An engagement ring is a testament to your enduring love, a story that you share with the world through a unique design that perfectly epitomizes your love for one another.
But should you insure your engagement ring? Often when shopping for an engagement ring, jewelers will ask whether or not you’d like to insure the ring. Although not as thrilling of a process as planning the honeymoon, insuring your engagement ring is just as important as the many other things you need to do in order to make your special day absolutely perfect.
Won’t My Renter’s or Homeowner’s Insurance Cover It?
It’s easy to think that your homeowner’s or renter’s insurance would cover your ring if something happened, but you should know that most engagement rings cost around $6,000 (or more depending on factors like the stone, the cut, and the metal). Renter’s and homeowner’s insurance only offer up to $1,500 worth of jewelry coverage.
That just won’t “cut it”.
When You Should Consider Insuring Your Engagement Ring
If you’re planning to invest a considerable amount of money in your engagement ring, you should definitely consider insuring it. In some cases, your homeowner’s policy will let you add a rider that allows you to itemize the pieces or buy a separate insurance policy just for your rings.
Generally speaking you should expect to pay around $1 to $2 per every $100 worth of the ring’s value when paid annually.
Before you just buy any policy, however, take the time to look over all of the fine print, including what exactly is covered, how you’ll be reimbursed in the event that the ring is lost and how the ring itself will be valued.
What to Look For When Choosing Wedding Ring Insurance
Understanding the fine print is crucial to finding the right wedding ring insurance policy. Here’s what to look for when insuring your engagement ring:
Have the Right Amount of Coverage
You wouldn’t hesitate to cover your home or your car, and your wedding jewelry is just as much of an investment. Make sure that your engagement ring insurance covers loss, theft and even damage (we’ve all had that momentary moment of panic when the ring goes down the drain!) If there are specific incidents that aren’t covered, make a clear note of them.
Ask About Replacement
Before you sign up, ask about replacement. Some companies try to find replacements on your behalf, while others make you get your replacement from a specific jeweler. Still others will simply give you a check as compensation. Ask how your particular insurer handles replacement before you sign the dotted line.
How is Value Assessed?
This is perhaps the most important part. Ask about how the insurance provider assesses the value of your ring in order to reimburse you? Some consider the original purchase price while others assess the value based on a current appraisal.
If you need to file a claim, make sure that you have all of the relevant paperwork easily available. This can include photos, appraisals and receipts. Don’t hesitate to get a professional jewelry appraisal if you don’t have one, and is often required when getting supplemental coverage to insure your wedding ring.
The Bottom Line on Engagement Ring Insurance
Considering how much wedding rings and engagement rings cost, getting insurance is a smart decision. By making sure you read and fully understand what’s covered, how value is assessed and how the ring is replaced or how you are reimbursed, you’ll be well on your way to ensuring that your jewelry is properly covered, and for a piece that has substantial value, both in terms of money and sentiment, you can’t put a price on that!
To learn more about insuring your engagement ring, or to get a professional appraisal of your jewelry’s value, visit our Houston jewelry showroom today!