He put a ring on it, now put that ring on your policy! A diamond ring is gorgeous but expensive! After the excitement of the engagement soaks in, it’s time to think about insuring your ring because let’s face it, life happens!
What is ring insurance and how does ring insurance work?
Ring insurance will either give you a cash face value of your engagement ring or replace the ring (possibly at a fraction of the price). That would depend on what type of policy you decide to get. You would have to provide the insurance agency with your proof of purchase receipts and an appraisal from a certified gemologist (before buying the ring make sure the jeweler is associated with a reputable gemologist as well).
I have homeowners or renters insurance so I’m all set, right?
Sort of, homeowners and renters insurance will cover the items in your home but only up to a certain price (ask your insurance agency for more exact answers to your policy). What you would need is an extension policy, also known as a rider for personal property coverage.
Do I have to insure my ring through my homeowner or renters insurance?
No, you can also look at companies that specialize in jewelry insurance. The difference between insuring your ring with a specialized jewelry insurance agency is that you would get a replacement ring instead of the cash value of the ring. Most of the most popular insurance agencies will also have jewelry specific policies so check out all the options with your current providers. TIP: Make sure if you move, you move that insurance policy with you!
What should I ask before choosing a policy?
Well, you want to make sure you read the fine print! What exactly is covered by the policy and what isn’t! Some policies may only cover a stolen ring and not a lost ring. You also need to know what will happen after the ring is lost or stolen. What is the process you need to take and how will you receive the ring or money? You should also ask if the entire value of the ring is covered or only a fraction of the cost. Make sure you read through the policy completely and understand what each side will have to do if and when the ring is gone.
We know that nothing can truly replace your engagement ring but at least you can have some piece of mind having insurance on an item of such value (financially and sentimentally) everyday!
TIP: If your ring ever gets stuck, before ruining the ring (and possibly your finger) try using floss to get your ring off!