Insuring Your Engagement Ring

Katelyn Noschese Personal Insurance Leave a Comment

If you are researching how to insure an engagement ring we probably first need to say – congratulations. Engagement rings not only have enormous sentimental value, but they can also have significant monetary value too and need to be protected. However, there are a lot of different considerations when protecting valuables, like an engagement ring, so it’s worth spending a bit of time to better understand the process and your insurance options. So, put the champagne on ice for just a moment, and let’s dive into engagement ring insurance and break down what you need to know.

Engagement Ring Insurance

So how does engagement ring insurance work? Well, there are two different ways to approach insuring valuables, like an engagement ring. One method is by purchasing an extension on your renters or homeowners’ insurance policy, also known as a rider, in order to cover the specific item. Homeowners’ insurance policies are designed to broadly cover your home and its contents, but in most cases, they will only protect personal items up to a certain dollar value. The chances are, your engagement ring will exceed this value, so if it were to be lost or stolen your homeowner’s or renters’ policy would only reimburse you up to their predesignated dollar value (minus any deductible). By purchasing an extension on top of the policy specifically for your engagement ring you will be able to protect it up to its replacement cost.

The second way that individuals insure engagement rings and similar valuables are by purchasing a separate jewelry-specific policy with an insurance company that specializes in protecting jewelry. This can sometimes be an attractive option as it is specific to your needs. 

How to Insure an Engagement Ring?

The first step in insuring your engagement ring is to gather all of the information relevant to your ring. You will need to be able to provide receipts for the purchase as well as the appraisal for the ring. These will typically be provided to you by the jeweler that supplied the ring in the first place – so make sure you keep the paperwork. Alternatively, you can seek out a gemologist who will be able to provide an appraisal for the value of the ring – this often makes sense if the ring is an antique or family heirloom that might not have the original paperwork.

Once you have all your information together you will be able to select the best insurance vehicle for you and your goals, whether that is purchasing an extension on top of your policy or pursuing a jewelry-specific policy.

The Risky Chicks Podcast Episode on Insuring Engagement Rings!

Tips for Insuring Your Engagement Ring:

Keep your paperwork

As discussed before, keeping your paperwork, receipts, and appraisals is a key part of the insurance process. You will want to be able to supply receipts from the purchase as well as the jeweler’s appraisal.  

Understand Insurance Coverage

It is important to understand how your ring is covered. There are lots of ways to lose an engagement ring, whether it is stolen or lost, it is important to understand the policy’s contingencies. Also, understanding whether the ring is covered at full replacement cost or not. And finally, selecting where and how to have the ring replaced.

Does The Coverage Follow You?

Oftentimes couples move following a wedding. If the ring was insured on a homeowner’s policy, it is important to make sure the coverage follows you when you move. This can be a common mistake that can come back to trouble you later. If you are planning on relocating, make sure that any new policy also contains coverage for your engagement ring.

What is the best engagement ring insurance?

The best engagement ring insurance is what meets your needs. It depends upon what you are looking to insure as well as what you want in the policy. It can also depend on the ring itself along with how much it costs. Deland, Gibson specializes in assessing risk for clients. We can make sure your needs are met and you are properly covered!

Engagement Ring Insurance Costs

The cost to insure the ring is going to vary depending upon the price of the ring. Typically, each year it will cost one to two dollars for every one hundred dollars of the price. Also, where you live can dictate if you are going to pay a higher or lower price. For example, if you reside in an area with a high crime rate then the insurance may be higher.  

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Insuring your engagement ring, and similar valuables is an important consideration and can provide serious peace of mind that these items that have both sentimental and monetary value are adequately protected.

Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.

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