How to Get Engagement Ring Insurance: 9 Things You Need to Know

Estimated costs to insure rings average $1 to $2 for about every $100 your ring is worth. In theory, then, you can anticipate a premium of $100 to $200 a year.

4. Ask The Right Questions

Make sure to ask a potential policy provider important questions like:

• Can you choose who repairs your ring?
• If you're insured for replacement (instead of a cash payout), where can you purchase a new ring?
• What happens if a suitable replacement cannot be found?
• How will you need to prove the ring vanished if you make a claim?
• Are there any circumstances that aren't covered?
• Will you continue to be insured when out of the country?
• Are you covered for damage or just loss/theft?
• Will the policy adjust according to inflation?

As you get answers to these questions, you'll have a better sense of which provider can offer the best ring insurance.

5. Get an Appraisal

You can't protect the value of your ring if you don't know what it's worth. "A thorough appraisal will include the carat weight, cut, color, and clarity of all the diamonds, the carat weight and shape of any colored stones, the metal type and fineness or karat, as well as any identifying marks, hallmarks, or stamps," says Elizabeth Doyle, president and co-founder of Doyle & Doyle. Most insurance companies will require an appraisal for higher value pieces (for example, rings worth $5,000 or more) while an invoice or receipt suffices for less expensive items.

6. Get a Diamond Certificate or Grading Report

If your center stone is around half a carat or larger, your jeweler will often provide a diamond certificate or grading report from an independent gemological laboratory like the Gemological Institute of America (GIA), the organization that founded the "4Cs" used to evaluate diamonds: color, cut, clarity, and carat weight. This assessment of quality — while not an appraisal — lists all of the measurements your appraiser will need to make the most accurate determination of value. (This detailed information can also help track down your specific diamond if it's ever stolen.) "If your ring is lost and you're without an appraisal there is no way you'll be able to recover the ring's actual worth," says Russell Shor, senior industry analyst at GIA. "The GIA report is unassailable if people lose their ring or are victims of theft."

7. Make Sure Your Appraiser Has the Right Credentials

Find a reputable appraiser with sparkling reviews, preferably one who also holds a graduate degree in gemology and is a member of a national appraisal society. (The GIA recognizes these associations.) "It's very important that your appraisal is accurate," says Zaven Ghanimian, designer for Simon G. Jewelry. "It's not a good thing if the appraiser inflates the value of your ring." Sure, you might be thrilled when the sparkler that cost your groom $2,000 appraises for double, but you could end up losing money in the long run. You'll pay a higher monthly premium for a ring that appraises for $4,000.

8. Remember to a Reappraise

The good news is your engagement ring was a smart investment! As its value has likely gone up since it was purchased, it's important to have your ring reappraised every two to three years for insurance purposes. And consider going back to the same appraiser each time (assuming you had a good experience), says Bulsara. Most reputable appraisers will retain a copy of your original appraisal and can work from that instead of starting from scratch — and that cuts costs. (But bring a copy of your appraisal in the event they don't keep records for that long.)

9. Reevaluate Your Overall Insurance Needs

There just might be more to think about than just how to insure engagement rings — there just might be more new items you need to insure that you need to insure. "In addition to engagement ring insurance, remember this is a time when you should be reevaluating all of your insurance needs as newlyweds," says Jeanne Salvatore, senior vice president of public affairs and consumer spokesperson for the Insurance Information Institute. Even consider ramping up your insurance coverage to account for expensive or hard-to-replace wedding gifts.