Buying an engagement ring isn’t simply a symbol of love, it’s also an investment. Insurance is essential to protect your purchase for years to come. Whether it's a misadventure on a vacation or an unforeseen event at home, your engagement ring could face risks like loss, theft, or damage. This is where engagement ring insurance steps in.

Understanding the ins and outs of engagement ring insurance is crucial when buying a ring. This guide will cover everything you need to know about engagement ring insurance, from why insurance is important to how to choose the best jewelry insurance policy. Use this guide to make a fully informed decision when buying an engagement ring.

What Does Engagement Ring Insurance Cover?

You may understand why jewelry insurance is important, but what exactly does it cover? Insurance policies can drastically vary, as do insurance rates. Overall, there are three primary circumstances that engagement ring insurance covers: loss, theft, and damage.

• Loss and Theft: Having coverage will ease the burden of the replacement cost for a lost or stolen ring.
• Damage: Whether it’s a chipped diamond or a bent prong, insurance can cover repairs to restore your ring.
• Disasters: From hurricanes to earthquakes, if you lose your diamond ring to a natural disaster, insurance has got you covered.

Every policy has limitations and exclusions, so it's crucial to read the fine print and explore insurance options. Some policies go the extra mile and offer comprehensive coverage for more nuanced situations or personal accidents. Other diamond ring insurance policies might not cover certain types of damage or may have a strict coverage limit.

Understand the full extent of what different engagement ring policies cover so that you can choose the best engagement ring insurance for your needs.

How to Choose the Right Engagement Ring Insurance

The best engagement ring insurance policy should strike a balance between adequate coverage and affordability while meeting your unique needs. To find the right insurance for your engagement ring, use our step-by-step guide below.

1. Compare Coverage

Not all policies are created equal. Compare different insurance providers and their policies. Look for a policy that covers loss, theft, damage, and disasters to the extent that you require. Some shoppers prioritize insurance companies that cover preventative maintenance and normal wear, while other shoppers need no deductible coverage or quick coverage.

When researching insurance companies, compare engagement ring insurance cost, the provider's reputation, customer reviews, and how they handle claims. You're looking for a provider that offers truly reliable and adequate coverage for you.

2. Assess the Value

Assess the full value of your ring. Ensure the policy covers the entire replacement value of your ring, not just its current market value. Consider your lifestyle, the appraised value of your ring, and what potential risks you might face. These factors will help you determine the level of coverage that's right for you.

3. Understand the Claims Process

Know exactly how you'll be compensated (most policies offer replacement, repair, or cash), and what proof you’ll need to provide. Understand how your premium is determined, as factors like the value of your ring, where you live, and your policy's deductible all contribute.

Don't shy away from asking questions about engagement ring insurance cost and coverage, so that you can negotiate a premium that works for you.

4. Read the Fine Print

The fine print ensures that you don’t have any unpleasant surprises, like out-of-pocket costs or limited coverage. Make sure to read the entire policy. You need to know exactly what's covered, what's not, and any conditions or limitations of the engagement ring insurance policy.

How to Insure Your Engagement Ring

The easiest way to get engagement ring insurance is to find a jeweler that also offers insurance coverage. You can then buy jewelry insurance along with your ring.

If you have already bought your ring, or the retailer doesn’t offer a jewelry insurance policy suitable for you, use the following steps to insure your engagement ring.

Get an Appraisal

You'll need an up-to-date appraisal to determine your ring's value. Make sure to get this done by a certified gemologist, as insurance companies often need an official appraisal to set up your policy.

Find a Provider

Shop around. Sometimes, homeowner's or renter’s insurance covers jewelry, or you might go with a specialized jewelry insurer. Contact the insurance company that ticks all your boxes and start the application process. You'll typically need your appraisal report, purchase receipts, and any other relevant documents. The insurance company will then review your details, and possibly ask a few more questions before your ring is insured.

Understand Your Policy

Know what’s covered, the deductibles, and how to make a claim. Remember to keep your insurance policy up-to-date. Any life changes (moving, appraised value changes) may warrant a policy update.

Expert Tips for Engagement Ring Care

Properly caring for your engagement ring is essential for maintaining its quality. Here are some expert tips to keep your engagement ring shining bright:

• Regular Check-ups: Frequently check your ring for wear and tear. Look out for loose stones or any damage to the prongs. If something's amiss, you can catch it and take it to a professional jeweler for repair. Regardless of its condition, bring your ring to a professional annually for a thorough cleaning and maintenance check.
• Cleaning: Over time, build-up can cause your diamond ring to temporarily dull. Keep it sparkling with regular gentle cleaning. You can do this at home with a soft microfiber cloth, warm water, and mild soap.
• Safekeeping: When you’re not wearing your ring, store it in a safe place, away from harsh chemicals, humidity, or potential damage. Choose a secure, dry location, like a fabric-lined jewelry box, to keep your ring. *

How VRAI Engagement Ring Insurance Compares

Now that you know how to insure your engagement ring, it’s time to find your perfect engagement ring.

All VRAI engagement rings come with a Full Lifetime Care Package. This includes one complimentary resizing, an annual professional cleaning, and a Full Lifetime Warranty. The warranty guarantees that the value of your engagement ring, and any manufacturing defects, are covered for life.

VRAI also offers engagement ring insurance through Jewelers Mutual Insurance Group (available for US and Canada, excluding Quebec).

Your love story is one-of-a-kind, and your diamond ring should be too. At VRAI, every engagement ring we offer is customizable so that your ring can reflect your preferences and love. We take pride in the unmatched craftsmanship and quality of our lab-grown diamonds.

VRAI created diamonds are Carbon-Neutral Certified, and grown in the world’s first zero-emission foundry that uses 100% renewable energy. Because we grow our diamonds in-house, we know their origin with certainty and exactly how they are made. From the first atom, to when they are cut and polished by our expert craftspeople, to the moment each diamond is set into an engagement ring, VRAI can trace each step. That’s why we can confidently guarantee the quality and value of every engagement ring.

VRAI diamond experts are here to provide ongoing support. Book an appointment for help in choosing the perfect design, or for advice on ring care and an engagement ring insurance policy.