Insuring Your Engagement Ring: What You Need to Know
You just got engaged to the love of your life and you love your engagement ring. In fact, you can’t imagine how you ever lived without it on your finger! But what would happen (dare we say it?) if it was lost, stolen, or fell down the kitchen sink? While it may seem like you’re jinxing the situation, you need to think about insuring your engagement ring. You can protect your investment and rest assured that if anything happened to your ring, you wouldn’t have to wait till you had the money saved up to replace it.
Who Should Insure Their Engagement Ring?
Everyone is advised to get their engagement ring insured, no matter how expensive your ring was. This purchase is probably one of the most valuable your fiancé has ever made, both financially and emotionally, and insuring it will bring great peace of mind. The only exception to this recommendation is if the insurance costs more than the replacement of the ring. Although, even if the cost may not totally make sense, many couples choose to insure anyways solely based on the emotional connection to the ring. While you may be able to replace the exact design of your ring, it won’t be the one you were proposed to with.
How Can You Insure Your Engagement Ring?
There are a few different ways to insure your engagement ring, and each one works best for different situations based on the cost of the ring, and if you have any other insurance policies. Some experts say that if your ring costs less than $1,000 and you already have homeowner’s or renter’s insurance, then you’re probably already covered. But it’s important to read your policy carefully to make sure that it does, in fact, cover the cost of jewelry. If a homeowner’s or renter’s policy does not cover your ring, then you can look into a personal articles policy. This type of coverage covers more areas than other basic types of insurance, and will protect your investment if your ring is lost, stolen, or damaged. When shopping around for policies, look for ones that specify replacement cost coverage and not a set-price coverage. This will ensure that whatever it costs to replace your ring, it will be covered. Your final option for insuring your ring is to go through an independent jewelry insurance company.
What About an Appraisal?
If you’re newly engaged, you’ll typically only need the receipt for your ring to get the insurance policy. But most rings will come with a valuation report depending on where you purchased the ring. You can always ask for an appraisal from the jeweler, even if they’re an independent artisan. A valuation report should include details about the metal, and diamonds or precious stones like the carat, weight, clarity, and any certifications. An appraisal will tell you the value of the ring so you can get the appropriate insurance policy. It’s important to go with the most accurate appraisal possible. If the appraisal is too high, it can hurt you because you’ll be paying too much for insurance, and if it’s too low, you won’t be totally covered should something happen to your ring. And if your ring is more than two years old, you’ll need to get it reappraised.
How Much Does Jewelry Insurance Typically Cost?
The cost of insurance for your engagement ring will depend on your ring and its estimated value. However, insurance it very affordable, costing on average about $1 for every $100. So it is an investment that is well worth it, because when it comes down to it, your engagement ring is much more than just a piece of metal and stone. It signifies the most wonderful day of your life.