Insurance for Your Engagement Ring
Insuring your engagement ring is a task that should be completed as soon as possible after the ring is purchased or the significant other proposes. It’s important to have insurance on your engagement ring because of the unpredictable events in life.
Do I need Engagement Ring Insurance?
Ring insurance is often purchased as an extension to a renter or homeowner’s policy as “scheduled property.” You can also consider ring insurance through a company that specialized in jewelry insurance as they might offer more coverage than a standard homeowners/renters policy.
Everyone should consider ring insurance because of the meaning and potential cost of the piece of jewelry on your finger. No matter the cost of the ring, you can honor both the financial and sentimental value of a ring by insuring it.
Did You Know?
- In 2014, the average wedding ring set was $8,000. the engagement ring alone is averaged at $6,000.
- Only 4% of all reported stolen jewelry is recovered.
Costs Associated with Engagement Ring Insurance
Typically, the yearly cost to insure an engagement ring is $1 to $2 for every $100 that it would cost to replace it. This can vary carrier to carrier though so for a true estimate, you will need to receive a quote from your agent. It’s highly recommended to purchase engagement ring insurance because of the minimal costs and the peace of mind it will provide just in case the inevitable happens.
Engagement Ring Insurance Tips
- Bring the original purchase receipt and an appraisal.
- If the ring was insured on the bride’s homeowner’s or renter’s policy (or her parents’) before the wedding, remember to add it to the policy of the couple’s residence when they move in together.