When purchasing an engagement ring for that special someone, ask yourself, should this ring be insured. Knowing when to purchase insurance can seem a bit overwhelming but it doesn’t have to. Knowing the right questions to ask will ad in making a decision on whether or not to purchase insurance.

Some homeowner insurance policies cover jewelry however the policy may have exclusions for diamonds. Check with the insurance agent to find out if a separate policy needs to be purchased for a diamond ring. Also ask if the ring would need to be appraised if so, would the appraisal need to be done by a gemologist or retail jewelry appraiser. If the diamond ring only cost $350.00 and it is going to cost $200.00 for the appraisal, purchasing the insurance would not make since. There would also be a deductible before the ring would be repaired or replaced. Some agents would be willing to pay for the appraisal so they could obtain the additional policy.

If the ring is financed insurance can often be purchased at the point of sale. This insurance can be very costly and has maintenance provisions that must be met for the ring to be repaired.

If an expensive diamond is purchased for several thousands then insurance would be the right choice. Maybe the groom has saved for a few years so he could purchase the perfect engagement ring ,if this is the case funds may not be readily  available if something unexpected happens to the ring. How disheartening it would be if you were unable to replace her diamond ring.

Asking questions such as, cost of insurance, how much the deductible will be, what all is covered under the insurance policy and if the replacement will be done through cash settlement or replaced and shipped by the agency will allow you to make an informed decision before purchasing insurance.