411: Insuring Your Engagement Ring – Part 1

The Rings

Photo Credit: Monique Michel; Flickr

An engagement ring isn’t just an expensive piece of jewelry to wear on a daily basis. The engagement ring symbolizes a couple’s promise to wed and everlasting love to one another.

While holding such great sentimental value, the purchase of an engagement ring will also probably be one of the biggest investments that a young man or couple makes. Therefore, it would be advisable to get the ring insured just incase it gets damaged, lost, or stolen. An insurance policy would make sure that the ring’s financial, as well as sentimental, value are honored regardless of whether the ring cost $600 or $60,000. Though the sentiment of the wedding ring is priceless, at least the financial component can be replaced in the event that an accident occurs.

How to Insure Your Ring

  • Get an appraisal for your ring.
    Almost all independent jewelers offer appraisal services; so ask the jeweler you’re purchasing from to appraise your ring.  He or she will probably touch base with you in the following few days with a solid value on your engagement ring. Following the appraisal, you will then receive an official document from the jeweler to proceed with insuring your valuable jewelry.
  • Find out if your engagement ring can be purchased as an extension of your rents’ or homeowners’ policy.
    This is an important step for anyone who already has some type of property insurance. Renters’ and homeowners’ policies cover items in the house, but only up to a certain dollar amount.  Special and usually more expensive items such as engagement rings, art, and electronics, are 100% covered through an insurance policy that covers those particular items. Call your insurer and ask them if adding your engagement ring to the policy is doable.

-Important Side Note-

If you move after your wedding, be sure that the ring is covered by insurance in your new home.  Many couples have the ring insured at the bride or her parents’ house before the wedding, but forget to add it to the homeowners’ policy once they move in together.

  • What if the ring can’t be covered under an existing homeowners’ or rental insurance policy?
    Another option would be to insure your ring through a company specializing in jewelry insurance.  This insurance company might offer even more coverage than a standard homeowners’ policy. For example, the company can offer to completely replace a lost or stolen ring rather than just paying a set amount of cash. Contact a jewelry insurance representative to get more information on rates based on the ring’s value. You should also receive directions on where to send your appraisal, and thorough information on the policy’s conditions and limitations for coverage.
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