Lifestyle Magazine

Do I Need Insurance for My Engagement Ring?

By Raymondleejewelers @raymondleejwlrs
Do I Need Insurance for My Engagement Ring?

Do I Need Insurance for My Engagement Ring?

It may not sound romantic to have insurance on your engagement ring, but nothing says romance like having peace of mind. There's no amount of money that can take the place of peace when something unexpected happens. Even if it's to your engagement ring.

A question that everyone is always asking is, do I need insurance for my engagement ring? And in short, the answer to that question is yes. Aside from peace of mind, here's why.

What is insurance for your engagement ring?

Engagement ring insurance is just like any other insurance on the market. It's there to ensure that if something goes wrong with your ring or if there was any accidental damage to it, that it's covered with your insurance. It works just like auto insurance, and homeowners or rental insurance. And it's important to have. Especially if there was a lot of money invested in your engagement ring.

Now let's talk semantics.

How does it work?

So how does insurance for an engagement ring work? It's not as complicated as it sounds. You'll need to keep a few things from your purchase and have the ring looked at, but once you get the policy it's smooth sailing from there.

To obtain an insurance policy on your engagement ring you need to keep all of your receipts. Receipts of purchases, repairs, etc. Keep a receipt for whatever you paid for. Next, you'll need to get the ring appraised and keep a record of that. Most jewelers do ring appraisals so you could get it appraised where you purchased it or you can try another local jeweler.

Where do I find it?

Now there are a couple of different places you can find insurance for your engagement ring. If you already have an insurance policy on your home (homeowners or renters), check with your insurance agent. Some insurance companies ensure engagement rings and wedding bands as add-ons to your primary services.

Shopping for an expensive engagement ring? Check out these tips.

Some jewelers also work with insurance companies to offer you insurance on individual pieces or sets and may offer a discount. Another way to find insurance for your engagement ring is to shop around at specific jewelers and see if they have policies and how much they cost. Even if you didn't buy your ring at a jeweler you can still get it insured at one.

What to consider when choosing a policy?

Now that we've established that you do need insurance for your engagement ring and where you can find it let's talk about things you need to consider when choosing a policy. As with every new service that's offered to you, you should be asking yourself (and the service provider) a few questions before you make the final decision.

Before choosing an insurance policy for your engagement ring you should ask:

What their lost/stolen policy is

Is there a deductible?

How do they determine the value of the ring?

Are there any circumstances that aren't covered under the policy?

Diamonds by Raymond Lee

Need to get your ring appraised? Or insurance for your engagement ring? Check out our appraisal services here. Learn more about and in our education center. If you're looking for further information Chat online, or even email one of our customer service advisers at [email protected].

For more commonly asked questions, please visit our page. During regular business hours, our representatives can be reached by phone, email, or live chat. For after hour inquiries, please fill out our and someone will get back to you the next business day.

Areas we serve

We are located in southern Florida in the city of Boca Raton. We proudly serve Boca Raton and the surrounding following areas: Palm Beach, Fort Lauderdale, Miami, Broward, and Miami-Dade. Stop by and talk to one of our experts about finding insurance for your engagement ring today.

Still need to pick up an engagement ring? Check out our 2018 engagement ring trends here.

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