When buying a ring, as a gift or as an engagement ring, everyone wants to buy the best looking one. Sometimes people spend a lot of their savings for a ring so they can buy a nice piece of jewelry. But what if something happens to the ring and you won’t be able to buy another one? Especially if it cost you a fortune, you should really consider insuring it.

So how much exactly is the ring insurance cost? If you decide to insure a ring, this is the first thing you will want to know. The annual price will differ depending on a few factors. The most important thing is the appraised value. It is obvious that rings which cost a lot will also have a high insurance rate. Another factor that influences the price is the crime rate of the area you live in.

Usually you will pay a rate of 1.25%-1.74% of the appraised ring value every year. In other words, if the price of the ring was $5000, the annual rate will be somewhere between $60 and $85. Maybe now you think about buying a cheaper ring because it can cost you too much to insure a more expensive one.

You might consider including the ring to the homeowner’s insurance. To be honest you shouldn’t do that if the ring is very expensive, because in case something happens and only if it happens in your home, you will not get more than $1000. It is true that the rate is pretty small. You will pay a maximum of $1 for each $100 appraised value, but what if something happens to the ring while you aren’t at home?

If you want a stand alone policy the rate is about the same as for the homeowner’s insurance, the only thing is that you will have to pay a minimum premium of approximately $150.

You should also be careful about who you choose as your certified jeweler. Usually the rings will be appraised at a higher value than you spent to buy it. That means you will have to pay more to insure your ring. The best insurance you could choose in my opinion would be the actual value policy. It is easy to understand and doesn’t cost much!