Insuring your engagement ring helps protect the financial and sentimental value of this cherished possession. While insurance policies today are routine, coverage for bridal sets holds an interesting history intertwined with the evolving worth of diamonds and precious gems.
Early engagement rings were simple bands with little monetary value, so insurance seemed unnecessary. That began changing in the 15th century as diamond betrothal rings gained prestige. As the upper class acquired ever more elaborate rings, some took to listing them as household assets for basic protection.
By the 1700s, rudimentary jewelers policies emerged offering coverage for a ring’s gold or gemstone value. But the policies were broad without specific ring appraisals, leaving reimbursement uncertain if lost or damaged. As diamonds grew in popularity, couples wanted greater assurance their ring investment was protected.
In the Victorian era, assigning monetary value to sentimental jewelry took hold. Engraved engagement rings became especially cherished for their meaning. The concept of insuring rings based on an appraisal system took shape. Jewelers provided appraisals for insurance records to better guarantee replacement funds.
With the rise of diamond rings in the early 20th century, the demand for ring-specific insurance policies increased. Rings now ranged greatly in value depending on diamond cut, color, clarity and carat. Detailed appraisals by quality gemologists became standard practice for accurate coverage.
Today, engagement ring insurance remains essential with rings ranging from thousands to millions in value. Items like moissanite vs diamond rings also warrant coverage due to their exceptional brilliance resembling high quality diamonds. Specialty fine jewelry insurance provides peace of mind that the ring’s financial and emotional worth stays protected.
From adding rings to home inventories to detailed appraisals, insuring engagement rings evolved with their growing prominence in marriage traditions. Protecting their monetary and symbolic significance remains important for couples today. Ring insurance preserves a cherished emblem of commitment, yesterday and today.