Learning More About Precious Stones Used For Jewelry

Insuring Your Engagement Ring

Congratulations! You have just received a beautiful engagement ring, one you've been dreaming of for years. You may even promise never to take it off, but, of course, you will. And though you can't bear to think of it, you may lose your ring or damage it someday. Before the first glow of happiness wears off, you need to be on the phone with your insurance agent to purchase the right coverage for your new possession.

Ring Value

Although some people still opt for modestly priced engagement rings, many spend thousands of dollars on these items, as much as a home down payment in some instances. In 2014, the average cost of an engagement ring was $5,855, a significant investment. Unless you can afford to easily replace a ring of that value, you need to buy an insurance policy for it.

Policy Options

Fortunately, you have several affordable options for your ring. Although your current home or renters policy offers you some protection, it may not be enough to actually replace your ring. You can purchase something known as a scheduled personal property coverage, a special provision for valued items such as your ring. Another option is to buy a policy from a company that specializes in jewelry coverage. You need to compare these policies before you purchase a plan. You want to make certain that your policy covers damage, loss, and repair.


If you decide to purchase scheduled jewelry insurance you can expect to pay approximately $1-$2 for each $100 that your ring is worth. If your ring is worth $5,000, you will spend $50 - $100 each year for the coverage. The cost is a modest one if it allows you to wear your ring without worry.

Sentimental Value

If your ring was inexpensive, you may be tempted not to cover it. However, you should consider sentimental value as well. Some policies will pay for a jeweler to create an identical ring to your original one. That way, your ring is never really lost, even if it was purchased from an estate jeweler or passed on from a relative. Your beloved and unique ring can be protected. 

Protecting your engagement ring means more than safely storing it or taking it off when you do yard work. If you want to truly keep your prized piece of jewelry safe, you should consider investing in specialized insurance for it. Your insurance agent can help you choose the correct level of coverage, or a jeweler, like Jeffrey-Private Jeweler, can recommend a company specializing in these policies.

About Me

Learning More About Precious Stones Used For Jewelry

Hello, my name is Selma. I am delighted to share my knowledge about diamonds and other gems on this site. I have always been fond of jewelry encrusted with precious stones. I feel that the jewelry I select can dress up nearly every outfit. Just wearing the gems helps improve my confidence and mood. I will use this site to talk about all of the different types of gems and their uses. I will regularly focus on the process of mining and refining gems for use on high end jewelry pieces. Please come back to visit my site on a regular basis to learn about this fascinating subject.