When you find the one, and you get the ring, is diamond insurance worth your while?
Picture this: You have the stone of a lifetime, a ring you truly will cherish for the rest of your life. But what happens if you lose it or a stone falls loose? Should you insure that special diamond or engagement ring?
While weighing your options around diamond insurance may not be as exciting as planning your honeymoon or wedding, when it comes to your precious ring, securing adequate protection may be important to you, just like anything else you insure.
In 2022, the average cost of an engagement ring is between $4,770 and $5,580. That could potentially be thousands of dollars on your hand while you’re out and about, heading to work, or socializing with friends. If you have an expensive engagement or diamond ring, it’s important to look at the piece as an investment and treat it as such.
So, the short answer is that, yes, some type of diamond insurance is worthwhile. Thankfully, there are options for you and your spouse in the case of theft, damage, or loss.
Your first option is to include your diamond in bundled homeowners or rental coverage, which is sometimes already included in policies that cover the value of items in your possession, whether they’re located inside or outside your residence. In the case of theft, you’re covered up to a certain limit, and in most cases, coverage is subject to a deductible before you’ll even receive any reimbursement. Often that limited coverage only offers a fraction of the ring’s worth, with many policies covering only up to $1,500 while some go up to several thousand.
When going this route, adding a rider (or floater) will itemize the piece or pieces of jewelry and add it as an extension of your current policy. This is also known as scheduling property.
Having jewelry-specific coverage is probably the best option for you. In the event of theft or loss, it’s all covered. It doesn’t matter why, where, or what happened—your diamond is safe. Jewelry-specific coverage also has zero deductible, meaning there will be nothing coming out of your pocket if a replacement has to happen.
The general rule for insuring jewelry should be about $1-2 annually per every $100 of value. Long story short, at about 1% of your diamond’s cost, it will take 100 years in insurance payments to match the full price of its value. Any claim made in that 100-year span would seemingly prove insurance beneficial and worth paying that small fraction every year.
While we can't help you buy diamond insurance, we can guide you to the perfect diamond. Visit us in person at 2439 N Delsea Drive in Vineland, NJ, or give us a call at 856.691.1164 to schedule an appointment.
Picture this: You have the stone of a lifetime, a ring you truly will cherish for the rest of your life. But what happens if you lose it or a stone falls loose? Should you insure that special diamond or engagement ring?
While weighing your options around diamond insurance may not be as exciting as planning your honeymoon or wedding, when it comes to your precious ring, securing adequate protection may be important to you, just like anything else you insure.
In 2022, the average cost of an engagement ring is between $4,770 and $5,580. That could potentially be thousands of dollars on your hand while you’re out and about, heading to work, or socializing with friends. If you have an expensive engagement or diamond ring, it’s important to look at the piece as an investment and treat it as such.
So, the short answer is that, yes, some type of diamond insurance is worthwhile. Thankfully, there are options for you and your spouse in the case of theft, damage, or loss.
Your first option is to include your diamond in bundled homeowners or rental coverage, which is sometimes already included in policies that cover the value of items in your possession, whether they’re located inside or outside your residence. In the case of theft, you’re covered up to a certain limit, and in most cases, coverage is subject to a deductible before you’ll even receive any reimbursement. Often that limited coverage only offers a fraction of the ring’s worth, with many policies covering only up to $1,500 while some go up to several thousand.
When going this route, adding a rider (or floater) will itemize the piece or pieces of jewelry and add it as an extension of your current policy. This is also known as scheduling property.
Having jewelry-specific coverage is probably the best option for you. In the event of theft or loss, it’s all covered. It doesn’t matter why, where, or what happened—your diamond is safe. Jewelry-specific coverage also has zero deductible, meaning there will be nothing coming out of your pocket if a replacement has to happen.
The general rule for insuring jewelry should be about $1-2 annually per every $100 of value. Long story short, at about 1% of your diamond’s cost, it will take 100 years in insurance payments to match the full price of its value. Any claim made in that 100-year span would seemingly prove insurance beneficial and worth paying that small fraction every year.
While we can't help you buy diamond insurance, we can guide you to the perfect diamond. Visit us in person at 2439 N Delsea Drive in Vineland, NJ, or give us a call at 856.691.1164 to schedule an appointment.