You got engaged! Let me see the ring!

Congratulations, you just got engaged!  Was there a nice ring involved in this transaction? Or was there just a high five and a promise to get you a ring some day? Well, if the situation actually did involve a ring you probably want to look into getting some insurance coverage for your new purchase or your new gift from your now fiancé.
You go to your insurance company and they start asking you questions about the ring. They want to know if you live together, they want to know if you are on the same home insurance or renters insurance policy.  They want an appraisal, they want a detailed receipt! Why is it so hard to insure a ring?
Let’s look at what insurance companies are considering. The first question is who is going to have the ring. The insurance companies consider an engagement ring a gift. So, if you bought this ring and are giving it to your future spouse that future spouse is the one that needs to get the policy. If you are living together and have a renters insurance policy together you may be able to add an endorsement onto the policy to cover the ring. The only way this will work is if you are both on the same policy.
An endorsement is extra coverage for a specific item. That item is described in detail and covered from dollar one. The endorsement is a very comprehensive coverage. Most policies will cover theft, mysterious disappearance or if a stone falls out. Because of this comprehensive coverage insurance companies are going to make sure the risk they are taking on meets all of their guidelines.
Things change when you get married. When there is a marriage there is now a legal interest in all the shared belongings. The insurance companies are going to cover both spouses equally and if you have an engagement ring you can easily endorse it on your home insurance policy.
When I say easily endorse I mean you will have one less hoop to jump through. You are still either going to need an appraisal or a detailed receipt. Every company handles the requirements differently. You’ll want to check with your insurance company to find out what they need.
The appraisal can be a bit tricky. Most companies want a certified gemologist to do the appraisal. There are a lot of jewelers who will write up an appraisal and not be a certified gemologist. You could end up going to get a new appraisal if it doesn’t meet your insurance companies guidelines. The appraisal needs to be very detailed. If you have one main diamond the dimensions, cut, clarity and weight will need to be listed. If you have side stones those will also need to be described. The number of stones, the cut clarity and total weight will need to be listed. The mounting metal will need to be listed and the appraised value will need to be on there.
Photos will need to be taken of the ring. So, make sure you bring the ring along with you when you go to get insurance.
I gave you a lot of information here. The cliff notes version are; get a certified gemologist appraisal, whoever has the ring needs to get the policy and make sure you bring the ring for photos.
I have a great company that can do a stand alone insurance policy for your ring. The rates are about twenty dollars per thousand. It varies a little but to give you an idea, a 5000 ring will run you about 100 a year to cover. Give me a call to get some coverage 951-395-0754.