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Why Insuring Your Engagement Ring is So Important

No one wants to consider the things that could happen to mar their happiness at a time like this, but you really should consider insuring your engagement ring.

You’ve planned everything perfectly. You’ve studied her style to choose the perfect engagement ring, you’ve stayed within your budget and planned the proposal precisely. It’s a joyous time in your life as a couple.

No one wants to consider the things that could mar the perfect happiness of this time. But the truth is, anything can happen. The best course of action is being prepared for anything. Which is why, in the midst of all the engagement excitement and happiness, you should consider purchasing insurance for your engagement ring.

Protecting value and emotion

The love and commitment your ring represents is just as valuable as its material worth.

No matter how much you paid for the ring, insurance is a way of protecting the ring’s actual value.

You have a few options when considering insurance for your ring:

  • Renters and homeowners insurance policies: These policies can cover the loss of your ring up to a certain amount, subject to your policy’s deductible and stated limits on unscheduled personal property. Full coverage for expensive items like jewelry can be obtained by purchasing scheduled personal property coverage — an insurance policy extension that covers specific listed items. Ask your insurance company or agent about this coverage for your engagement ring.
  • Jewelry insurance companies: Another option is to insure your engagement ring through a company that specializes in jewelry insurance. These companies might offer more comprehensive coverage than a standard homeowners policy. For example, these policies may allow you to recreate a lost piece or repair a damaged one. The engagement ring is one your life’s biggest purchases — honor it by protecting it.

Insurance made simple

1. The first step is to get the ring appraised by a graduate gemologist. You’ll get documentation of the ring’s value that you can use to insure it. A receipt for your purchase may also be acceptable, so check with your insurance provider to see what they require. The important thing is to get insurance as soon as possible; many times insurers will allow you to start the process of buying the policy before the appraisal is complete.

2. Find out if you or your fiancée’s existing homeowners or renters policy will cover your ring. If not, you’ll need to seek out a separate policy. Also consider whether the options your homeowners or renters policy provides are sufficient for the level of coverage you want. Questions to ask include:

  • Will the policy only cover theft? Will it also cover mysterious disappearance, damage or loss due to a fire or other disaster?
  • What happens when you file a claim? Will the company send you a check, or will they require you to replace the ring with the same or similar ring from a certain store?
  • How will you be required to prove the loss of the ring?
  • Will the value of the ring be covered fully or partially?

Of course, the cost of insuring your engagement ring will vary depending on your insurance company and what exactly is being covered. The rule of thumb is to pay $1 to $2 for every $100 of your ring’s replacement value. So, if your ring is worth $4,000, you may pay about $80 a year.

As with any valuable you adore, insuring your engagement ring lets your bride-to-be wear her ring with confidence and pride, enjoying its beauty without worrying about damage or loss. The nominal cost of insurance can secure your peace of mind for years to come.

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