Jewelry, the Gift of Love

What You Need To Know About Engagement Ring Insurance

Being engaged is a magical time with so many tasks calling for your attention. If you've recently become engaged and are now showing off a beautiful new engagement ring, you may not be thinking of making sure it stays protected. You are no doubt treasuring that sparkling symbol of you and your fiance's love for each other. But if the worst were to happen, would you easily be able to replace such a large purchase? According to The Knot, the average cost of an engagement ring in 2014 was $5,598. Make sure your to-do list includes getting insurance coverage for that new ring. There are basically two choices when it comes to insuring your engagement ring:

Homeowners' or Renters' Policies: The ring should be insured using the location where the owner of the rings lives, so for instance, if you are still living with your family until the big day, you would use your parent's home policy. Just make sure that you change to your new home's policy once you've moved.

Most homeowners' and renters' policies cover up to a certain amount of household goods and personal property, but the cap on jewelry is often set too low to cover a more expensive item such as a diamond engagement ring. To recover the appraised value of your ring lost due to loss or theft, you need an additional add-on to the policy. Floaters or endorsements may be added to a policy to boost coverage for specific items.

Jewelry Insurance Companies:  If you don't have access to a homeowners' or renters' insurance policy, there is still a way to protect your ring.  Many insurance companies that specialize in insuring jewelry can be located on the internet, but your jewelry store may also offer insurance for your ring at the time of purchase or be able to recommend a particular company.

Whichever insurance coverage method you use, make certain to read the fine print on the policy. You will also need to get an appraisal to determine the value prior to insuring the ring. Keep in mind these questions to ask when insuring your ring:

  • Is the ring insured for replacement only or cash value?
  • If replacement only, does it have to come from the original jeweler?
  • What type of proof of loss is required?
  • What type of loss is covered? (theft, accidentally going down the drain, etc)

Ring insurance can seem like just one more thing to do on that long list, but it should be one of your very first tasks after receiving it. The peace of mind that comes with knowing that this everlasting symbol of your love is protected is invaluable. For more information, contact a jewelry store like Vernon Jewelers.