At Mark Michael Diamond Designs we design and manufacture custom jewelry, engagement rings and bridal jewelry in-house. We feature jewelry questions, diamond information and answers in our jewelry blog.

Engagement Ring Insurance

Sure, insurance isn’t as glamorous as finding your dream diamond ring, but you’ll love the peace of mind that comes with having your ring insured. So what is jewelry insurance in the first place? Depending on your policy and coverage, jewelry insurance protects against loss, theft, or damage of your valuable engagement ring (or any jewelry for that matter).

The first step in insuring your ring is to find a provider. Most people will add a rider (or extension policy) to their existing renters or homeowners insurance, through a company like State Farm or Liberty Mutual. Alternately, you can work with a company that specializes in jewelry insurance, like Jewelers Mutual. You might want to call both to see who offers the best coverage, customer service and price. When working to find your provider, here are some great questions to ask:

  • Is the ring covered if you lose it accidentally, or only if it's stolen?
  • How will the company replace the ring—with a check? Or will they require you to purchase a replacement through a specified jeweler?
  • What if it's a vintage ring or other unique piece? How will the quality and size of your diamond—and that of a replacement if needed—be documented?
  • Is the ring insured to full cost or a fraction of it?
  • How will you need to prove the ring vanished if you make a claim?
  • Is the ring covered if it needs repair work (i.e. a chipped or damaged center diamond)?
  • Are there any circumstances that aren't covered?

Once you find a provider you’ll likely need to submit a receipt and appraisal to your insurance agent. If the ring is purchased from Mark Michael Diamond Designs, we will provide the appraisal free of charge on every jewelry purchase. We also have an expert appraiser and graduate gemologist, who for a small fee of $95 can provide appraisals on outside jewelry of any kind. (Learn more about our appraisal services.)

Cost to Insure a Ring

Costs can vary widely depending on the state and city that you live in. According to the, the yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace. In plain English, this means that if your ring would cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it.

At Mark Michael Diamond Designs, we always recommend having your valuable jewelry insured. Still have questions? Let us know by sending us an email and we’ll get back to you as soon as we can. We thank you for reading and hope to hear from you soon!

Mark LauerComment