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Purchasing Ring Insurance: The Right Decision September 29, 2008

Posted by Jill Renee in : Jewelry Care , trackback

Have you ever thought about purchasing insurance for your ring?  If you have insurance for your home and car, would it stand to reason that you should also insure your jewelry?  I’m sure you value your jewelry as much as you value your home or car, if not more, but buying insurance for a ring is not necessarily an easy decision for everyone.  Many factors need to be weighed.

There are two main ring insurance policies: a floater insurance policy and a standalone policy.  In a floater policy, if something happens to your ring, you either get the value of your ring back in money or you are given a brand new ring.  A standalone policy has a very important difference. In a standalone policy, a jewelry appraiser will appraise the value of the ring. Some policies will also cover damage .You can purchase your ring online and it often comes with an appraisal or you can ask your local jeweler for an appraisal referral.  You will get the appraisal value of the ring if you need to replace it.

There are several different insurance options, and it is best to read all the details of your policy because they will change from company to company and state to state.  A general guideline is that the insurance should cost about $10 for every $1000 dollars of value. For example a $10,000 engagement ring should cost about a $100/year to insure.

You could of course choose not to insure your ring.  This is a gamble, but it obviously is the least expensive option, and if you plan on taking extremely good care of your ring, then it may be the best one for you.   The odds of a ring being stolen or lost are very low but it does happen.  I think everyone knows someone who has lost a piece of jewelry either through theft or accident.

If you can afford to replace your ring without having insurance, you may want to go without it. However, this is not something I would recommend. I have accidentally thrown away a very expensive watch and lost a ring in the ocean when a small child was squeezing my hand! I was very happy to rely on my insurance policy both times.

Another way people damage their ring is with chemicals. It is always best to remove your rings and all jewelry if you believe you are going to be around chemicals or paint.  It is best to not attempt to paint your home with a sapphire and diamond ring on your finger.  You’ll just be asking for it to get damaged.   So if you believe in finding a practical solution to the question of whether or not you should insure your diamond ring, you may find that the solution that fits you best is to not get your ring insured at all.  But if you want to remain on the safe side, then by all means, purchase ring insurance.

And be sure to check out our selection of diamond engagement rings so that you can determine what ring you wish to purchase that insurance for


1. sonya - November 23, 2008

Of course that getting diamond ring insurance is the right thing to do. It can avoid serious frustration.

2. Diamonds - A Royal Flush | Diamond Buying Advice - January 27, 2009

[…] your current jewelry insurance policy to ensure adequate […]

3. Megha - February 11, 2012

If you have a pair of earrings, or any item of jewelry that comes in a pair, if damage is suffered to one part, you normally are inadequately covered. As an additional cover you should ensure that all pairs should be replaced in the event of theft, or damage to just one of the pieces.