Ring Insurance? What It is and whether you Need It

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Do you remember the viral proposal video on the waterfall? During the video shooting, the engagement ring fell. That was no one’s fault, but there are lessons that one can pick from the scenario. One of the biggest lessons from that incidence is the need for ring insurance. Whether you are buying an engagement or white gold wedding ring for her, it is wise that you consider getting ring insurance just in case you lose it. While some jewelers offer warranty for ring purchases, you can go ahead and get insurance coverage. Some considerations when getting a ring insurance policy are:


You need to understand the terms of your policy when you need to replace your ring or a part of it. Will the insurance company reimburse an amount equal to the value of the ring, or will they purchase the ring on your behalf? You also need to consider the turnaround time for ring replacement.


It is essential that you factor in the cost difference between different insurance providers and what the coverage entails. Ring insurance policy coverage should cover for damages, theft, or loss of the ring. Some policies even consider the area you live in because some cities are high-theft areas and influence your insurance costs.

Value Assessment

An appraisal from a professional jeweler will go a long way in getting supplemental coverage for your ring. The appraisal shows that your ring is genuine, worthy, and of high quality. You will present your ring’s value assessment documents when purchasing your ring insurance policy. Remember to keep your ring purchase receipts and the appraisal after buying your policy.

What Happens When you Upgrade Your Ring?

wedding rings

If you have already acquired an insurance policy for your ring, it only covers the ring at the current value. Should you upgrade the ring, you should get a new appraisal that will capture the new ring’s description. An up-to-date appraisal is the only way to protect your ring for its full value.

What is the Estimate Insurance Cost?

The rate of your insurance depends on different variables, such as the value of the ring, your place of residence, and whether your policy has deductibles. These refer to a certain sum of money that the owner may be willing to cater to without the insurance company. Usually, insurance costs are about 1-3 percent of the ring’s value. Any change in the insurance policy will cause the premiums to refactor as well. There are some ways you can minimize the insurance cost, such as lowering potential risk factors. One way that ring owners lower their risk factor is getting a safe in their home.

Engagement or wedding rings are quite an investment for many couples. ; Not only do couples wear wedding rings as a reminder of their lifetime commitment to one another, but wedding rings also serve as accessories. While there are many uncertainties — theft and or loss, consider getting ring insurance, so you do not incur a huge loss. That way, you can be sure that when you get a beautiful white gold wedding ring for her, the ring is worthy for ages.

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