by Laura Snyder

Created on: April 23, 2009   Last Updated: April 29, 2009

Everyone has heard the saying "plan for the worst, but expect the best". When you are protecting your engagement ring, that could not be more true. To make sure that you are fully prepared if the worst were to happen, become acquainted with the basics of engagement ring insurance.

Only certified gemologists can perform appraisals to rings as long as you have a receipt of purchase. Remember to call ahead of time to see if there is a gemologist in the store to prevent unnecessary gemologist search excursions. When appraising the ring, depending on your budget, it may be best to get the ring appraised for exactly how much was paid for it, rather than having it estimated thousands of dollars too high. It may sound great to have your ring appraised for more than what it is worth, however when paying for the engagement ring insurance, some insurance companies charge a yearly rate, based on a percentage of the ring appraisal value. Depending on how much over the appraisal estimates, this could be a costly monthly payment.

Just as one would do for car insurance, make sure to call around to get the best price after you get the ring appraised. In the insurance proposals that you read, make sure to thoroughly go over all of the fine print to ensure that you agree with their policies. This means its time to pull out the magnifying glass to read the small print! You must validate that the best deal for your dollar also provides the best care. If you already have renter's or home insurance, then you could possibly add a fine jewelry plan. Some insurance companies will give you a discount to your other insurance plans, the more plans you purchase, the more of a discount you receive. Find out exactly what that amount is and if lowering it or raising it will affect the policy cost. Make sure there is not a maximum that the company will pay, if so, you will possibly not get the full amount that you need to replace the ring. It is quite possible that you paid $9,000 for the ring and your renters/car/fine jewelry insurance company only gives you $1,000!

Make sure that the insurance company covers anything that could possibly happen. This includes the ring dropping down the garbage disposal, your family dog deciding diamonds are good for digestion, your neighbor's parrot flying away with it in its beak, basically anything. Will the ring be repaired or replaced with or without you doing the harm? A wedding ring is just as crucial to one's appearance as a bad hair cut. Before signing the dotted line, agree with your future spouse that you are content with the policy pertaining to this so that if this does happen, you can have it promptly fixed!

Researching and reading the fine print will fully prepare you for a long life for this precious item and any unfortunate circumstances that may arise. Remember to appraise the ring, ask many questions, and read the small print so that your ring life will be as strong as your love life!

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