The minute you tell people you’re engaged, the to-do list begins. Typical tasks include setting a date and finding a location but the first task on your list really should be getting your engagement ring insured. No matter how modest your ring is, there is sentimental value to it and no fiance wants to/can fork over the money to pay for another ring if you lose yours.
Where to begin?
You need to find out how much your ring is worth (not always the same as how much your fiance paid for it!). Sometimes the store where the ring was purchased will have an appraiser on site and sometimes they have to send it to an off-site appraiser. Other times the jeweler does not do appraisals and you have to look elsewhere. Either way, it is an added cost.
I spoke with the jeweler who designed my ring, Jim Kryshak. They needed to send it away for up to two weeks and it made me so nervous that it would get lost in the mail somewhere and be gone for good. I’ve had checks stolen from my mail, so imagine an engagement ring stolen?!? I can’t even think about it. So I made sure to find someone to appraise my ring without mailing it anywhere.
I started calling around to common jewelers to ask about appraisals, starting with Jarred. They have an appraiser that comes into their store once a month and will complete the appraisal that day. A typical appraisal starts at $150 and can be upwards of $200 depending on the size. There were plenty of other things I wanted to do with $200 so I tried a few other places.
Eventually Matt’s mom suggested a local jewelry store in his home town. I dropped off the ring on a Saturday and it was ready that Monday for only $50! They also cleaned it and let me look at it under a microscope to point out a lot of cool things that made my diamond unique.
Moral of the story, look for an “off-brand” appraisal at a “mom and pop” jeweler before you pay the big bucks for the “name brand” jewelers. **Of course make sure you check their credentials and any reviews online – I’m not endorsing anyone get scammed!**
Anyway, once you walk away with a copy of your appraisal, you will need to find an insurance company. Matt already uses State Farm for renter’s insurance etc. so he spoke with his agent and added my ring to his tab. We pay $.80 for every $100 the ring is worth, which is paid annually. I’ll be honest, I didn’t do much research for other insurance rates so I’m not sure if this is the best deal or not but it made sense for us to add it to our current plan.
Although the center diamond of my ring goes back 7 generations and is literally irreplaceable, it’s helpful to know that if anything were to happen to the ring we won’t go broke replacing it.