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The Definitive Guide to Engagement Ring Insurance

The Definitive Guide to Engagement Ring Insurance

The engagement ring is one of the most sentimental, and valuable, purchases you’ll make in your life. And like any other important purchase, you’ll want to make sure it’s protected. Homeowners insurance often doesn’t cover engagement rings or other fine jewelry, except in cases of theft, and repairs or replacements can be expensive. For this reason, you should definitely consider purchasing an engagement ring insurance policy once you find that perfect ring for your special someone.

While most people are careful to take good care of such an important piece of jewelry, unexpected incidents and accidents happen that can result in damage to or the loss of this precious ring. The ring, over time, is subject to normal wear that can result in the gems becoming loose in their settings. If this happens, even a small bump against stone or glass, such as a countertop or window, can cause the gem to dislodge without you even realizing it. Other incidents occur during handwashing, or swimming, or working with chemicals that can result in the ring becoming misplaced, flushed, or stolen. In these cases it’s best to be prepared with engagement ring insurance that will help cover part or all of the costs of replacement.

There are a few options for engagement ring insurance. One option is to get your engagement ring covered through an extension to your homeowner or renter’s insurance policy. Homeowners insurance policies often will only cover theft, or offer small pay-outs in the case of total loss. Attaching a rider for your more expensive goods ensures that you will be covered in the case of damage or loss. Another option for engagement ring insurance is to purchase jewelry insurance from a private insurer who specializes in insuring rings and other fine jewelry.

Getting engagement ring insurance isn’t difficult once you’ve decided which option is best for you. You’ll need to provide proof of purchase to your insurer, as well as an appraisal of worth by a certified gemologist. You’ll also want to ensure that your policy follows you. If you purchased the policy while living at one address, but then decide to move, you’ll want to make sure your policy still applies in your new residence. The cost of insuring your ring is about 1-2% of it’s worth annually. This means, if your ring is a $10,000 ring, then it should cost you around $100 per year to insure it.

If you choose not to insure your engagement ring, you’ll want to make sure you’re taking it to a jeweler annually to get it inspected for wear. A certified jeweler can help to tighten loose settings and avoid tarnish or other damage to your ring. When swimming, it’s a good idea to place a water-proof Band-Aid around the ring to keep it from slipping off when wet, and if you must take it off, make absolutely certain that you put it in a safe place rather than setting it on a sink or countertop. Engagement ring insurance is a good idea for any couple with an engagement ring. While the sentiment behind the engagement ring is priceless, the actual ring itself can be replaced easily if it is covered with insurance. As with any significant investment, it’s wise to be prepared for the worst and having engagement ring insurance will ensure that you don’t need to worry if anything unexpected happens to your treasured ring.

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