Post Sponsored by Perfect Circle by Jeweler’s Mutual Insurance Company

Recently engaged? Congrats! You’re probably spending a lot of time staring at your newest piece of jewelry – your engagement ring – and for good reason. It’s a pretty precious gift, something you’ll want to take good care of for the rest of your life. And the best way to do that is that to make sure you get your ring insured. Like, right now. We talked to Patrick Drummond, VP of Sales & Marketing at Jeweler’s Mutual Insurance to find out some expert tips about getting your ring insured and protected.

When should a couple start thinking about insurance?

Considering that at this point in a bride’s life, an engagement ring is likely her second-most valuable possession (behind her car), ring insurance is extremely important. Not only are engagement and wedding rings often costly, they are sentimentally priceless, making personal jewelry insurance even more important. No matter how careful you are, jewelry can be lost or damaged. Ideally, a newly engaged couple should obtain engagement or wedding ring insurance at the time they purchase the rings, but if a ring is uninsured or under-insured it’s never too late to get a policy.

What are the first steps to getting a ring insured? How does the process work?

Jewelers Mutual accepts insurance applications both online and via mail. Brides and grooms can get a free quote and apply at Couples can also request an application for personal jewelry insurance directly from Jewelers Mutual.

Whatever the method, you will need an appraisal or evaluation of the ring to complete the application.  An accurate and up-to-date appraisal is the best way to ensure your jewelry is properly insured for its current value.

What information does the couple need to know before speaking to an insurance company?

Many homeowners and renters insurance policies do not cover jewelry, or may only offer limited coverage. These policies often don’t allow couples to work with their own jeweler and may not replace lost or damaged rings with an item that is of the same kind and quality as the one they lost. Given the care that went into purchasing the ring, brides should consider whether their policy will allow them to get the exact same cut, quality and kind of ring from their jeweler.

Homeowners and renters insurance is good for covering average items found in a home. But your jewelry is hardly average. It requires specific knowledge and special care to be properly insured, so it’s important to find a company that will cover jewelry insurance claims that homeowners or renters insurance may not.

How can a couple find a reputable insurance company?

Two reliable sources that can point you in the right direction of a quality insurer are AM Best Company and the Better Business Bureau. AM Best provides ratings of the financial strength of insurers and the BBB details complaints that consumers have had with specific insurers.

What if a ring gets lost or stolen? What steps should a couple take immediately?

If your jewelry was stolen or you suspect it was stolen, you should report it to the police as soon as possible. If you’re insured with Jewelers Mutual and your jewelry is damaged, lost, or stolen, contact a personal jewelry insurance claim representative who will provide you appropriate next steps. In most instances, you will return to the jeweler who appraised your jewelry and/or performs your periodic inspections to have the jewelry repaired or replaced. You may also report your claim through our website.

What about wedding bands? Should a couple get those insured too?

Consider this: if you no longer had your favorite pair of earrings, your wedding band or that necklace from your mother, would you be devastated? If you can’t bear to part with a piece of jewelry, it should be insured.

Items that hold special emotional value, like an engagement ring, should always be protected. Any jewelry that has great financial value should be covered as well since the disappearance of that item could be a financial and emotional loss.

*Coverage is subject to the provisions, limitations, exclusions, and endorsements in the policy and the level of coverage selected.