Insuring Your Diamond Engagement Ring: Where to Start?

A diamond engagement ring is one of the most precious gifts you are ever going to receive in your life. But with owning a ring like that, you have to think of the responsibilities as well. A lot of brides don’t think in this direction on their happiest day in their life, but what happens if the ring gets damaged, lost or stolen? The ring might slip off your finger while washing your hands, might get damaged if you don’t take it off at the gym or might simply get stolen. What would you do in that case?

Fortunately, same as with every other major investment, you can insure your engagement ring. And while that might not change the fact that something happened to your ring, having insurance to back you up in case of any of these scenarios can certainly ease the blow to some extent.

Read on to learn more about how to insure your diamond engagement ring and why you should do it.

The Sooner the Better

You should have the ring insured as soon as you get it. Think of it as insuring your car before you take it out on the road for the first time. You might not be thinking about anything bad happening to the ring at first, but the sooner you protect the ring the better. Once your future husband pops the question and you celebrate in style, you should start looking for an insurance provider.

Choose the Insurance Provider

There are two types of ring insurance you can get. The first is an extension purchased through your renters’ or homeowners’ insurance that specifically covers the engagement ring. The other is to buy an insurance from a company that specializes in jewelry insurance.

The Price of Insurance

The price of the insurance policy varies on the value of your engagement ring, the crime rate in your neighborhood and any deductibles. Generally, if you don’t pay any deductibles the monthly rates are going to be higher. You should also ask the insurance provider if you can choose your own trusted jeweler like Leo Hamel’s to repair the ring in case it gets damaged.

Appraise the Ring

In order to insure your ring, you have to know what it’s worth first. The appraisal includes everything from the cut, color, clarity and carat weight of the diamond or any other gemstones on the ring, the type of the metal and any identifying marks on the ring.

Obtain a Diamond Certificate

In case the diamond on your ring weighs more than half a carat, any reputable jeweler will provide a grading report or a diamond certificate issued by the Gemological Institute of America or any other independent gemologist. This lists all the relevant data about the diamond that might be useful during the appraisal.

Contact Leo Hamel Fine Jewelry & Engagement Ring Store at
1851 San Diego Ave, San Diego, CA 92110, USA
619-299-1500