The Basics Of Insuring Your Engagement Ring

You’ve said yes! and have shown off the bling. Now it’s time to start the wedding planning process. There is one very important task you may not have thought to put on your list–adding your new ring to your insurance plan! This can be done as soon as the question is popped, but it’s never too late to give yourself the peace of mind that ring insurance provides.

Read on to learn the basics, including why you should insure your engagement ring and how easy it can be to check this item off your list!

Why You Should Insure Your Ring

For many people, an engagement ring is the most expensive piece of jewelry they’ll ever own. The symbolic nature of the ring and everything it represents — your love, a lifelong commitment — increases the value. Add to that importance the risk of wearing a ring (we use our hands for everything!) and you’ll soon see why insurance is a must.

How Do You Do It?

A common solution is to add an extension, or “rider”, to your renters or homeowners insurance policy. Expensive valuables, like jewelry or art, can be guaranteed at a specific amount under these extensions. You may also consider speaking with a company that specializes in jewelry insurance; doing so may provide more coverage than a rider does.

Ring insurance typically covers loss, damage, and theft under most policies, but extensions often mean a cash payout for the predetermined value of the ring, not a full replacement of the piece itself. (Talk to your insurance agent to figure out the specifics of your coverage).

Whatever coverage you go with, insuring your ring takes the worry out of wearing it. If you accidentally leave your ring at the gym or lose it at the beach, you’re covered. A stone falls out at work? Your plan will make replacing it easy, without your wallet taking a hit. It’s undoubtedly heartbreaking to lose your engagement ring or wedding band, but you can rest easier knowing it’s covered by insurance.

Tips for Selecting a Ring Policy

  • Have your ring appraised, and save all receipts. 
  • Learn as much as you can. Ask the following clarifying questions. 
    • Will the ring be covered if you lose it accidentally, or only in cases of theft? 
    • How will the ring be replaced? 
    • Are there stipulations for replacing it (i.e. at specific jewelers)?
    • If the ring is an heirloom, how will the stone be appraised and valued? 
    • Will I have to prove that the ring has been lost or stolen? If so, how? 
  • Read the fine print, and find a policy that provides as much coverage as possible. 
  • Insure additional rings or upgrades. If and when you add a wedding band, revisit the coverage plan and increase the value. Should you add other bands down the road after big events (the birth of a baby, an anniversary, a promotion), be sure to add those to your policy, too. This will require another appraisal. 
  • Have your ring reappraised every few years. Hopefully your piece proves to be a smart investment (in addition to a beautiful symbol of your union) and continues to gain value over time. 
  • Keep all paperwork (like appraisals and annual diamond checks or cleanings) in a safe. 

Again, whether you’re newly engaged or you’ve been wedding planning for a while, be sure to add engagement ring insurance to your to-do list so you can rock your rock with peace of mind!