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Engagement Ring Insurance 101

We make engagement ring insurance easy

Centrestone Jewellery Insurance is Australia’s Premier Jewellery Insurance Specialist.

Centrestone Jewellery Insurance is the preferred jewellery insurance provider for over 1000 jewellers.Comprehensive coverage with confidence

Comprehensive jewellery insurance coverage with confidence

Your best choice for:

Engagement rings Insurance, wedding rings insurance and other jewellery insurance

Worldwide comprehensive A+ rated coverage

When you don't want a jewellery loss claim to affect your home owner's policy rates

In the event of a claim there are no excess fees and out of pocket costs

Price competitive with any other jewellery insurance company.


Diamonds Falling

Here’s everything you need to know about protecting your new engagement ring from accidental loss or damage.

From the moment you say yes, chances are you’ll be rocking a shiny new addition on your left hand. While it may be the last thing on your mind during such a happy time, with great rings come great responsibilities including engagement ring insurance.

What Is Engagement Ring Insurance Cover?

Engagement ring insurance is a policy that is designed to protect you from financial repercussions in the event of physical loss, theft, or damage to your engagement ring. The policies typically extend to all jewellery items submitted to the coverage scope and result in either replacement or repair. Some insurers will offer a cash settlement due to low coverage. What happens if you lose your ring? If someone steals it? If it gets damaged? You don’t want anything to happen to that beloved engagement ring. Whether you’ve left your engagement ring accidentally behind on the beach, lost a stone while out and about, or had your ring stolen, ring insurance can offer financial protection and peace of mind when you need it most. If you’d be upset if your ring was ever lost, broken, or stolen, then it’s valuable enough to insure, says insurance expert Lachlan Renshaw. If you think you would be devastated about the sentimental loss, afraid to wear other uninsured jewellery, or unable to cover the cost to replace the item, it would be wise to make sure your engagement or wedding ring is covered by insurance. While anything that happens to your engagement or wedding ring is heartbreaking, knowing it’s properly insured can help to soften the blow. Although no two insurance policies are alike, it can be reassuring to know that you have some safeguards and protection against some of the more harrowing possibilities life throws at you. Centrestone Jewellery Insurance covers real life with your jewellery, adds Renshaw. We realise you can’t always pinpoint how or where your items disappeared, so we cover mysterious disappearance, loss, theft, damage, and worldwide travel.

Engagement Ring Insurance Cost

The cost of coverage will vary based on several factors, including the value of your ring, where you live (states charge different levels of stamp duty), and whether or not your policy has any administration fees and excess fees. Lachlan adds that insurance can be easily quoted on the Centrestone Jewellery Insurance website.

Tips for Insuring Your Engagement Ring

Tips for Insuring Your Engagement Ring

Your soon-to-be fiancé (or fiancée) can insure the ring as soon as it’s purchased and in their possession much like you would insure a car prior to driving it off the lot. You might not initially be thinking of anything happening to your precious and sentimental token, but the sooner it’s insured, the sooner you’ll be protected. Once purchased, you or your partner can begin to shop for ring insurance providers. Renshaw notes that the timeline can vary depending on the individual case. Coverage can be provided right away (after the application, appraisal, and sales receipts are submitted) or may take an estimated two to four business days is subject to underwriting review.

When it comes to insuring your engagement ring (or other valuable jewellery pieces), you have two options. If you have home and contents insurance or renter’s insurance, you can purchase an extension that covers your engagement ring specifically. But, there is something to keep in mind. A jewellery claim filed against your home and contents insurance policy could affect your entire policy, notes Renshaw. So, if your engagement ring was ever stolen or lost, your premium could go up or your eligibility for your entire homeowner’s policy could be affected at renewal. If you don’t have homeowner’s or renter’s insurance or home insurance you can take out a policy through an independent company that specializes in jewellery insurance like Centrestone Jewellery Insurance. We encourage you to trust your home to your homeowner’s or renter’s insurance specialists and your jewellery to the jewellery insurance specialists, says Renshaw. Independent companies like these are also worth a look at if your wedding ring insurance provider doesn’t offer the specific coverage you require. Most home and contents insurance policies do cover jewellery to some extent, but, in many cases, coverage is limited by situations covered, requirements to use jewellery replacement companies and coverage value limits, explains Renshaw. Be sure to have all of the facts and information when evaluating insurance options, even if you’re just choosing to add a rider to the current policy. Call your home and contents insurance or renter’s insurance and ask for the details of your jewellery coverage never just assume you’re covered.

How To Find The Best Engagement Ring Insurance Companies?

Ask the Right Questions To Sort Through All the Engagement Ring Insurance Covers Available.

Being adequately informed is of the utmost importance in deciding which insurance option or provider is best suited to your needs. Make sure to ask a potential policy provider important questions like:

· Can you choose who repairs your ring?

· If you’re insured for replacement (instead of a cash payout), where can you purchase a new ring or how to get the ring replaced?

· What happens if a suitable replacement cannot be found?

· How will you need to prove the ring vanished if you make a claim?

· Are there any circumstances that aren’t covered?

· Will you continue to be insured when out of the country?

· Are you covered for damage or just loss and theft?

· Will the policy adjust according to inflation?

· What types of repairs contribute to the deductible?

Centrestone Jewellery Insurance Tip:

Whenever you insure something valuable, the most important thing you can do is understand your policy thoroughly, says Lachlan Renshaw from Centrestone. As you get answers to these questions, you’ll have a better sense of which provider can offer the best ring insurance.

Woman holding hand and has an engagement ring on

The Ultimate Engagement Ring Guide

Get an Appraisal You can’t protect the value of your ring if you don’t know its worth and that’s where getting what’s called an engagement ring valuation comes in. An appraisal will account for all the key elements of value including carat weight, cut, colour, clarity, and quantity of diamonds; types of metal and weight; shape and carat weight of other stones; and any distinctive markings, model numbers, or stamps. Current retail prices in the regional market, the origin of the materials used, and the craftsmanship of the piece are also taken into account. Most insurance companies will require an appraisal for higher-value pieces (for example, rings worth $5,000 or more) while an invoice or receipt is sufficient for less expensive items.

Centrestone Jewellery Insurance Tip:

The easiest way to secure a proper appraisal is to do so at the same time you purchase your piece, says Lachlan from Centrestone. It assures that current market prices are reflected and that the distinct characteristics are accounted for.

Should I consider Jewellery Insurance

Get a Diamond Certificate or Grading Report

If your center stone is around half a carat or larger, your jeweller will often provide a diamond certificate or grading report from an independent gemological laboratory like the Gemological Institute of America (GIA), the organization that founded the ?4Cs?used to evaluate diamonds: colour, cut, clarity, and carat weight. The report is available in digital or paper form. This assessment of quality? while not an appraisal? lists all of the measurements your appraiser will need to make the most accurate determination of value. (This detailed information can also help track down your specific diamond if it’s ever stolen).

Make Sure Your Appraiser Has the Right Credentials

Find a reputable appraiser with sparkling reviews, preferably one who holds a graduate degree in gemology and is a member of a national appraisal society. (The GIA recognises these associations.) And make sure that the appraisal value is accurate and not inflated. Sure, you might be thrilled when the sparkler that costs your partner $10,000 appraises for double, but you could lose money in the long run. You’ll pay a higher monthly premium for a ring that appraises at $20,000.

Remember to Reappraise

The good news is your engagement ring was a smart investment. As its value has likely increased since it was purchased, it’s important to have your ring reappraised annually for insurance purposes. Most reputable appraisers will retain a copy of your original appraisal and can work from that instead of starting from scratch (this also helps to cut costs). Just to be sure, bring along a copy of your original appraisal if they don’t keep records for that long.

Re-evaluate Your Overall Insurance Needs

There might be more to consider than just how to insure engagement rings. As soon-to-be newlyweds, you may consider ramping up your insurance coverage to account for expensive or hard-to-replace wedding gifts

Think you don’t need jewellery insurance?

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Diamonds Falling

The 5 C's of Jewellery - Cut , Colour, Clarity, Carat and Centrestone Jewellery Insurance

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Centrestone Jewellery Insurance is Australia’s premier jewellery insurance specialist.
We specialise in engagement ring insurance & wedding rings insurance and are the preferred jewellery insurance provider that over 1,000 jewellers within Australia now recommend.

We provide the best comprehensive worldwide jewellery insurance for your precious jewellery and timepieces.

Centrestone Jewellery Insurance provides a specifically tailored insurance policy to give maximum protection for your jewellery

Our services


Why Centrestone Jewellery Insurance

The Centrestone Jewellery Insurance Policy

Worldwide jewellery insurance cover

Worldwide Cover

Comprehensive coverage, for your jewellery no matter where your travel takes you.

Return jeweller of your choice

Return to your jeweller

In the event of a jewellery insurance claim get your items repaired or replaced by the jeweller you trust.

Jewellery insurance cover up to 150%

150% Cover

If the replacement costs exceeds the agreed insured or full value, your ring is covered to the value in excess of 50%

Jewellery replacement - like for like rings

Like-for-like replacement

If in the event of claim and your jewellery needs to be repaired or replaced, you will receive a replacement that is like for like your original insured jewellery piece.

No excess fees

No Excess Fee

No Excess fee cover ensures that you are back into the same position you were in prior to your loss.

Cover for accidental damage, loss and theft

Cover for accidental damage, loss and theft

If your jewellery is damaged, lost or stolen it's covered.

Natural Disaster Coverage

Natural Disaster Coverage

If your jewellery is lost or damaged in the event of a natural disaster.

Theft Coverage

Theft Coverage

If your jewellery is stolen it's covered.

Loss Coverage

Loss Coverage

If your jewellery is lost, it's covered.

jewellery insurance for rings

Damage Coverage

If your jewellery is accidentally damaged, it's covered.

Agreed Value Policy

Agreed Value Policy

In the event of a claim and your jewellery needs to be repaired or replaced, your jewellery is repaired/ replaced by the jeweller of your choice and is covered in the event of accidental damage, loss and theft.

Satisfaction Guarantee

Satisfaction Guarantee

We know you’ll be happy with our service. In the unlikely event that you change your mind, you’ll receive a full refund on your premium if you cancel within the first 14 days.

Dedicated inhouse Claims Consultant

Dedicated inhouse Claims Consultant

We will be there for you when you need us.

Engagement Ring Insurance

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