The Truth About Engagement Ring Insurance! Everything You Need To Know Before Insuring Your Ring!

January 08, 2021 3 min read

Engagement Ring Insurance


A very common question and it seems like a lot of people get confused with it so let me answer it. 

You got your piece of jewelry and you want to ensure it. How do you do that? 




How do I do that?

Pretty straight forward really. You need to contact your insurance company and add it to your Homeowners insurance or renters insurance or you can do separate insurance for your ring specifically. 


You are going to need an appraisal for your ring and in some cases, you need a certificate for your stone. It doesn’t have to be GIA it can be AGS, EGL, GSI. All my pieces come with an appraisal and certificate for the stone if the stone has one. And all you need to do is to send the paperwork to the insurance company. If you have a non-diamond ring some of the insurance companies would be ok with the receipt. If you have a diamond ring and didn’t get an appraisal you’ll have to purchase it separately from the jeweler. In general rings under 5000 value don’t need an appraisal. You just have to have a receipt. 

Just make sure you read your policy carefully, especially a homeowner insurance one. You want to make sure that in case of an unfortunate event you guarantee to get a desirable amount and that you can spend it with your favorite jeweler. Not the one that the insurance company picked. Some of the insurance companies have deals with certain jewelers and would refer you to them and you don’t want to go that way. 




Can I insure your ring for you? Unfortunately, I can’t because I’m not the owner of the ring. I never own it officially. It’s yours from the moment you made a deposit :) But don’t worry, it’s a 20 min task and I’ll provide you with detailed instructions on how to do that. 


What is an appraisal and how do I get it?

All my pieces come with an appraisal and certificate for the stone if needed. Let’s take a look at one example of appraisal here. It says that the ring is made out of 18K rose gold, that the center stone is 2ct moissanite, and two of the rest of the stones is… It also includes all details like engraving, etc.


Why is my appraisal for more than the cost of the ring?

Insurance usually only pays out part of the appraisal value, so If you want the actual cost of your ring back, the appraisal value needs to be higher to get the insurance companies to pay the correct amount for a replacement. It’s a very common practice. It also depends on the actual value of the center stone. Natural diamonds would appraise higher, lab diamonds significantly lower. 


How much is insurance?

Of course for that, you would need to contact your insurance company. You also might get multiple discounts. But in general, it’s between 1-2% of the appraisal value depending on how much you want your deductible to be. If you hear a higher number, email me and I’ll give you a couple of companies who can help you with your insurance. 


I lost the ring and got the money from the insurance. Do I have to make the same ring?

No, you don’t. You can make completely new peace. Brand new design. You are not limited no matter what the insurance company tells you. As long as the value is the same you are good. And even with the higher value you can pay the difference and get what you want. 


Where do you have your rings insured? 

I don’t have a big jewelry collection myself but what I have insured with AAA. Same as with my cars and motorcycles. And it gives me multiple insurance discounts. It might be a good option for you.