance for your engagement ring is before you purchase it. Why? Because, yes, you have to pay for insurance. Which means you should be factoring that into your budget for the ring. It’s like a car. You have to factor in regular maintenance and insurance, right? Well, same goes. Don’t get bit on the backend by surprise premiums. Want to ballpark it? Estimate 1-2% of your ring cost per year.

Do: Check with Your Agent

Many homeowner’s or renter’s insurance policies will provide some coverage for your jewelry…but usually only up to a point. And if that point won’t fully replace your ring with something comparable, then, well, what’s the point? Check with your insurer about this, and ask whether they have jewelry-specific coverage you can add so you’re not left in the lurch if the worst happens.

A homeowners policy protects
you at home, but not on vacation ?
Insurance isn’t just for rings!
Studs, bracelets, your grandma’s
heirlooms are fair game too.

Don’t: Settle 

If your insurer doesn’t offer special coverage, or you just want to explore other options, we suggest checking out Jeweler’s Mutual. They’ve been in the business of protecting your jewelry purchases for more than a century and provide tons of great education about insuring your most precious pieces. You can even review a sample policy and get a free quote!

Do: Get an Appraisal (or at least a receipt)

Why? Well, not only do you want to account for the value of your ring before it’s got to much wear and tear, but certain insurers require this for insuring your jewelry (just like when you buy a house, the insurance company needs a third party to verify the value of your engagement ring). Check out American Gem Society or the National Association of Jewelry Appraisers for local appraisers. If you’re going with a jewelry-specific policy like Jewelers Mutual you may be able to skip this step depending on the value of the ring.

Don’t: Be Scared

I know, all this financial talk can be a little scary, but losing or damaging your ring will be a lot less romantic than protecting it.

Want to Get Back to the Diamonds?

Okay, okay, now that you’ve heard us out, we’ll set you free to explore our collection of diamond engagement rings. Need a little more virtual hand holding? Our team of jewelry connoisseurs is always at the ready. Just email us at hello@frankdarling.com with what you’re looking for and we’ll be happy to help!

He does too!

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