Engagement Ring Insurance - It's Worth It

Purchasing a diamond engagement ring may very well be one of the single most expensive jewelry purchases that an individual makes. Sometimes, no matter how careful the owner of the ring is, accidents happen. Diamond engagement ring insurance can ease the pain of a lost or damaged ring.

What is diamond engagement ring insurance?

Diamond engagement ring insurance is an insurance policy that is written to cover your engagement ring. It can be a specific policy or can be a rider on an existing policy. Policies vary as to what they will cover. Some policies will cover replacement costs while others will only cover the actual purchase price of the ring. Most policies will cover repairs, which is a real benefit if the setting or band is damaged.

Types of diamond engagement ring insurance policies

There are a few different types of policies listed below:

  Inclusion in a Homeowners Policy- This is kind of general and is not geared toward specifically the engagement ring. It will cover the ring and other jewelry in a catastrophic event like a flood, fire or burglary but will not cover the ring if it is damaged by use, or if something happens to the ring away from the home.

  Actual Value Policies- This is the least expensive option and is the type of policy that is most often written for engagement rings. The value of the ring is assessed if it is lost or damaged by counting the number of years it was owned and used against the cost of the ring. Only the depreciated value is paid if the ring is lost, stolen or damaged.

  Replacement Cost Policies- These types of policies will replace the ring regardless of the ring’s market price today.

Price for diamond engagement ring insurance

The costs of the policies will vary from vendor to vendor and is driven by which options are available on the policy. Whatever the costs are that are associated with the insurance it will quickly be recaptured if anything should happen to the ring.  It is well worth the investment into an insurance policy when you consider the cost of the ring and the expensive of replacing it or repairing it. The insurance will pay for itself if something should happen to the ring.

Where to find diamond engagement ring insurance?

You can contact your regular insurance agent and make inquiries or you can simply ask a reputable diamond dealer for a recommendation.