How to Insure Engagement Rings

Things You’ll Need:

• Jewelry appraiser
• Engagement ring
• Water
• Toothbrush
• Insurance agent
• Camera
• Fees for appraisal and insurance

Prepare to Insure Engagement Rings With an Appraisal

Step 1
Clean your engagement ring to prepare it for an appraisal. Use a toothbrush and water to gently brush dirt away from the stones and setting.

Step 2
Take pictures of your ring. Keep the pictures in a safe place along with the appraisal you receive.

Step 3
Hire an appraiser who specializes in diamond jewelry; leave your engagement ring with him if needed.

Step 4
Retain the paperwork that details the appraisal of your engagement ring. Your insurer will need to know the value of the piece in order to insure it.

Insure Engagement Rings With Adequate Coverage

Step 1

Ask your current insurance agent, if you have one for homeowner's or renter's insurance, about your policy limits concerning jewelry. Most policies have a very specific limit set on coverage for the loss, damage or theft of jewelry.

Step 2
Schedule your engagement ring as a part of your homeowner's or renter's insurance policy if adequate coverage is available. If there is not enough coverage, seek a separate policy for jewelry.

Step 3
Consider a "replacement" policy for your engagement ring. It lets you buy a duplicate ring or a ring of the same current market value if you lose or damage your ring beyond repair, even if the ring is worth more now than it was when you got it.

Step 4
Purchase an "actual cash value" policy for your ring. This entitles you to the monetary value of your ring, based on its appraisal, with any depreciation deducted from it.

Step 5
Pick a "valued at" plan for your ring if it is one of a kind and cannot be replaced. This policy allows you to value your ring at a higher dollar amount than its appraised worth.

Step 6
Fill out the insurance form for the type of jewelry plan you have chosen for your engagement ring. Be sure to include current photos and appraisal information if needed. Pay your premiums as directed by your insurer.

Tips & Warnings

• The most common type of insurance that people choose for their engagement rings is the "actual cash" plan. The "replacement" and "valued at" policies can become quite expensive.