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7 Tips for Getting Engagement Ring Insurance


7 Tips for Getting Engagement Ring Insurance

7 Tips for Getting Engagement Ring Insurance

You love your engagement ring so much that you can’t stand the thought of taking it off your finger or having an accident! However, just because you’re careful with your ring doesn’t mean everyone else will be. You can’t control everything. That’s why many brides-to-be buy engagement ring insurance along with their engagement ring purchase!

Photo by Katelyn MacMillan on Unsplash

1. Everyone needs engagement ring insurance

Despite your best efforts to keep your engagement ring safe, life throws you a curveball and it can be stolen, misplaced or damaged. No matter how much your engagement ring costs, you should always insure your ring so that it can be replaced or repaired if something goes wrong.

2. Know your insurance options

Not only do you want to protect your ring, but also the money that buys it. There are two options for insuring your engagement ring:

Choose homeowners or renters insurance. You can purchase an extension of your current policy here to cover your beautiful ring.

Buy engagement ring insurance from a reputable jewelry insurance company. In fact, check with your jeweler as they are often associated with insurance companies.

3. Decide who should pay for ring insurance

It can be difficult to determine who should pay the premium to protect your ring. Did you pay because you wore it, or did your partner buy the ring?

It is determined by many factors. When your partner first got the ring, they probably also had insurance.

If not, consider your living situation. If you separate, your ring should be insured by you because you wear it and store it in your house. You can also use your homeowners insurance to pay for the ring, and where the ring is will affect your premium.

4. Know how much you can expect to pay

There are other factors to consider when determining the amount you might expect to pay, including where you live, the amount of crime in the area, and the value of the ring.

Although each policy is different, you will likely pay about $1 to $2 per $100 of value per ring. This means that if your ring is worth $4,000, you will pay about $80 per year.

5. Evaluate your ring

All of this ring discussion brings us to one big issue: getting assessed. This is how a ring is evaluated (for example, based on its cut, weight and clarity) to determine its value.

If you have a ring with a half carat or larger diamond, you most likely have a jeweler’s diamond certificate. This is important as it will help determine the value of the ring so that if anything happens to it you will be able to get the same value (cash or a replacement ring).

You must find a reputable jewelry appraiser. Remember to re-evaluate your ring every few years as its value is sure to go up!

6. Policy Provider Issues

When reviewing your engagement ring insurance policy, make sure you ask these basic questions:

  • What do you need to know about claims? (For example, how do you prove that what happened to your ring actually happened?)
  • What is and is not covered by this policy? (For example, what if your ring is broken while you’re at the gym?)
  • Is there a limit to the amount the insurance company can pay (sometimes the limit is for a specific stolen item, such as jewelry, so this is an important question)?
  • What if your ring is damaged and needs to be repaired? Do you have a choice about where to get your ring repaired, or will your coverage dictate this?
  • Is your ring insured for replacement or cash compensation if it is stolen or lost? If you decide to replace a lost/stolen ring, where can you get a replacement ring?
  • What if I can’t find a replacement ring? (For example, if the ring is a one-of-a-kind antique.)

7. Do your homework

If you’ve chosen a policy and discussed it thoroughly with your insurance company, don’t forget to read the fine print! This will tell you everything you need to know about the injury that will be covered.

Getting engagement ring insurance can seem like a tedious process that you don’t want to worry about in the thrill of marriage, but it’s a requirement. If you follow the insurance advice above, you won’t lose money or be unable to replace your ring in the event of a tragedy.

in conclusion

Engaged couples have a lot to do between planning their wedding and laying the groundwork for a future marriage. You don’t want to look back and regret not insuring your ring when you had the chance. It may be worth spending time and money protecting your engagement or wedding ring, as well as your heart.

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