Photo: 2 Brides Photography
Engagement ring insurance is one of those romantic realities that sounds like a big-ol’ buzz kill (kind of like changing your last name), but if you’re old enough to get married, you’re old enough to know that life loves to throw you some disappointing curve balls. And lost, damaged, or stolen jewelry is a common enough curveball that engagement ring insurance should be high on every engaged couple’s list. So let’s break this down: how to insure your engagement ring...and to make sure you find the right policy for you.
How to Insure Your Engagement Ring
A rider is typically necessary if you want to stick with your current renters/homeowners policy. While your existing policy does cover losses to items within your home, there is likely a cap on individual items (varies among companies/policies), and many engagement rings go beyond that threshold. For more expensive rings, you will need to get a ring appraisal so all parties know its worth (keep copies somewhere safe for yourself, like in a safe!); for more modest rings, a receipt will do the trick.
This isn’t just all about theft, either. Good insurance policies will cover the replacement costs for engagement rings that slip off while applying sunscreen on a white sand beach, or take a jagged journey down the garbage disposal, or get briefly set aside before magically disappearing into the ether. Do your research and find a policy that offers all the protections you—and your ring—deserve.
Which brings us to…
Questions to Ask Insurance Providers
1. What kind of damage/loss is covered by this policy? If I lose it or damage it myself, am I still covered in the same way as if it were stolen? What, if anything, do I need to “prove” to be covered?
2. How will you replace my ring—with money, or a replacement ring?
3. If money, will I be reimbursed for the full replacement cost? Are there any restrictions as to where I can buy my replacement ring from?
4. If a replacement, can I choose the jeweler? What happens if I can’t find the same ring, or a suitable replacement?
5. If repairs are needed, can I choose who makes the repairs?
6. Are there any circumstances in which I wouldn't be covered?
Average Jewelry Insurance Costs
Engagement ring insurance costs don’t just vary from company to company, but city to city—the amount of theft in your city does affect your insurance premiums. The general rule of thumb, however, is to expect to pay 1-2% of the value of your ring each year (so a $5,000 ring will cost about $50-100 per year). Like any other insurance policy, we encourage you to shop around and find the best jewelry insurance rate—and protection plan—for you.