Once you get engaged the most asked question is to see the ring (and also a 50 point plan of the wedding – of course you have that already right?) .
However there is one VERY important step you need to do before you even think about dates and dresses and that is to have your ring insured. For many people this is their first truly expensive jewelry piece that they own and while your getting used to this new piece of jewelry the chance of accidentally loosing it is still high so DO NOT WAIT.
Step One: Inquire with your Insurance Company
It’s always good to reach out to your company to verify what documentation they will need and get a rough estimate on the cost of the insurance. Some companies will accept the receipt and documentation the jeweler would have given your fiancé when when the ring was purchased. If your fiancé does not want to disclose how much the ring cost (which is completely fine) they will need to insure the ring themselves until you have a joint policy after you marry. In my own case, the diamond was my great-grandmothers that my now-husband had reset. Therefore our receipt would not show the cost of the ring in full nor have any details about the diamond. However some companies may want a separate appraisal anyway.
If your insurance company tells you that you already have the necessary paperwork, you can skip to step four.
Step Two: Schedule an appraisal.
These can cost $100-200 and are done through your local jeweler. If you’re in the central Maryland area, I used Edward Arthur Jeweler located in the Columbia Mall. They are family owned and do all our repairs and sizing work. Many jewelers will give discounted rates for more than one piece so this is a good time to bring any heirlooms that have been siting around your Mom’s house with you.
Step Three: Appraisal
This takes 30 minutes to an hour. They examine the ring up close, and note any occlusions or natural features of the stone. They also categorize the 4C’s. This is helpful in being able to specifically ID your stone compared to another. They also take macro photos of the ring. This is all typed up as part of the official appraisal paperwork.
Step Four: Insurance
This is the easy step! Scan a copy of the appraisal document and send it to your insurance company (and keep a copy with your important documents). Most rings will be able to be added as a rider (addition) to your existing homeowners or renters policy and often cost less than $10 a month or about 1-2% of the value of the ring (so a $5,000 ring might cost $50 per year). In the event your ring is stolen or lost or broken, it can cover the cost to replace or fix- though you need to review the terms of your specific policy. It also would help police identify your ring if it were stolen but found.
Step Five: Wedding Bands
Some people choose to add their bands to their policy and some don’t. This is entirely based around the cost of the bands. Ask yourself- “If I lost this wedding band, could we afford to buy a new one ourselves?” For many the answer might be yes. But as the cost of the ring increases the answer might start to shift to a yes. Decide what is best for you by talking it over with your insurance agent. Also be mindful of any jewelry based gifts asking the same question each time.
That’s it! All that’s left to do is enjoy that new addition to your finger and let the wedding planning begin!