What You Need to Know about Engagement Ring Insurance

An engagement ring is a big ticket purchase that often costs several thousands of dollars. And like anything that expensive, it’s important that you protect your investment. Sure, putting an insurance policy on your engagement ring might not sound all hot and romantic, but it will certainly help you and your partner both rest easy knowing your ring is protected should anything happen to it.

Of course, if you’ve never bought an engagement ring before, you probably don’t too much about engagement ring insurance. That’s okay. It’s actually pretty straightforward, and you’re about to learn the basics of what you need to know to insure your ring.

How do you insure a ring?

When it comes to insuring your engagement ring, you have a couple of basic options. The first way to insure your engagement ring is by adding an extension to your homeowners’ insurance or renters’ insurance policy. While these policies cover the belongings in your home, they only do so up to a certain dollar value, and they often don’t cover rare, expensive items like engagement rings. So, you need to purchase an extension to your homeowners’ or renters’ insurance policy to cover your engagement ring specifically.

Your other option is to insure your engagement ring through a company that specializes in jewelry insurance. Because these insurance companies specialize in jewelry, they may be able to provide you with more comprehensive coverage than your typical homeowners’ policy or renters’ policy in some cases.

Do you need engagement ring insurance?

Is it really necessary to insure your engagement ring? Or is it just a waste of money?

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While the choice is up to you, it’s typically a good idea to insure your ring. Not only does insuring your ring protect you financially, but it also represents your attempt to protect the sentimental value of the engagement ring.

If your ring is insured, you will be able to replace it in the event that something happens to it. And while you might not be able to fully replace its sentimental value, having the ability to easily replace it physically can go a long way to easing the pain of having something happen to your ring.

What do insurance policies offer?

Every policy is different, so you have to pay attention when choosing coverage for your engagement ring. There are many different things you should look at, such as:

  • The different situations that are covered (for example, is the ring covered if you lose it?)
  • The situations that aren’t covered
  • How the ring will be replaced (e.g. by check or through a certain jeweler?)
  • The insured amount (full cost vs. a fraction of its cost)
  • How you will provide proof the ring is missing for your claim

How much does insurance cost?

Again, every policy is different, but in general, you can expect to pay each year $1-$2 for every $100 that it would cost to replace your engagement ring. In other words, if your engagement ring would cost $3,000 to replace, you could expect to pay between $30-$60 each year to insure it.

Have a question about engagement ring insurance? Leave a comment below to let us know!

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