Yael Pachino Photography

Yael’s Tip of the Week vol 29: How to Insure your Engagement Ring

You are on cloud nine! Your best friend in the whole wide world just proposed and he pulled it off  better than you could ever dream of. You are happy. You are planning your future and you are absolutely loving the engagement bubble that you are living in. You are sporting a shiny new ring that fits perfectly on your left hand and you feel like the luckiest girl in the world! But what if something happens to the ring? God forbid it gets stolen or falls out of your bag while you are at the gym. Although diamonds are a girls best friend, diamonds have their own best friend named Ring Insurance. Here are YPPs top tips to Insuring your ring for the just in case situations…

 

  1. Get your ring Insured ASAP:

    Your soon to be groom can get your ring insured as soon as it is purchased, which, if you ask me, is awesome news! That means you won’t even have to worry about it! But, in the off chance that he was too busy planning the big moment instead of insuring the beautiful sentiment, pick up that phone ASAP and call your insurance provider!

  2. Think outside of the house

    Many couples put their engagement ring under their home owner or rental insurance, and that can definitely be helpful but a lot of those riders do not cover your ring outside of the house, and we all know you are planning a big honeymoon away!

  3. How much are we talking??

    Good question! The estimated cost for your engagement ring insurance will be between $1 to $2 for approx. $100 your ring is worth. I know what you are thinking, that sounds like a lot! But trust me, it is worth it! The cost will ultimately be determined by a few different factors such as the value of your ring, where you live and the theft rate in your area, and whether or not your policy has a deductible, but the good news is it will protect that ring! Remember, this is your engagement ring for crying out loud! It is a symbol of love and nothing says love like protection!

  4. Get an appraisal.

    Now ladies, this one is important! You can’t protect it with out knowing what you are actually protecting!! This is what your appraisal should include: (a) the carat weight, (b) cut, (c) color and (d) clarity of your diamonds. (e) The carat weight and (f) shape of any colored stones, (g) the metal type and (h) fineness or karat, as well as any (i) identifying marks, (j) hallmarks, or (k) stamps. BONUS: Make sure you trust your appraiser! Look at their online reviews, chat with them on the phone and find someone who earned a graduate degree in gemology AND is a member of a national appraisal society. We mean business when we are talking about our diamonds!

  5. Get a Diamond Certificate or Grading Report: The 4 C’s

    The 4 Cs are my favorite C’s! Color, cut, clarity, and carat weight. In other words, A diamond certificate or gradating report. While this is not an appraisal, A Diamond Certificate is often provided by your jeweler if your ring is around a half a carat or larger. The 4 C’s are great for your appraiser and super important to track down your stone if anything happens to it!

  6. Reappraise every few years!

    Your groom made a good investment. The value of your ring will increase over the years and that is why it is super important, for insurance purposes of course,  to get your ring appraised every few years. BONUS: If you go back to the same appraiser time and time again, they will already have a lot of your rings information and therefore, can cut costs! BONUS x 2: Don’t forget to bring a copy of your last appraisal with you. Always better to be safe than sorry!

 

This ring is way more than a ring, it is a symbol of your love for each other, it deserves to be protected! So now, go get that beauty insured and step right back in that engagement bubble! I know you want to!

Leave a Reply

Your email address will not be published. Required fields are marked *