Everything You Need to Know About Jewelry Insurance

You’ve got the bling, now you’ve got to protect it! We’re breaking out all the things you need to know about jewelry insurance for your engagement ring and wedding rings.

In order to drive your car, you first purchased car insurance. While living in your home or apartment, you purchased homeowner’s or renter’s insurance. While you’re planning your wedding and on the day of your celebration, you will have wedding insurance to protect you, your guests, and your soiree. All three exist to keep you, your loved ones, your property, and your belongings safe in the event that anything happens. So, have you purchased a policy or added a rider onto an existing policy for your engagement and wedding rings? If you haven’t, keep reading — when we say this post can save you thousands and a headache, we’re not kidding. 

What is jewelry insurance? 

The purpose of jewelry insurance is to protect your engagement ring and wedding bands in the event that they are lost, stolen, or damaged. Similar to other types of insurance, you will pay an annual (or monthly, depending on how your insurance is billed) premium for the insurance. Then if anything happens to your pieces, you will be responsible for remitting your deductible. Then your insurance provider will help you to handle the rest, just like they would in any other type of claim. 

Keep in mind, a premium is the amount you pay to have the insurance policy. It’s like a monthly gym membership or entertainment subscription. A deductible is the maximum amount you will be responsible for paying should anything happen (likely a few hundred dollars, which is most often *a lot* less than the value of your engagement ring!).  

Why do I need jewelry insurance? 

As we mentioned earlier, it’s unlikely (and unsafe) that you’re driving a car or living in an apartment or home without respective insurance policies. They’re designed to keep you safe, and jewelry insurance serves the same purpose for your rings. After all, engagement rings and wedding bands have plenty of sentimental value — especially antiques or heirlooms. But your valuables also have big-time monetary value! Especially if you’ve invested in a diamond ring or other high-value items.

The right policy protects your rings in the unlikely event that it’s stolen. But a great policy will also protect your rings if they’re ever lost (we’re looking at you, snorkeling or scuba diving excursion) or damaged in any way (missing stone on a wedding band, anyone?). Mishaps happen to all of us, and jewelry insurance enables you to find a quick solution that won’t cost you thousands like it might if you had to replace your engagement ring or wedding band at full price out of pocket. 

How much is jewelry insurance? 

Jewelry insurance typically costs as little as “$1 per month for every $100 your ring is worth,” as noted by Brides. Worth is important because the value of your ring will not be determined by the price that was paid for it. Instead, the worth of your ring (or rings) will be determined by a jewelry appraiser who carefully examines each piece. And, jewelry appraisers are easy to find! Simply ask a reputable jeweler for a recommendation — some even have appraisers on their staff. Then plan to get your jewelry reappraised every so often, depending on the timeline recommended by your insurance company. Once you know the value of your jewelry, you’ll be able to purchase an appropriate amount of jewelry insurance coverage.

How do I obtain jewelry insurance? 

The process is actually really simple! If you already have renter’s or homeowner’s insurance, you can contact your insurance company and add a rider to your policy. A rider is like a small box tucked inside a larger box (your entire insurance policy) that enables you to protect a specific item (your jewelry). You might find yourself adding other valuable items to your policy while you’re at it! Another option is to purchase specific jewelry insurance from a jewelry insurance provider. We’re fans of Jewelers Mutual if you’re looking for the most comprehensive coverage, but BriteCo has affordable options starting at $5/mo!

What questions should I ask before purchasing a policy or adding a rider? 

Here are a few important questions to keep in mind when purchasing a jewelry insurance policy:

• What does the policy protect? 
• Are theft, accidental loss, or mysterious disappearance covered in the policy terms?
• What is the cost of my premium or rider? 
• How many jewelry pieces can I include in my policy?
• How much is my deductible, should something happen to my jewelry? 
• Does the policy cover the cost of a replacement ring and the cost to replace a stone or repair damage?
• How long does it take to receive funding to replace a ring or make a repair? 
• Once I purchase a policy or add a rider, is there anything else I need to do? 
• Do I need to keep the sales receipts from my jewelry in order to secure coverage?
• How do we need to provide proof of my jewelry’s appraised value?
• If something happens, how do I file a jewelry insurance claim?

For the relatively low monthly or annual cost of jewelry insurance, you can protect your engagement ring and wedding bands from a number of potential issues while saving your sanity (and your wallet!) in the process. To us, it’s 100% worth it. Protect your most precious memories by insuring your ring today!

Do you have any questions about jewelry insurance? We’re happy to answer them in our community!