Insuring Your Engagement Ring

photo of engagement rings for insurance

Although it may not be the highest on your wedding planning to-do list, insuring your engagement ring is one of the most essential items to make sure you check off.

As unromantic as it sounds, it is better to be safe than sorry when it comes to protecting your precious gems and other sentimental pieces. To help, we’ve rounded up a few answers to some of the most common questions newlyweds have when it comes to insuring their engagement rings. 

What Is Engagement Ring Insurance?

As the name suggests, this type of insurance covers the cost of a lost, stolen, or damaged engagement ring. You can purchase insurance for your irreplaceable jewelry and other valuables through your current car or homeowner’s insurance company. It is often referred to as a “rider” or an extension of your current insurance policy. You can also insure your ring with a company that specializes in jewelry insurance if your standard insurance policy doesn’t offer you as much coverage for your piece as you’d like. 

Why Should You Invest in Insurance? 

It can be devastating, not to mention stressful, to lose a sentimental item such as an engagement ring. Some policies will provide you with comprehensive coverage against things like unexplained loss and repair costs, so it is important to do your research about what your provider of choice will and won’t cover in terms of your insurance. Whether your piece is valued at $500 or $50,000, an insurance policy represents not only the financial worth of your piece but also its sentimental value and significance to you and your loved one. Keep in mind that you can and should shop around for the right insurance for you. The best policies will cover all of the bases and every potential situation that could happen to your ring. 

Make sure to invest in an appraisal for your ring so that you know the true value of your piece. You can hire a certified gemologist to help you with the appraisal process. You will also need to keep the documents that came with your ring and share them with your appraiser for a more accurate valuation. 

How Much Will It Cost?

Rates on jewelry insurance will depend on where you live, but in most cases, it will cost between 1 percent to 2 percent of the value of the piece of jewelry. According to Geico, a $5,000 engagement ring could cost about $50 per year to insure. 

Questions to ask your insurance agent before purchasing insurance: 

  • How are claims handled, and what does the reimbursement process look like?
  • Are there any situations in which my ring could be lost or damaged that would not be covered? 
  • How often should we submit updated appraisals?
  • Can we choose who repairs the ring?
  • What happens if there isn’t a suitable replacement?
  • What if the stone falls out? 
  • What if it gets stolen?
  • Will the policy adjust according to inflation?

While purchasing ring insurance may not have been something you and your betrothed planned to add to your seemingly never-ending to-do list, ensuring your valuables are safe and covered in case of unforeseen circumstances will bring you peace of mind in the long run.