An engagement is a huge and exciting milestone in life. Making a ring purchase is probably one of the most emotional and meaningful purchases you’ll ever make. One of the things we fail to think about when buying with emotion is what could go wrong with that special item. However, damage and loss can happen, so it’s important to know your options for protecting these sentimental items. We have all things related to wedding ring warranties and jewelry insurance covered, so your rings will be protected for life.
What are Wedding Ring Warranties and Jewelry Insurance?
When you go engagement and wedding ring shopping, you might hear about buying a warranty with your band. A wedding ring warranty typically covers the replacement of lost or damaged diamonds or gems for a lifetime as part of the price when you purchase the item. If you already own your wedding jewelry, you can still get it insured even if you didn’t get a wedding ring warranty when you purchased it. When you get your jewelry insured, it will be a contractual form of agreement that lays out all the details of your jewelry coverage. Whether you get a wedding ring warranty up front or purchase jewelry insurance later on, you will be protected from financial repercussions if your ring were to get stolen, damaged, or lost.
Top Four Reasons You Need Jewelry Insurance
If you’re unsure whether jewelry insurance is worth the extra splurge, we can guarantee you it’ll be worth it in the long run. Some of the top reasons you need jewelry insurance are:
- It prevents you from losing out on money.
- Ensures jewelry can get replaced or repaired when it is damaged.
- Allows you to feel safe traveling with your wedding ring.
- Prevents you from losing sentimental items forever.
Of course, we’d all love to have enough money not to have to worry about replacing lost jewelry, but that’s not realistic. Couples save their hard-earned money to buy the perfect rings. Your wedding jewelry is some of the most expensive and valuable jewelry you will ever purchase.
The last thing you want is to have to replace your diamond ring that holds such significant value, both monetarily and sentimentally. Having a wedding ring warranty or insurance plan will keep any financial curveballs from being thrown your way when it comes to your jewelry.
When you’re wearing your ring almost 24/7, it’s inevitable that accidents might happen. Whether you go too hard during your cardio routine or bang your ring against the kitchen counter, losing or chipping a diamond can happen at any moment.
You can, of course, reduce your risk by taking it off during higher-risk activities like working out and swimming, but you can never ensure your ring’s safety by 100%. Plus, who wants to be taking their ring off before every event in fear that it will get damaged? You deserve to show off your stunning diamonds!
One of the hardest things about traveling is deciding which valuable items to bring and how to keep them safe during your trip. You will probably want to be showing off your ring in all your stunning vacation outfits, so you need to know it’s protected.
When you have a wedding ring warranty or jewelry insurance, you can get your band replaced if you misplace it or notice that it’s been stolen while you’re gone. You just have to keep your specific insurance plan in mind while you’re traveling. If you’re traveling internationally, make sure your wedding ring warranty or insurance covers your jewelry while you’re outside the U.S.
Regardless of the monetary value of your ring, we guarantee it’s one of the most prized possessions you own. It’s a symbol of your love, commitment, and the life you share with your significant other. We’re sure a lot of thought and effort from both you and your partner went into picking the perfect rings.
The rings are beautiful and valuable, but the most important thing is the connection they symbolize. Having a wedding ring warranty will ensure that your unique and sentimental rings stay safe. It’s no secret that life is pretty unpredictable, so it’s best to be as prepared as you can be.
Getting an Appraisal or Diamond Certificate
Before you add a wedding ring warranty to the purchase of your band or look into jewelry insurance companies, you need to know the value of your ring. Assessing the value will ensure that your band is protected under the best plan possible and everything is covered.
If you haven’t found your perfect ring yet, you will likely be able to get a diamond certificate or some form of documentation of the ring’s qualities and value.
A diamond appraisal will identify all the most critical aspects of your ring, like the types of metal, the weight, shape, and carat weight of the stones, along with any specific model numbers, markings, or stamps. It will also let you know the current retail prices of your ring in the regional market, the origin of the materials used, and the piece’s craftsmanship.
Before you get your piece appraised, read the reviews and make sure your appraiser has the proper credentials. When you’re getting jewelry insurance, most companies will require an appraisal for items worth over $5,000.
If the center stone in your ring is about half a carat or larger, your jeweler will typically provide a diamond certificate or grading report. The report comes from an independent gemological laboratory such as the Gemological Institute of America (GIA).
Even though a grading report isn’t the same as an appraisal, it will list the measurements your appraiser needs to make the most accurate value assessment. The details found in your diamond certificate or grading report can also help track down your specific diamond if it ever gets stolen.
How to Get a Wedding Ring Warranty
If you already have your band and didn’t buy the wedding ring warranty, you don’t need to worry. Insurance is still an option. Once you know the value of your ring, you need to get it insured as soon as possible. The longer you wait, the longer you’re gambling with the safety and protection of your diamonds.
There are a few different ways you can go about picking an insurance provider for your ring. You can either purchase insurance through your renter’s or homeowner’s insurance, or you can get it from a jewelry insurance company.
If you want to purchase insurance for your wedding ring through your renter’s or homeowner’s insurance, you can get an extension or rider covering your ring specifically. The rider will ensure that your band is protected, but there are some downsides to this insurance option.
A jewelry claim filed against your homeowner’s policy could actually affect your entire policy, meaning that if you ever have an incident where your ring is lost or stolen, your premium could go up. Your eligibility for your homeowner’s policy could also be affected at renewal. Ensure you have all the facts and information and that you’re clear on the details of your coverage before you commit.
If you don’t have renter’s or homeowner’s insurance, you can take out a jewelry insurance policy through an independent company.
There are tons of independent jewelry insurance companies; some of the most popular are:
Before you decide on a jewelry insurance provider, make sure you assess your personal needs and desires. It’s crucial that you know all the details of your insurance plan and that you never just assume you’re covered.
What Questions to Ask When Buying Wedding Ring Insurance
If you’re unsure how to pick the best insurance provider for you, asking the right questions is an excellent place to start. If you haven’t purchased your engagement or wedding rings yet, you should even be asking questions when you buy your diamond.
Some of the most important questions to ask when looking into a wedding ring warranty or jewelry insurance are:
- How will the company replace the ring?
- Are there any situations or circumstances that the insurance doesn’t cover?
- Will the insurance policy adjust according to inflation?
- What types of repairs contribute to the insurance deductible?
- How will you need to prove the ring vanished when you make a claim?
- Is the ring insured to total cost or just a fraction of it?
There’s a lot to consider when it comes to picking an insurance provider, and you want to make sure you’re getting your money’s worth. There’s no shame in asking lots of questions and getting as much information as possible when you’re putting your money on the line. It would be super unfortunate to pick a provider, only to realize they aren’t meeting your wedding ring insurance needs.
What to Look for in an Insurance Provider
Don’t stop drafting your list of questions just yet, but there are some essential qualities you can look for in your jewelry insurance provider to guarantee their quality, including:
- assessment of value
- documentation requirements
The wedding ring warranty or insurance plan you pick should keep you as covered as possible. You shouldn’t have to worry when you run into a mishap like accidentally dropping your ring down the garbage disposal. A good wedding ring warranty will cover all possible contingencies. If there are any circumstances that aren’t covered, keep that in mind so you don’t end up paying for insurance just to have to turn around and replace the ring on your dime.
If the unthinkable happens, and your ring falls victim to an unfortunate accident, it’s vital to assess how the insurance company can replace it. Will they try and find a replica of your ring? Will you have to go to a certain jeweler to obtain the replacement ring? Can you opt to receive a check as compensation instead of a replacement? Will repairs or partial loss be covered? Know the ins and outs of the provider’s replacement policy to address your sentimental and financial concerns.
Assessment of Value
One of the most crucial things to consider is how the insurance provider will assess the value of your ring for reimbursement. You need to know if they will use the current appraisal value. They might also only consider the original purchase price. Their assessment of value is another reason why it’s so vital for you to get an appraisal on your own!
You need to know what paperwork is necessary within a wedding ring warranty before you commit to it. The paperwork you need will be a significant part of the insurance process if you ever have any incidents and need to make a claim. If you don’t have all the paperwork readily available to you, you might not be able to file a jewelry insurance or warranty claim. The type of documents you need will depend on the specific warranty or insurance provider but will typically include receipts, photos, and up-to-date appraisals.
What’s the Cost of Jewelry Insurance?
Keeping your diamonds protected seems like the best choice, but is it going to break the bank? The goal of wedding ring insurance is to save you as much money as possible, rather than wasting it on unnecessary things, like replacing your wedding ring. Sure, purchasing a wedding ring warranty when you get your band will add to the cost, but the price will be worth it in the long run.
On average, the yearly cost for jewelry insurance is about $1 to $2 for every $100 that it would cost to replace the ring. In cities where the risk of theft is higher, you might have to pay a slightly higher amount. Paying $100 a year to make sure your ring can get a $10,000 repair at any time is a small price to pay when you consider the risk factors.
If you chose to go without insurance and hope for the best, you could potentially be out thousands of dollars unexpectedly. A wedding ring warranty or jewelry insurance coverage will allow you to plan and set a smaller amount of money aside ahead of time rather than paying a larger amount when you least expect it.
Jewelry Guarantee at Fink’s
When you purchase your wedding and engagement rings from Fink’s, we guarantee the quality and protection of your diamonds. Our standards for Superior Quality and Superior Cut set our stunning stones apart from other jewelers. Fink’s jewelry insurance policies aim to keep your ring in amazing condition for the rest of your life.
The Fink’s Lifetime Diamond Guarantee covers the replacement of your diamond whether it’s chipped while in the mounting or lost from the mounting entirely. This guarantee is provided as long as you get your diamond inspected by Fink’s every six months.
Engagement rings with a center stone of .25 carats or larger, diamond pendants that consist of no more than one diamond, and diamond stud earrings that consist of no more than one diamond in each ear are all covered by this guarantee.
You can rest assured that your jewelry is always in the best condition when you buy from Fink’s. In addition to being supported by our lifetime guarantee, each of your diamonds will be personally inspected to guarantee their certification. Our level of inspection goes above and beyond the grading report for your confidence and reassurance.
You can also guarantee that you won’t lose money if you purchase a ring and decide you don’t love it. If you are unsatisfied with your diamond, you can return it for a full refund within the first thirty days of your purchase. Keep in mind that custom and special orders are unable to be returned.
Hopefully, we’ve convinced you to get the wedding ring warranty when it comes time to purchase your band or get jewelry insurance on the one you already own. You deserve to wear your band at every occasion without living in fear of losing it. Once your jewelry is insured and protected, you’re guaranteed to be wearing your ring for a lifetime.