Engagement ring insurance is a great way to make sure that you will be reimbursed partially or fully should your engagement ring become lost or stolen. This type of insurance is designed to give you peace of mind in case anything should happen to your ring. There are some guidelines you should follow to ensure that you get the best coverage possible, and these will be looked at below.

Where can I get engagement ring insurance?

Engagement ring insurance can be had from insurance companies that provide jewelry insurance. You can ask your jeweler if they work with a special company. If your jeweler doesn't work with any special company then you will have to find one on your own.

You may also be able to get engagement ring insurance from companies that give homeowner's insurance. Homeowner's insurance companies will often offer enhancements on the policy that will cover jewelry such as engagement rings in case they are accidentally lost or stolen.

What documentation will I need to get my ring insured?

You will need to have an appraisal from a certified gemologist. You will also need to show your receipt of purchase to the insurance company. These two documents will determine how much the ring will be insured for.

What details should I look out for in my policy?

Find out if you will still have coverage if you accidentally lose the ring. Some policies will not cover accidental lost and will only cover you if the ring is stolen. You should also ask your insurer if you will receive a check for the value of the ring or if you will have to get a replacement ring at a jeweler of their choice once the ring is reported stolen or lost.

Some insurers will not insure your ring at full cost, so you will need to find out about the extent of the coverage being offered. Ask your insurers what type of proof you will need in order to verify that the ring was stolen.

What is the average cost of engagement ring insurance?

The average cost depends on the type of policy you acquire. An enhancement to a homeowner's policy will see you paying anywhere from $2 to $15 dollars a year for every $1000 that the ring is worth. If you take out a policy for the ring alone then you could see payments of up to $90 per year for a $6000 ring.

Considering the high cost of most engagement rings insuring them is often a wise and affordable choice. Learn more by consulting with resources such as Jackson Jewelers.