You’re engaged! He actually (finally?) got down on one knee and presented you with your dream engagement ring. You’ve already called your parents, and your best friends. You probably have even done a cute Facebook engagement announcement. But before you start cake tasting, dress shopping, and saving bouquet ideas to your Pinterest boards, there’s one important step you must take.
Time to get engagement ring insurance. In the grand scheme of wedding planning it’s not as exciting as venue hunting and certainly not as painful as tracking down RSVP’s or doing your seating chart. But it is one of the most important steps you need to take to protect yourselves financially and start your marriage off on a fiscally responsible foot.
Insuring your engagement ring is easy. The first step is having your ring appraised. If your fiancé purchased a ring with a certified diamond it’s very likely that it already came with an appraisal. When someone buys a GIA certified ring from us, for example, our GIA Graduate Gemologist Richard can easily write an appraisal on the finished ring and include it with the receipt when they come to pick up their new prized possession. If you don’t have a certified diamond, don’t sweat it.
Just book an appraisal with a GIA Graduate Gemologist – many independent jewelers have them on staff. Typically they don’t accept walk-ins, so you can e-mail or call the store to set up a good time to meet. The appraisal itself doesn’t take long, and is typically included with the purchase of a ring. If you bought a ring without an appraisal, or the jeweler didn’t have a GG on staff, you can use this list to find one.
At Raymond Lee, our engagement rings come with a complimentary appraisal. If you bought your ring elsewhere, we offer appointment-only appraisals for $95 per piece.Our gemologist evaluates your ring with you, inspects the diamonds, measures them, and makes a detailed report of everything about your ring.
Once you have a written appraisal, you can contact your current insurance provider and have a personal articles rider added to your homeowners or renter’s policy. If you don’t have either of those, or you just want to keep things separate, you can use a jewelry-specific insurance company, like Perfect Circle by Jewelers Mutual. A policy like this offers advantages, like exact replacements and repairs in case of loss or theft, protection for loose stones while it’s being set by your jeweler, and $0 deductibles. You can use code A01198 for a free quote.
Once you contact an insurance company, and fax or send them a copy of your appraisal, you should be protected in a matter of days. It may seem unnecessary or superfluous, but it is such a minimal expense that gives you enormous peace of mind and protects a significant investment. So before you start showing off that rock to everyone you’ve ever met (as you should!) be sure you’ve got it insured.