Putting an insurance policy on your engagement ring may sound unromantic, but nothing’s sweeter than peace of mind.
What about ring insurance?
There are a few ways to insure your engagement ring. Ring insurance can be purchased as an extension (also called a “rider”) for your renters or homeowners policy. Renters and homeowners policies cover the stuff in your home, but only up to a certain dollar value. Expensive, special items, like engagement rings, art and electronics, are guaranteed through scheduled personal property coverage—an insurance policy extension that covers particular items. Another option is to insure your ring through a company that specializes in jewellery insurance, which might offer more coverage than a standard homeowners policy (replacing a lost or stolen ring rather than paying a set amount of cash, for instance).
Who needs ring insurance most?
Any couple with jewellery that has pricey material or sentimental value. Whether your wedding and engagement rings cost $500 or $50,000, insurance coverage is a way of honoring not just their financial value but what they represent. The sentiment behind your rings is priceless, but the rings themselves can be replaced—if they’re insured—in the event that something happens to them.
How ring insurance works
You’ll need to provide your receipts, as well as an appraisal, which costs a small fee. (You can get an appraisal from a certified gemologist.) And remember: If you move after the wedding, make sure your “ring rider” follows you. Some couples have the ring insured at the bride’s house (or her parents’) before the wedding, but forget to add it to the policy for their new home when they move in together.
If you don’t have a renters or homeowners policy, there’s an alternative way to insure your ring: Certain insurance companies offer policies through jewellers on individual pieces—ask your jeweller if they work with an insurance company to offer ring insurance. These kinds of policies can vary widely company by company so ask specific questions about the level of coverage provided. W