Here’s what you need know about insuring an engagement ring

Buying an engagement ring for someone is typically a huge event, and shouldn’t be taken lightly.

Although engagement rings can fall anywhere from a few hundred to thousands of dollars, it’s a solid idea to purchase insurance right off the bat. Here’s what you should be aware of about how to insure your engagement ring.

Find the best provider and policy for you

“Insurance is very important,” says Peter Meksian, CEO of Michael M, a Los Angeles area luxury bridal and fashion jewelry company. “Most ‘home’ insurance policies cover jewelry and watches to a certain amount. If you do not have a homeowner’s or renter’s insurance policy, you can always get an insurance policy from Jewelers Mutual, who specialize in personal jewelry policies.”

“You would not own a car without insurance — insure your jewelry,” Meksian continued.

If you’re already covered for possessions in your life through homeowner’s insurance or renter’s insurance, it’s possible the policy covers jewelry and watches up to a certain value, but it’s best to do some research on your policy to make sure.

Insure the piece as soon as you can

Experts say that purchasing insurance before taking possession of the engagement ring is a good idea as well.

“Consumers should insure any piece of jewelry that they would not be able to replace on their own if it were lost or stolen. That amount differs from person to person, but can be as little as $1,000,” says Oded Edelman, President and co-founder of JamesAllen.com.

“You also need to find out if the policy covers you fully if the item is damaged or lost outside of the United States,” says Edelman. “You’re probably more likely to be exposed to theft or lose your ring when you’re traveling, so this question is key and many policies will have riders that don’t allow this level of coverage. Finally, ask if your jewelry is covered at the full replacement cost and if you can receive a cash settlement instead of a replacement item.”

Gather the correct information for the provider

You’ll need a few different items in order to properly insure your ring.

Appraisal: Typically you’ll need to get your ring appraised to kick off the process. An appraisal will have details like the 4 C’s: carat weight, cut, clarity and color, and should be done by a legitimate company. You may also want to reappraise every few years to ensure that the value is still correct.

Grading Report: The jeweler might also give you a grading report, like those from GIA, the Gemological Institute of America. This will also go through the specifications of the diamond, but it is not an official appraisal. Instead, it will help the appraiser figure out the value and thus would be good to submit with the insurance policy.

Photos: To go with with your appraisal and grading report, you may also want to send in photos of the ring to the insurance company so the details can be matched with a photo. This will also help in helping to repair or replace the item, should you need to.

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