Engagement Ring Insurance 101

marriage proposal with engagement ringHow To Get Your Engagement Ring Insured

During this joyous time in your life as a couple – your engagement – you don’t want to consider anything that could mar your bliss. The two of you have likely planned everything to a “T” – choosing the perfect ring, staying within your budget, delivering the ideal proposal. If obtaining insurance for the new bauble is not on your to-do list, it’s a good idea to add it now.

Anything can happen – we’ve all heard horror stories about rings being lost during an ocean swim on the honeymoon, or a precious stone falling out, never to be found again. Take a tip from the Boy Scouts — the best course of action is to “be prepared.” This is why, in the midst of all your excitement and happiness, you should consider purchasing insurance for your engagement ring.

Double Protection: Value and Sentiment

The love and commitment your ring represents is just as valuable as its material worth. So no matter how much you paid for the ring, purchasing insurance is a way to protect it on both fronts. There are basically two options available for you:

  • Homeowners’/renters’ insurance policies: These policies can cover the loss of a ring up to a certain amount, subject to your policy’s deductible and stated limits on personal property. Full coverage for costly items like jewelry can be obtained by purchasing an insurance policy extension, or “rider,” that covers specific listed items. Consult with your insurance agent about this coverage for your engagement ring.
  • Jewelry insurance companies: Several companies specialize in jewelry insurance, and may offer more comprehensive coverage than a standard homeowners’ policy. For instance, these policies may allow you to replicate a lost piece or repair a damaged one.

The Engagement Ring Insurance Checklist

The first step is to get the ring appraised by a gemologist. This way you’ll have documentation of the ring’s value that you can use to insure it. A receipt for your purchase may also be acceptable, so check with your insurance provider to see what they require. The most important thing is to get insurance as soon as possible; in fact, often times insurers will let you to start the process of purchasing the policy before the appraisal is complete.

Next, find out if you or your intended’s existing homeowners’ or renters’ policy will cover the ring. If not, you’ll need to seek out a separate policy. Consider whether the options your homeowners’ or renters’ policy provides are sufficient for the level of coverage you want. Ask the following questions:

  • Does the policy only cover theft? What about sudden disappearance, damage, or loss due to a fire or other natural disaster?
  • What is the process when you file a claim? Will the company mail a check, or will they require you to replace the ring with the same or similar ring from a certain store?
  • What is considered sufficient “proof” to substantiate the loss of the ring?
  • Will the value of the ring be covered in full or part?

We encourage you to shop around — the cost of insuring your engagement ring will vary, depending on the insurance company and what exactly is being covered. A good guideline is to pay $1 to $2 for every $100 of your ring’s total replacement value. So, if the ring is worth $5,000, expect to pay about $100 a year.

Purchasing Peace of Mind

An insurance policy allows the bride-to-be to wear her ring with confidence and pride, enjoying its sparkle without fretting about damage or loss. The minimal cost of insurance can secure your peace of mind and protect your investment for years to come.

F. Silverman Jewelers has been helping couples in the Bergen County, New Jersey area select the perfect engagement rings for more than 20 years. Our expansive vintage, classic, and custom collections adorned with GIA-certified diamonds cater to every unique personality and style.

More Information:

  1. Brides, How to Get Engagement Ring Insurance: 9 Things You Need to Know, https://www.brides.com/story/how-to-insure-your-engagement-ring
  2. Investopedia, “Should You Insure Your Wedding Ring?” https://www.investopedia.com/articles/personal-finance/062615/it-worth-it-insure-my-wedding-ring.asp