How to Insure Your Engagement Ring

Your engagement ring represents your lasting commitment, and will be cherished for a lifetime. While obtaining insurance for your wedding ring may not feel overly sentimental, it is a practical and necessary step to take if you want to avoid losing such a valuable treasure. Many people incorrectly assume that their homeowner’s policy will cover your jewelry, however many don’t. Also, homeowners and renter’s insurance is capped at a certain amount, and you may never recover the full value of the ring. Jewelry insurance is specifically designed to reimburse the cost of your ring, no matter what the circumstances. At Royal Design Fine Jewelry, we are excited to offer Nature’s most exquisite treasures to residents of Atlanta, Georgia and to our clients around the world. We would like to offer some tips for anyone who is considering an insurance policy for their engagement ring, wedding band or any item in their jewelry collection. 

Why Should You Get Insurance for Your Jewelry?

Jewelry insurance guarantees financial protection if your engagement ring is ever lost, stolen or damaged. A couple’s wedding rings are often one of the largest investments a family will make, and the thought of losing it all because of a break in or momentary lapse of judgement. Whether you’ve dropped your ring down the sink or tub drain, damaged your ring beyond repair or lost it while scuba diving halfway around the world, jewelry insurance will make sure that you can repair or replace your gorgeous diamonds without worry or stress. Best of all, insurance also often covers basic repairs for common issues like a missing stone or broken prong. 

How It Works

The first step is establishing the value of the ring itself. The insurance company will likely want to see that the ring is certified and appraised by a professional. Once your policy is in effect, you can wear your ring free of anxiety. If a problem arises in the future, and you need to repair or replace the insured item, you can file a claim as you would any other form of insurance. 

How Much Does It Cost?

Of course, the costs of insurance can vary widely. The total amount will be determined by a variety of factors including the number of items you insure, whether you have other insurance policies with the company, and what kind of offers are available. In most cases, the annual cost to insure your engagement ring will be $1 or $2 per $100 of value. So, if your ring is $10,000, it should cost between $100 to $200 a year. 

Protect All Your Fine Jewelry 

Keep in mind that you can insure all your favorite fine jewelry. Most insurance companies that work specifically with jewelry will cover everything from earrings and bracelets to luxury watches and loose diamonds. Speak with a representative to find out how you can protect your entire collection from theft, loss, fires and natural disaster. 

Looking for an Engagement Ring or Jewelry Appraisal? Visit Royal Design Fine Jewelry

Are you shopping for an engagement ring? Do you need a professional jewelry appraisal? Visit Royal Design Fine Jewelry in Atlanta, GA today. 

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