We highly recommend that all of our clients insure their engagement ring. We have a one-year warranty that protects you against manufacturing defects, but fine jewelry is delicate by nature. It’s definitely possible to damage or lose your engagement ring, and we encourage our clients to protect themselves from those unfortunate outcomes with jewelry insurance.
Jeweler’s Mutual is the gold standard for diamond, engagement ring and other jewelry insurance. They provide the best coverage in the event that you need to activate your policy, compared to rolling the ring into your renters or homeowners insurance. (This isn’t a sponsored post; we’re just big fans!)
You can insure your rings with Jewelers Mutual in one of two ways: with an appraisal or a detailed sales receipt. The short version is that there isn't much practical difference here, but here's the long version:
- Appraisal: appraisals for insurance value are typically pretty inflated. The appraised value will be higher than what you paid for the piece, and isn’t a good representation of the resale value of your ring. That said, insuring via appraisal does mean your ring is insured for a higher value, so you technically have a higher budget in the event that you need to activate the policy. Even a great company like Jewelers Mutual is only going to pay out what they have to in order to get you a new ring, though - so your ability to actually use this extra money is pretty limited. Your premium will also be a little higher this way. This option comes with an additional cost to you.
- Detailed sales receipt: Hera Fine Jewelry, or whomever you work with for your ring, can provide this for you free of charge. If you insure your ring via a sales receipt, it will be insured for the purchase price.
