how do i insure my engagement ring? how to insure jewelry? a jewelry insurance guide

Engagement Ring Insurance Cost
Often times the insurance rate is determined by multiple rating variables and factors (like an auto or home policy) to provide a customized rate based on the individual risk characteristics. This means that the cost of coverage can vary greatly based on several factors including the value of your ring, where you live, and whether or not your policy has a deductible. Premiums will always be higher for policies with lower or no deductibles.  As a very general rule, insurance typically costs between one to three percent of the value of the item being insured but can be outside this range based on individual risk characteristics.

Get Ring Insurance, Don't Wait
Your soon-to-be fiancé (or fiancée) can insure the ring as soon as it's purchased and in their possession.  In fact we recommend insuring it the moment you pick up the ring.  Often times people think, well I can wait til she's wearing it, or I'm not that worried we can do that later.  It's always a good idea to carry insurance from the get go to be on the safe side.
Choose an Insurer When it comes to insuring your jewelry, you have two options. If you have homeowner's or renter's insurance, you can purchase rider. This is a good option because it actually may cost you less than taking out a specific jewelry policy.  However one thing to consider is that if you do have a loss your premium could go up or your eligibility for your entire policy could be affected each insurance company works differently so talk with yours.  A second option is a jewelry specific policy from a separate company. This may be a good option as well however talk to each company and make the right decision as far as what's best for you!

Ask the Important Questions
Being informed is important when deciding on which insurance option or provider is best. Make sure to ask a potential provider 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 and theft?
• Will the policy adjust according to inflation?
• What types of repairs contribute to the deductible?

Have an up to date Appraisal
An appraisal will account for all the key elements of value including carat weight, cut, color, clarity and quantity of diamonds; types of metal and weight; shape and carat weight of other stones; and any distinctive markings, model numbers, or stamps. Current retail prices in the regional market, origin of the materials used, and craftsmanship of the piece are also taken into account. Having an up to date appraisal is important and keeping up with updating yours will be something you should do every two to three years even if the value does not change much.
To learn more about appraisals see our appraisal pages!

Make Sure Your Appraiser Has the Right Credentials
Finding a good appraiser can be difficult.  Here at the Velvet Box Society we offer expert appraisal services from GIA graduate gemologists with awards from all over the world.  In fact we have even done appraisals for museums.  So starting with a trusted name with the right specific knowledge is important.

Should you need assistance with the appraisal process or insurance coverage contact us directly.  Additionally we are also able to work directly with insurance companies to assist you in replacement of a missing item