How to Say “I Do” to Engagement Ring Insurance

Buying insurance for your engagement ring may seem anything but romantic, but there’s nothing dreamier than beginning the rest of your life with a peace of mind.

Once you’ve said, “Yes” and the ring is on your finger, it is time to determine if you need ring insurance and exactly how to get it:

  1. Any couple with an engagement ring of high expense or sentimental value may choose to take out a policy on their engagement ring not only to honor the financial value or the ring, but their commitment to one another. Rings of sentimental value may be priceless, but the physical rings themselves can be replaced in the event that they are lost or missing.
  1. There are a few ways to insure your engagement ring. Ring insurance may be purchased as an extension to your homeowners’ policy. Homeowner’s policy, along with renter’s policy, provides coverage for things in your home, but only to a certain extent. More expensive items, such as your engagement ring or art, can be guaranteed through scheduled personal property coverage – an extension on your current insurance policy that covers certain items. The other option is to insure your engagement ring through a company that specializes in jewelry insurance. This method may offer more coverage than an extension on your homeowner’s policy would by replacing a lost or stolen ring rather than providing a certain cash value.
  1. Once you’ve chosen your insurance policy make sure you are able to provide your receipts as well as an appraisal of the ring(s) to be insured. Getting an appraisal will cost a small fee.
  1. Once your insurance has been chosen all you have to do is pay a yearly fee of $1-$2 for every $100 that it would cost to replace the ring(s). You can keep the costs of your insurance down by investing in a vault to keep your jewelry when it is not being worn. A vault is also a smart place to keep important paperwork surrounding your ring insurance policy.

If you only remember one thing from reading this post about engagement ring insurance, remember to read the fine print when shopping for your perfect policy. A good quality policy will cover every possible ring-threatening circumstance from damage and theft to unintentionally dropping your ring in the garbage disposal.

If you have any more questions about engagement ring insurance, don’t hesitate to ask an expert here.


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