Why You Should Insure Your Ring

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The fact is that accidents and thefts happen everyday but, still, many of us only consider protecting ourselves once it’s too late.

As far as your diamond engagement ring insurance goes, not to mention your jewelry in general, it isn’t just about having homeowners insurance. Many policies won’t cover individual items over a certain value, and may not actually cover any of your possessions once they leave the home.

But all is not lost, as there are many options when it comes to specialist jewelry insurance, but before that, let’s find out why should you even bother? Here’s why.

Theft And Loss

Although the law will be on your side if your engagement ring gets stolen, it’s not much of a consolation if you consider that very few stolen jewelry items ever get returned to their rightful owners. And if you’re thinking that diamond engagement rings have a higher sentimental value than monetary, those who have had their ring stolen will tell you they’d still like a replacement, preferably without laying out thousands of dollars for a new ring.

Theft is an unfortunate fact of modern life, whether by burglary or robbery, and unfortunately it really isn’t something that always only happens to someone else. Insuring your engagement rings against theft is a very smart move because, as we’ve mentioned, it’s almost certain that you’ll never see the original again. And if we told you that 1 in every 1000 engagement rings bought in the US every year gets lost or stolen, the odds suddenly don’t feel so in your favor.

As for accidental loss (as opposed to loss through a dishonest act), consider that your engagement ring may have a diamond weighing over 1 full carat – the actual US average for diamonds set in engagement rings is 1.18ct – but that still means it is very light in weight when compared to everything else you might have with you on a daily basis. Most lost engagement rings don’t go down the garbage disposal in front of your eyes. Most are lost without the wearer even realising until much later.

It gets taken off when washing the hands for bread, or it slips off when we’re not expecting, or they get caught in clothing or other snaggable material. It might sound unlikely that you could lose your engagement ring that way, but it happens with considerable regularity.

When Damage Is Done

Let’s assume you will never lose your engagement ring, but that you wear it every day. After all, why wouldn’t you?

The issue with wear is that it brings along it’s best friend, tear, and the problem with engagement rings is that they suffer wear and tear just like everything else. Don’t assume that, just because there are no moving parts and that it is literally right next to you all the time, that damage won’t occur. Everything from the stones to the setting to the band are fragile enough to warrant extra care and attention.

When was the last time you had your engagement ring cleaned, or even cleaned it yourself? We all start off with good intentions and clean the ring regularly, but eventually almost everyone begins to forget. The problem with any kind of ring is that it is in permanent contact with the skin. Human skin produces an oily substance called sebum and, in case you somehow haven’t seen it for yourself, oil attracts dirt like a magnet. That’s without even mentioning the daily grime that will undoubtedly attach itself.

All those microscopic dirt particles build up over time in even the tiniest gap and, in extreme circumstances, will pack hard enough to eventually loosen the stones. We can practically guarantee that you won’t feel a stone becoming dislodged. Good (and good insurance is worth paying a little extra for) jewelry insurance will cover the loss of the diamonds and other stones as long as the insurance company don’t feel you’ve been in any way negligent. Of course, it needn’t be dirt that loosens the stones, as daily wear and tear are capable of managing it all by themselves.

Diamonds are the hardest natural substance on the planet, with a hardness rating of 10, but other popular engagement ring stones such as emeralds, rubies and sapphires are nowhere near as resilient and so may chip or crack with sufficient force applied from a hard enough knock. Even diamonds can chip if the point of impact is in just the right place.

Also if you wear an heirloom ring or a vintage engagement ring you are going to want to remember that although the ring is packed with sentimentality and beauty, it is more delicate than the average ring.

With the right insurance, all of these things become an inconvenience, rather than a catastrophe.

Some Tips

Lots of insurance companies offer specialist jewelry cover. The cost of the premiums is actually ridiculously small when compared to the piece of mind it brings.

The going rate is usually between $1 – $2 for each $100 of the ring’s value. So, if the ring costs the current US average for a diamond engagement rings of $5,000, the annual premium would be in the region of $50 – $100. When you think that you couldn’t even have minor damage repaired for that, it shows what an obvious choice the insurance is.

You need up to date with the value of your ring. Ring prices can be quite volatile based on global gemstone prices, inflation and demand, but the general trend is always upwards. If you paid $5,000 for your engagement ring, but it was 10 years ago, it’s likely that a direct replacement would cost more than that. Have your ring valued on an annual basis, and adjust the premiums if necessary.

We mentioned having “good” insurance, but what makes it good exactly? Like all insurance policies, the devil is in the detail and the fine print. Some may carry a high deductible, or may render the policy invalid if you were engaged in certain forbidden activities at the time of loss or damage. Others may insist on waiting a lengthy period after reporting the ring lost or stolen, lest it turns up again or insist on the ring being locked in a safe when not worn. But don’t assume the more expensive policies are the best. Read the clauses and other conditions and choose the right policy for you.

And Finally

Your beautiful engagement ring is there to be worn. Don’t let the possibility of loss or damage frighten you away from ever putting it on your finger. Insurance exists specifically so that you CAN enjoy your ring and all that it represents. We’re not saying sentimental values can ever be re-purchased, but anybody who has ever lost jewelry will tell you that it’s always better to have a replacement than nothing. In 3 generations time, your Great Granddaughter won’t care, or probably even know, that it isn’t the original. Better that than no heirloom at all.

This article was brought to you by Estate Diamond Jewelry. If you want to read more on this topic, click the link to read the definitive guide to insuring your engagement ring.