Engagement Ring Insurance

When talking about engagements, weddings, and true love, nothing is less exciting than mentioning insurance. As unromantic as it sounds, engagement ring insurance can be one of the most beneficial investments any young couple can make. After all, it is better to be safe than sorry when it comes to such a large and important purchase!

As far as methods to insure engagement rings go, there are several different options depending on what works the best for each individual couple. Some choose to go the extension route; this type of insurance builds into your homeowner or renters policy. Although most items in household are insured, the full value is never insured. Companies can only guarantee insurance up to a certain dollar amount. With an extension on items of large value, purchasing insurance will guarantee the coverage of those specific items. Sentimental items as well as items of high monetary value are both common extensions on insurance policies.

While the homeowners insurance extension is a popular choice, some couples choose to go right to the source. An engagement ring insurance company may offer insurance where it might even replace the lost or stolen ring instead of just paying for how much the ring is worth. While there is no “best” engagement ring insurance, any insurance is good insurance.

Most engaged couples may think that insuring their engagement ring is ridiculous because they could never lose something of such sentimental value, but let’s face it. Engagement rings get lost or stolen more than we would like to admit. Whether the ring was inherited through generations or was purchased brand new through a jewelry store, having insurance guarantees the ring can be replaced.

How to Insure Engagement Ring

The biggest question a couple may have is how to insure an engagement ring. As with most other insurance, the couple will need to provide proofs of payment (a receipt) and an appraisal. This appraisal will cost money, but in the case of a lost engagement ring, the small fee is worth the protection. An appraisal has to be done by a certified gemologist who will give the buyer an accurate estimation of the ring’s worth. When purchasing ring insurance, it is important to make sure that the policy is moved to the house of the newlyweds after the wedding. Many couples forget to move the policy from their parent’s house or from a house they will no longer live in because of all of the chaos of a wedding ceremony. Ring insurance without an accurate policy defeats the purpose of the insurance.

How to Choose An Insurance Policy

Before choosing an insurance policy, it is important to ask the stipulations for replacing the ring. Will the ring be replaced if it is lost accidentally or only if it is stolen or lost in some sort of household disaster? If the biggest worry is losing the ring, this first question is essential. Additionally, the couple may want to ask how the ring will be replaced. Then, the couple must determine if it is important to have the ring replaced or if a check for the value will be sufficient. To further discover all of the conditions, a couple may ask if there are any circumstances in which the insurance company will not replace the ring. With this question, the couple can discover the specifics so they are not blindsided later when the ring gets lost.

How Much Is Engagement Ring Insurance

On average, it costs one or two dollars for every 100 dollars the ring is worth to pay for insurance for the year. These costs may vary if the couple lives in an area with higher theft rates. Although insurance is one of the only ways to prevent a great deal of loss concerning the engagement ring, it is suggested that couples keep their rings in a safe when they are not wearing them. Doing this in addition to the insurance, the likelihood of losing the ring lowers immensely.

Key Tips When Choosing Insurance

As with any insurance company, the fine print is important. Couples should seek out a company willing to pay for any situations out of the couple’s control, and if the company is really good, it will pay for situations in which the ring gets lost or damaged from an accident on the part of the wearer.

As unromantic as it sounds, engagement ring insurance is a necessity to prevent a great loss in sentimental and financial value for a lost ring. When getting married, the last thing a couple should have to worry about is whether or not they can get their rings replaced. Spending the extra time to seek out a good insurance company can make a hectic wedding day a little less stressful and a good marriage even better.

At With Clarity, we’re well versed in the before, and after of engagement rings. If you have any additional questions about your engagement ring insurance or purchase, please feel free to ask and we’re happy to help.