An engagement ring is a valuable possession. Aside from being a financial investment, it symbolizes the love and commitment you share with your partner. For these reasons, you may want to protect your ring from the unexpected. Here’s what you need to know about insuring jewelry to determine if coverage might be right for you.

Benefits of Insurance

Although standard renters and homeowners insurance policies cover personal property, they are limited to certain dollar amounts. Many exclude high-value items, including jewelry. As a result, a standard policy may be inadequate for protecting an engagement ring. 

Regardless of how careful you may be with your belongings, accidents can happen. The ring could slip down the drain, fall off in the ocean, or simply be misplaced. Insuring it provides financial protection in the event of theft, damage, or loss. With a policy in place, you won't have to pay the full out-of-pocket expense for repairs or a replacement.

How to Secure Coverage 

Once you decide to buy insurance, the first step is having your engagement ring appraised. A professional will inspect the piece to verify its cut, color, carat, clarity, metal, and any identifying marks, such as a serial number. These characteristics will determine the monetary value of the ring, helping you figure out how much coverage you need.

Next, you must choose which insurance option is most suitable for your situation. You can add an endorsement onto your existing renters or homeowners policy to cover specific high-value items. This provides a higher coverage limit, so your ring will be protected from losses. Alternatively, buy jewelry insurance. These specialized policies generally offer more comprehensive coverage and allow you to work with a jeweler to replace your ring with one of similar style and quality as needed.

If you’ve decided to insure your engagement ring, turn to Forsythe Jewelers in Pittsford, NY, for an accurate appraisal. In business since 1927, this jewelry store is accredited by The American Gem Society. There are certified gemologists on staff who are qualified to perform a thorough evaluation of your jewelry piece. Call (585) 586-5954 to schedule an appointment, or visit their website to learn more about appraisals.