Diamond Buying AdviceDiamond Advice and Information on Choosing a Diamond

Have you ever thought about purchasing insurance for your ring?  If you have insurance for your home and car, wouldn’t it stand to reason to also have insurance for your jewelry or your diamonds?  I’m sure you value your jewelry as much as you value your home or car, if not more, but buying insurance for a ring is not necessarily an easy decision for everyone.  Many factors need to be weighed.

There are two main ring insurance policies: a floater insurance policy and a standalone policy.  In a floater policy, if something happens to your ring, you either get the value of your ring back in money or you are given a brand new ring.  Most companies will attempt to get a similar ring because they can almost always find ones for less.  A standalone policy has a very important difference.  In a standalone policy, a jewelry appraiser will have to appraise the value of the ring, and they might not think it’s worth as much as you think it is.   As you might imagine, this can lead to many conflicts.

You could of course choose not to insure your ring.  This is a gamble, but it obviously is the least expensive option, and if you plan on taking extremely good care of your ring, then it may be the best one for you.   In reality, the odds of something happening to your ring are actually extremely low. Chances are you will not lose it.  Why?  Because most people do not misplace objects that they cherish.  The odds of a ring slipping down a drain are extremely low.  This tends to happen quite often in movies, but in the real world, most people don’t let their ring slip off their finger and into a drain.  The odds of your ring being stolen are also extremely low.  The vast majority of people never experience a home robbery in their lives.

A number of people lose their ring when they go swimming in a pool or in the ocean.   However, this can be prevented easily.  Simply remove your ring before you go in the water.   Sometimes people lose their ring on a roller coaster.  It might slip off as the coaster goes through a twist or turns upside down.  This too can be prevented easily.  Simply don’t take your ring to an amusement park. Another way people damage their ring is with chemicals. It is always best to remove your rings and all jewelry if you believe you are going to be around chemicals or paint.  It is best to not attempt to paint your home with a ring on your finger.  You’ll just be asking for it to get damaged.   So if you believe in finding a practical solution to the question of whether or not you should insure your ring, you may find that the most practical solution is to not get the ring insured at all.  But if you want to remain on the safe side, then by all means, purchase ring insurance.