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Engagement Ring Insurance 101

Newly engaged? Why yes, we're writing this article right after Valentine's Day which is the 2nd most popular day to get engaged in a year. It turns out that 40% of all engagements take place between Christmas and Valentine’s Day, according to the latest wedding survey from WeddingWire.

The top ten most popular days for engagements are...

1. Christmas Day (12/25) 2. Valentine’s Day (2/14) 3. Christmas Eve (12/24) 4. New Year’s Day (1/1) 5. New Year’s Eve (12/31) 6. Day before Valentine’s Day (2/13) 7. December 17th (Saturday before Christmas Eve) 8. December 10th (2 Saturdays before Christmas Eve) 9. December 23rd 10. Independence Day (7/4)

Now that you are engaged, or you're reading this and think you might be soon, make sure to check off "Ring Insurance" from your list first! Not sure where to start? Not to worry, here's the inside scoop on insuring your engagement ring.

What Is It?

Engagement ring insurance can be done multiple ways. You can purchase it as an extension (also called a "rider" or "extra coverage") on your renters or homeowners policy. Most renters and homeowners policies cover items inside your home, but only up to a certain dollar value. Expensive or sentimental items, like engagement rings, art, furniture and electronics, are guaranteed through scheduled personal property coverage—an insurance policy extension that covers specific items. Another option is to insure your ring through a company that specializes in jewelry insurance, which might offer more coverage than a standard homeowners policy, like replacing a lost or stolen ring rather than paying a set amount of cash.

Do We Need It?

Anyone with jewelry that is expensive or holds sentimental value should have insurance. Regardless of the price tag on your wedding and engagement rings, an insurance policy is a way of honoring not just the financial value of the ring 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.

Where to Start

To have your engagement ring insured you'll need to prove its value. That means you'll need receipts and/or an appraisal. (You can get an appraisal from a certified gemologist for a small fee.) Insurance companies have different requirements but this is required by most. If you inherited the ring, you'll just need an appraisal.

If you don't have a renters or homeowners policy, there's an alternative way to insure your ring. Certain insurance companies offer policies on individual pieces—just ask one of our agents about ring insurance. These kinds of policies can vary widely company by company, so ask specific questions about the level of coverage provided.

Questions to Ask Before You Choose a Policy

  • Is the ring covered if you lose it accidentally—or only if it's stolen?

  • How will the company replace the ring? With a check? Will they require you to purchase a replacement through a specified jeweler?

  • What if it's a vintage ring or other unique piece? How will the quality and size of your diamond—and that of a replacement if needed—be documented?

  • Is the ring insured to full cost or a fraction of it?

  • How will you need to prove the ring vanished if you make a claim?

  • Are there any circumstances of loss or damage that aren't covered? (What if your ring flies off at the circus and gets trampled by elephants, for example?)

Average Cost

The yearly cost to insure your ring is $1-$2 for every $100 that it would cost to replace. That means that if your ring cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it—or slightly more in cities where the risk of theft is higher.

If You Only Remember One Thing

When you shop for a "ring rider" policy, make sure to read the fine print. A good policy will cover every potential ring-threatening situation, from theft and damage to accidentally dropping it in the garbage disposal.


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