There are two principal ways to insure a Couple ring or other valuable jewelry:
In many cases your ring can be added to an existing homeowners, renters or property insurance plan – this is usually considered an 'extension' to your insurance plan that will cover your ring specifically. We recommend you have your receipt on hand and reach out to your insurance company for more details.
If you do not have homeowners or renters insurance, there are also independent companies such as Jewelers Mutual Insurance Group that specialize in jewelry insurance. In most cases, they will insure your ring after completing an online process that takes a few minutes. It's necessary to have your receipt on hand. You can begin the process here: www.jewlersmutual.com.
The cost of insuring your ring will vary depending on your insurance company, where you live and what exactly is being covered. However, on average, you can expect to pay $1 to $2 for every $100 of your ring's replacement value. For example, if your ring is worth $4,000, you may pay about $80 a year.
Below are some questions you may want to ask before choosing an insurance policy for your jewelry:
- What documentation in addition to a receipt (if any) will you need to insure your ring?
- Is the ring covered if you accidentally lose it – or only if it's stolen? How will you need to prove the ring vanished to make the claim?
- How will the company plan to replace the ring? Will they issue a check or will they require you to purchase a replacement through a specified jeweler?
- Is the ring insured to the full cost or a portion of the original cost?
- Are there any circumstances of loss or damage that aren't covered by the policy?