How to Protect Yourself When You Buy an Engagement Ring

So it’s time to pick up the engagement ring from your local jeweler and start getting ready for your special proposal event. Your fiance and her posse have made sure you’ve got the right diamond, style and mounting. And, you’ve got a great weekend getaway planned to pop the question. Do yourself a favor. Make sure that ring you’ve invested thousands of dollars in is protected with jewelry insurance just in case anything happens.

Research shows that most retail jewelers recommend their customers get engagement ring insurance but about 40 percent never do. They think jewelry insurance is too expensive, or honestly, they don’t know how to get it or it’s simply the last thing on their mind. In this digital age that’s no longer a valid excuse.

It’s easier than ever to get full replacement coverage for your ring in about two minutes from a specialty jewelry insurance company like BriteCo. And it won’t cost you an arm and leg when you’re trying to stay within a strict proposal/wedding budget. 

Go online with your cell phone and get a custom quote from BriteCo for your engagement ring in 60 seconds. You’ll find a $5,000 engagement ring, for example, can be insured for 125% of appraised value with no deductible for about $5 a month. You’ll need to upload a photo from your phone and provide a copy of a detailed sales receipt, an appraisal from your jeweler, or a jewelry lab certificate. That’s it: you’re covered. Plus, you can add your fiance as additional insured at no extra cost. So the minute you give it to her, she’s protected as well.

Getting an Engagement Ring Appraisal

Getting your ring appraised is important to protecting your precious possession and investment. Wherever you purchased the ring, especially if it’s a local jeweler, should provide you with a certified appraisal. The appraisal provides a detailed description of your ring including the diamond size (carat weight), cut or style, as well as color and clarity ratings as a measure of quality. The appraisal should also include one or more photos of the ring. These are essential to making sure you get the proper replacement should you have to make a claim.

Storing your Engagement Ring

Once you’ve got engagement ring insurance, storage isn’t as big an issue. You should be covered for loss, theft, damage or “mysterious disappearance” anywhere in the world. Putting it in a home safe until you put the ring on her finger will probably save you a bit on your jewelry insurance premium. It’s also preferred to stuffing it inside a sock to hide until proposal day. But if you tuck it away in the back of a drawer, try not to forget which one…

Traveling with Your Engagement Ring

If you haven’t created a list of your engagement ring and other fine jewelry and made a photo record yet, be sure you have that before you travel. Your insurance policy should provide a sufficient record in case of a claim but it doesn’t hurt to have backup.

You don’t ever want to check your ring with luggage when flying. Keep it in a safe pocket with your carry on bag or backpack and keep it with you at all times. If you’re going to a destination proposal or wedding and staying in a hotel, use the room or hotel safe to store the ring. 

If a safe is not available, your best bet would be to hide it on your person. For example, there are things like secret storage books that look like plain old books you might carry on a trip but are designed to hide your valuables from potential thieves. You can also protect your ring from damage, scratches, or even getting tangled up with other jewelry by storing it in a separate pouch or box. 

Of course she’ll want to wear the ring everywhere before, at, and after the wedding on your honeymoon. Getting your fiance as an additional insured on or before the proposal is mandatory, especially if you don’t share the same address yet. That way if anything happens, you know you are both covered. 

One more note: don’t have her wear the ring to the beach. Surf and sand are not a great environment for engagement rings since losing a ring while swimming or sunbathing is one of the most common reasons for making a claim.

Maintaining and Cleaning your Engagement Ring

Most newly engaged women will be wearing their ring 24/7 (except to the beach!). So she may notice some slight discoloration, cloudiness, or a dull shine over the diamond after a month or two. Hand lotions, food preparation, and cooking oils all add to dulling the shine on your diamond. 

While the ring can be soaked in warm water with a couple of drops of dish soap and wiped clean with a soft cloth at home, you can also use a commercial jewelry cleaning solution about once a month. Just do your homework on any jewelry cleanser to make sure it is suitable for your ring’s stone, setting, and metal mounting. .

You should get your engagement ring professionally cleaned through an ultrasonic process at your local jeweler about every six months. It also helps make sure that a professional jeweler can check your ring for any loose stones or discoloration. If you bought a warranty with the ring, most will require you to get maintenance with your jeweler periodically.

Protecting your ring with specialty jewelry insurance along with good cleaning and maintenance habits will repay your cost and effort with peace of mind and enjoyment for years to come.