Diamond Ring Insurance, Everything You Need To Know

    Thinking of proposing? You have the perfect plan and a beautiful diamond ring waiting for that precise moment. It’s a joyous feeling but did you checklist everything like a diamond ring insurance? It may not be the most romantic thing to think about but you certainly don’t want to be careless. So let’s get you started. 

    Do You Want Diamond Ring Insurance?

    Your engagement ring represents your love and commitment towards your partner. While you value this more than its material worth, don’t forget it’s a diamond ring. This is why in the midst of all that excitement, you should consider insuring your engagement ring. It doesn’t matter how much you paid for it, a coverage plan protects a diamond’s actual worth. Think practically! Why would you really need diamond ring insurance? 

    • What if you lose the ring in transit?
    • What if the ring is stolen?
    • What if the ring is misplaced?
    • What if the ring gets damaged?

    ‘I DO’ need diamond ring insurance. 

    If you’re an avid diamond shopper you’ll first want to evaluate the gem and then look for suitable assistance. Jewelry insurance companies offer comprehensive plans but before you buy one, find out your diamond’s worth on your own. 

    Do a Local Search

    “Will custom jewelers near me offer insurance? Perhaps jewelry stores open near me can ensure a diamond ring.” 

    This is a must especially if you can get local recommendations for jewelry insurance services near you. It is important to choose an authentic coverage partner keeping in mind your references. Since an engagement ring is an important investment, you need experts who will insure single items like an engagement diamond ring. 

    Ask the Right Questions

    “How can I prove my ring was stolen? Do I have worldwide coverage for my diamond ring? What kind of damage is covered for the ring?”

    The sentimental loss of losing an engagement ring is heartbreaking but with insurance, you can replace the lost stone just before the wedding. This is very useful when you cannot cover the cost for a new ring. You certainly don’t want any setbacks!

    Talk To Experts

    “Can custom jewelers inspect my diamond ring?” – Yes they can! 

    You can hire a diamond expert to evaluate the value of the stone. You’ll need documentation or proof to show the diamond ring belongs to you. You can also buy the engagement ring from a jewelry company that includes insurance for a diamond ring. You should also consider worldwide coverage in case you lose your engagement ring while traveling. 

    Evaluate the Premium

    The cost of a diamond insurance policy depends on factors like your location, the diamond’s worth, and deductibles offered. An average premium between $100 to $500 a year for a high value diamond ring is quite the ballpark. Keep in mind appraisals that a diamond expert measures out in terms of its color, carat, cut and clarity. 

    Customer Support

    Since the entire world is operating online, it is important to choose a reliable insurance agency that provides ample information, support and assistance whenever necessary. To make the right choice, ask your neighbors and friends for a review. The insurance company must be familiar with trusted jewelry experts to assist you immediately. 

    What Should My Diamond Ring Insurance Cover?

    To find the most reliable diamond insurance agency in your neighborhood you’ll first have to know what you want covered most. This means looking for a policy that insures the following –

    • Theft 
    • Fire
    • Accidental Damage
    • Burglary 

    More importantly your insurance should replace a lost diamond should it be stolen or damaged. While some policies cover all the repair or replacement costs, there are others who offer partial coverage as well. Even if you haven’t insured your wedding band or diamond engagement ring, it’s time to get premium protection. 

    Will Ring Insurance Help Me?

    This is standard procedure for many consumers who are about to buy an engagement ring or have already purchased a diamond ring from online jewelry stores. There is no concrete value for estimating the cost of ring insurance but imagine the extra investment you’ll end up with if the ring is lost. Your diamond ring is valuable in every sense – it is the symbol of your union and it’s a cherished memory. The more expensive the ring is, the more expensive your premium is. Most couples spend thousands of dollars on engagement rings and may sometimes opt for added coverage benefits. 

    Here’s why you should get your diamond ring insured

    Get instant replacement: You want to choose a reliable insurance coverage that immediately sends you a replacement without the paperwork clutter. You will need certain documentations before making a claim, understand the market value of the diamond and for a seamless experience get experts who are always available. 

    Cover all possible contingencies: This means getting coverage for different scenarios like theft, burglary in the house, getting robbed when you’re traveling abroad, natural disaster etc. Preventive repairs are also covered in your insurance like for e.g. stone tightening although your insurance may not cover temporary damage or wear and tear. 

    Get the right assessment: Picking an insurance expert who values your diamond ring correctly is very important. You’re looking for replacement, repair or reimbursement options as part of the insurance policy. Look for appraisals that account for important assets like the ring weight, stone quality, type of metal and quantity of diamonds. 

    You need to be prepared for everything especially when you’re holding onto something as precious as this diamond ring. An insurance plan for your diamond ring can certainly soften the blow especially if it provides worldwide coverage. To get better coverage here’s a tip – get your diamond certified with the GIA or get a grading report from a qualified gemological laboratory before you finalize the premium. 


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