Don't Forget To Do These 2 Things After Buying Your Engagement Ring!

Author Cristina LaPenna
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Date Aug 14, 2015

2 Things You Need To Do After Buying An Engagement RingAfter hours of researching, making decisions, and then finally picking out the perfect engagement ring for your significant other, you have finally received the ring. Isn't it nice to finally be able to see the product of all your hard work?!

Everyone is pretty knowledgeable on some level about how to go about purchasing the ring, and most guys think that the next step is the proposal – Which, don’t get us wrong, it is. But, there are other things you might want to consider doing before you pop question.

As much as we like to think optimistically, it's important to be prepared for anything. What happens if you get robbed in the middle of the night? Or what if the ring that you left hidden in the park for your girlfriend to find for the proposal was actually found by your friendly neighborhood squirrel? Or even scarier, what happens if your hiding place was so good even YOU forgot where you put the ring?

When you’re done staring at how sparkly the ring is and have finished patting yourself on the back, we have listed for you the two things you need to do after buying an engagement ring, why exactly they are important, and what you need to know about each of them:

#1. Get Your Engagement Ring Appraised

What is an appraisal?

An appraisal is a document that takes each aspect of your ring – the diamond quality, the metal, the setting, and the other stones – and places a value on your entire engagement ring as a whole.

Why should I get my ring appraised?

If you just bought a new engagement ring, a ring appraisal acts as a very specific receipt for your purchase. Just in case anything happens to your ring, a ring appraisal acts as your ticket to getting your ring, or the amount you paid for your ring, back in some way. For example, you need a ring appraisal if you plan to insure your ring, but you also need a ring appraisal as a way to claim your ring if it is stolen and then found by the police. Heirloom and vintage rings should also be appraised as well.

When should I get my ring appraised?

As soon as possible! In fact, when you buy an engagement ring, most jewelers provide you with an appraisal at time of purchase and free of charge. The quicker you get your ring appraised, the less work you have in the long run, and the sooner you can have peace of mind about your purchase. But, the value of jewelry also changes over time, so we recommend that you have a new appraisal done every couple of years to make sure that if you have insurance, it is insured as the correct amount.

Where can I get my ring appraised?

While a gemologist can tell you what grade your diamond is, only an appraiser is able to assign the monetary value to your ring. Make sure to ask your jeweler if they have a trained appraiser. If they do not do appraisals, the American Gem Society has listed out what you should look for when choosing an appraiser for your precious stones, and where close ones are to your location, here.

How do I get my ring appraised?

Getting your engagement ring appraised is as easy as bringing it in to a jewelry store and asking for an appraisal. Sometimes the appraisal is done right in front of you so you can watch the entire process, but more often than not it needs to be kept for some time. Make sure that both you and the jeweler have specific documentation to make sure that the ring you are handing over is the same ring that you are getting back – Most appraisers have documentation listing the specifics about the drop-offs and pick-ups for insurance purposes.

How much does a ring appraisal cost?

Again, a new diamond engagement ring should come with an appraisal free of charge. However if you need to have an existing ring appraised or re-appraised, most jewelers charge a pre-determined flat rate, or an hourly rate ($50 to $150 per hour), based on the complexity of your ring. Avoid any jeweler that does not tell you the cost or rate upfront, offers an extremely low rate, or who requires the fee to be a certain percentage of the ring’s appraised value.

#2. Get Your Engagement Ring Insured

What is ring insurance?

Ring insurance is similar to other types of insurance. It can be purchased as a rider, or extension of your renters or homeowners insurance, or you can get your ring insured through an insurance company that specializes in insuring jewelry. Sometimes insurance companies that specialize in jewelry are able to offer you more coverage than a standard policy. For instance, they will replace a stolen or lost engagement ring rather than just giving you a predetermined cash value for it.

Why should I get my ring insured?

We know that it is the sentimental value behind the ring that means more than the physical ring itself, but while your love can’t be replaced, a ring – if it is lost or stolen – can be. Insuring your ring will give you the peace of mind you need to make sure that your investment in your engagement ring is safe, and to protect the actual value of the ring in case of any event.

When should I get my engagement ring insured?

We said it before but we’ll say it again – ASAP! The sooner you complete getting your ring insured, the sooner you can relax. Often insurers will allow you to start the process of buying a policy even before the ring appraisal is complete.

Where do I get my ring insured?

As mentioned above, the two types of policies to insure your ring are either through your renters or homeowners insurance policy, or a jewelry insurance company. Both vary depending on the ring’s appraised value, and the type of insurance that you have.

Some questions that you should ask when exploring your options are:

  • Will the policy only cover if my ring is stolen?
  • Will the policy cover if my ring is lost because of a fire or other disaster?
  • Does the policy cover if I lose, damage or misplace my ring accidentally?
  • Are there any events in which my ring will not be covered?
  • What is the process of filing a claim like?
  • Will I have to prove the loss of the ring, and if so, how do I do this?
  • Will you send me a check for the appraised value of my ring?
  • Will you have me replace the ring with the same one, or similar one from a specific store?
  • Will the value of the ring be fully covered, or only partially covered?

How do I get insurance for my engagement ring?

For most insurance policies, after you contact them with your interest in insuring your ring, you will need to give the insurance company your receipts of purchase and your appraisal. Insurance companies vary in what they require, but it is best to have both when exploring your options.

How much does ring insurance cost?

The cost to insure your engagement ring varies on the policy, the value of the ring, and other factors that are taken into consideration. For example, a ring appraised at $200,000 in a city where the risk of it being stolen is high is going to have a higher cost per year of insurance rather than a ring appraised at $3,000 in a small town where there is virtually no theft. The industry standard of yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace your ring. So, if your ring is worth $6,000 it could cost anywhere from $60 to $120 a year.

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