{"id":62168,"date":"2019-11-01T18:28:53","date_gmt":"2019-11-01T18:28:53","guid":{"rendered":"https:\/\/withjoy.com\/blog\/?p=62168"},"modified":"2024-06-28T11:37:24","modified_gmt":"2024-06-28T18:37:24","slug":"how-to-insure-engagement-ring","status":"publish","type":"post","link":"https:\/\/withjoy.com\/blog\/how-to-insure-engagement-ring\/","title":{"rendered":"How to Insure Your Engagement Ring"},"content":{"rendered":"

Congratulations on your engagement! Not to seem unromantic, but is that sparkle on your finger insured yet? You\u2019re probably not even thinking about engagement ring insurance right now, but it\u2019s a good idea. You can give yourself peace of mind, and protect your beloved\u2019s financial investment, by choosing an insurance policy that works best for you. Thankfully, it may be easier and cheaper than you think. Here are the top 5 questions to ask yourself before or as you embark on the process of how to insure your engagement ring.<\/p>\n

How Much is Engagement Ring Insurance?<\/strong><\/h2>\n

\"woman<\/p>\n

The annual cost of insuring an engagement ring is typically 1 – 2% of the ring\u2019s value<\/strong>. For example, if the value of the ring is $5,000, then it could cost $50 – $100 per year to insure it.<\/p>\n

Your location can also impact your annual insurance premium. So can your deductible. An insurance company may have a fixed deductible or let you choose from a $0 deductible up to a $25,000 deductible. As with other types of insurance coverage, the higher your deductible (the amount you\u2019re willing to pay before the insurance provider does), the lower your annual cost.<\/p>\n

What Does the “Appraised Value of a Ring” Mean?\u00a0<\/strong><\/h2>\n

\"sparkly<\/p>\n

This is not the ring\u2019s price<\/a>, but rather a document that assigns a value to your ring and includes important product details\u2014the ring description, type of metal, stone quality, and the diamond carat weight\u2014not found in the sales receipt. Some insurance companies may require an appraisal, while others may require one for a ring worth more than $5,000. (If an appraisal is not required, the sales receipt will be.)<\/p>\n

It\u2019s important to get a good but fairly-accurate appraisal. If your ring\u2019s value is overinflated, you\u2019ll pay a lot more in annual insurance premiums. So how do you find an engagement ring appraiser? The jewelry store that sold the ring may have an on-site appraiser.<\/p>\n

If not, you can find one in your area using the American Gem Society<\/a> or American Society of Appraisers<\/a>. Typically, the cost is $50 – $150 per hour or per item. It\u2019s wise to wait and watch your ring appraisal being done, which typically takes 15 – 30 minutes. You\u2019ll usually receive the appraisal document by email or mail within one to two weeks.<\/p>\n

For accuracy, an insurance company may require your ring appraisal document to be dated within the past five years or less. The timeframe varies by company. Even if the insurance company doesn\u2019t require a reappraisal to keep your insurance valid, it\u2019s a smart idea to get this done every two to five years to ensure your ring has proper coverage.<\/p>\n

Where Can I Insure My Ring?<\/strong><\/h2>\n

\"wooden<\/p>\n

There are two types of companies that will insure your ring: homeowners insurance and jewelry insurance. But there are advantages and disadvantages to each.<\/p>\n

Homeowners Insurance Companies<\/strong><\/p>\n