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If you lose your engagement and/or wedding ring, chances are you’re probably not covered.

The majority of jeweler’s warranties only cover chipping and cracking and loss of the diamond from the mounting  as long as you have your rings inspected every six months. They also usually cover unintentional damage to the ring and loss of any smaller diamonds. Some don’t even offer that. Many just have a lot of legalese language and they basically only cover manufacturer’s defects, whatever that means?

Some jewelers offer these warranties for free, while others charge for them. While the warranties may differ slightly as to what they actually cover; none of these jewelry warranties cover some of the most common problems encountered after purchasing a significant jewelry item. The bigger problem is that most clients feel that their purchase is adequately protected after they receive such a warranty because many jewelry stores seem to want to boast about how great their warranty is. Not to mention, that when one is dealing with the myriad of emotions that goes along with getting engaged and married and the celebrations that take place soon afterward; it’s not unusual to space on the details of making sure their newly acquired ring is fully protected.

However, according to Jewelers Mutual Insurance Company – one of the most common reasons one makes an engagement/wedding ring claim is due to accidental loss or mysterious disappearance. In fact, almost 40% of their 2009 claims were for these very reasons. It could be the ring was lost at the beach or maybe left in a restroom. It could be lost while traveling, dropped down the garbage disposal, accidently wrapped in a tissue and thrown out with the garbage, etc.

Since a diamond ring is so small, there are hundreds, if not thousands of ways to misplace or lose it. The problem is that we’re likely talking about a ring that likely cost thousands of dollars, especially if it is her diamond engagement ring. Not to mention, the emotional loss of something so meaningful; this by itself is irreplaceable.

Other reasons for loss near the top of Jeweler Mutual’s list include burglary and robbery, occurrences that are again not covered by any jeweler’s warranty that I’ve ever heard of. Unfortunately, it’s a sad awakening when one finds that they are not covered for their loss by their jewelers warranty or often even their homeowner’s policy. Very few people are aware that most homeowner’s insurance policies specifically exclude any single item of over $1,000 to $1500 in value.

Most customers suffer from a false sense of confidence because they thought they were covered by the jeweler’s warranty. Even more don’t realize that they are not adequately by their homeowners policy; that they are not protected unless they have specific jewelry insurance. I have to admit that even I, a third generation in the diamond business, thought that my wife’s jewelry was covered only to discover a few years ago, that was not the case.

Fortunately, we didn’t suffer any losses. However, as soon as I found out that my wife’s ring and other jewelry items were not covered by our homeowners’ policy, I immediately had my wife’s jewelry appraised and subsequently insured. And we also made sure to immediately revise our own EE Robbins Warranty.

We believe it’s especially important that our clients have a specific insurance policy for their most cherished engagement ring and/or wedding ring and their other valuable jewelry items. We are clearly not in the insurance business.  In fact, I should make it very clear that we do not receive even a single cent when our clients choose to get their rings insured. Our new and improved EE Robbins Warranty does pay our client’s individual deductible up to $500.00 on a one-time loss basis, if they replace it through our company. However, whether your ring or jewelry was purchased from our company or not, it is important to make sure that you choose an insurance company that your comfortable with and that your valuable jewelry is fully covered. We like Jewelers Mutual Insurance Company, whom we use for our own personal jewelry insurance. You can click on this link to get a quote or to insure your personal jewelry items.

You can also compare rates and coverage with your own personal insurance agent. Just make sure that your engagement ring, wedding ring or other valuable items are adequately covered. If you purchased any of these items more than a year ago, chances are that you are underinsured as gold, other precious metals and diamonds have been skyrocketing in the last year or two. This is due to the volatility of world markets, the rapid growth of the Chinese and other economies and the decline of our dollar.

We’ll be happy to re-appraise those rings that are from EE Robbins to make sure that you are insuring it for current replacement costs or we can recommend some qualified appraisers if your ring or jewelry items are not from our stores. In any case, the time to be covered is now, before you suffer a loss.

Also, if you are properly insured for your engagement and/or wedding ring and your EE Robbins warranty has not yet been updated to our new warranty, just ask one of our associates to switch you over to the new EE Robbins Warranty, so that if you do have a loss, you’ll be able to recoup some or all of your deductible. Please don’t hesitate to ask any or our associates if you have any questions on our warranty and on insuring your ring(s) and other jewelry. We’re here for you to help make sure you are adequately protected.