Got Engaged Over the Holidays? Don’t Forget to Insure the Ring

Written by: Sue Fritz | | Insuring Your Jewelry

Love, joy, happiness…and presents. It’s that time of year! No wonder December is the most popular month to get engaged. Whether you are just starting to shop for a ring, are about to pop the question, or recently got engaged, make sure you protect your investment by getting your engagement ring insured. Buying a jewelry insurance policy can take as little as five minutes online. That’s five minutes well spent. After all, once you propose she’ll be wearing that ring daily, meaning every day there’s a chance of something happening to it. You have a wedding to plan, or will soon. Worry about that, not what might happen to that new piece of sparkle.

Got The Engagement Ring, Now What?

There’s no denying how exciting it is to get an engagement ring, especially this time of year when it’s without a doubt the most thrilling holiday present to receive. Every groom’s nightmare is that something will happen to it before the proposal. But remember: once she’s said yes, you’re not out of the woods since it’s going to be worn a lot. Whether you’ve just bought the ring and are about to pop the question, or plan to ask first then do some very special holiday shopping to select the ring together, your best move is to have engagement ring insurance in place as soon as you own the ring.

We know: proposing during the holidays is about creating a memory that you can cherish. Buying insurance? Not so cherish-worthy. But that ring and the memories that come with it are worth protecting against loss, damage, or theft. If you already have renter’s or homeowner’s insurance, your policy may offer some limited coverage automatically. But typically that’s not as comprehensive as a separate jewelry insurance policy, which generally costs as little as 1-2% of the ring’s value. Plus, if something does happen to your ring, insuring it separately means that you won’t automatically affect your other insurance policies.

If this is the first you’re hearing of engagement ring insurance and you already have the ring, don’t worry. You can still buy coverage. If your ring came with a warranty or you bought one when you purchased the ring, you should still get an insurance policy for your engagement ring. Warranties typically only cover manufacturing defects.

How Much Engagement Ring Insurance to Buy?

Before you buy a policy, you need to know what your ring would cost to replace. This isn’t about the bride knowing how much you spent on her once-in-a-lifetime holiday present. It’s so you will know how much insurance to purchase. If you bought the ring from a jeweler, it probably came with an appraisal that tells you the replacement cost. That’s all you’ll need. If you don’t have an appraisal, for example because your engagement ring is a family heirloom, you can always get it appraised. Make sure you use a reputable appraiser with jewelry expertise. Even though it will cost something (usually $50-100), an appraisal is not just for your insurance company; it’s also to help you make sure you’ve got the right amount of coverage. When you get an appraisal or buy the ring it’s also a good idea to take some close-up pictures. Not just for Facebook and Instagram (but go ahead…the world wants to know). Detailed photos can be extremely helpful if something happens to the engagement ring and it needs to be replaced, so hold onto them.

Besides the appraisal you use when first buying insurance, you should plan on getting updated ones every 12 to 18 months. Metals and gemstones change in value. It’s worth knowing if the value of your engagement ring changes since you might want to alter the amount of insurance you buy.

Pick The Right Engagement Ring Insurance Policy

It’s important to understand what’s included and what isn’t when choosing the insurance policy that’s right for you. For example, if you’re thinking of insuring the engagement ring through an existing homeowner’s or renter’s insurance policy, find out what’s covered. Typically, there are limits on the amount or type of coverage you get; and if you end up having to file a claim just because something happened to your engagement ring it can affect your entire homeowner’s or renter’s premium. A good jewelry insurance policy offers comprehensive coverage, including repairs as well as replacement.

When you select an insurance policy for your engagement ring make sure it includes:

  • Theft – The obvious (and scariest) one. Make sure your policy will replace the ring if it’s stolen.
  • Loss – If you lose the ring, your insurance company should help you replace it with one that you’re happy with. An important watch out: some insurers force you to use their jewelers, not yours. Look for an insurance company that allows you to work with your own jeweler, but will also help you find an alternative jeweler if you need to.
  • Damage and repairs – You may not think about it, but gems can break and settings can bend. Make sure that any insurance policy you buy covers repair.
  • Mysterious disappearance – This is an important one. It’s a fancy term for unexplained loss. The ring is gone and you don’t know where. Make sure that’s covered too.

Get a Discount on Engagement Ring Insurance

Everybody loves discounts. Especially after all that generous holiday shopping you’ve done, you deserve one. A good jewelry insurance company will offer discounts specifically designed for jewelry. For example, if you have an alarm in your house or you store the ring in a safe, let your insurance provider know. Chances are you can get a discount on your policy.

You should also think about your deductible. A higher deductible lowers your premium, but leaves you accountable for more of the cost of a claim. Figure out how much you can afford to spend to replace or fix the ring if something happens to it and use that as a guide for picking your deductible.

Getting engaged over the holidays is exciting! It can also put a big dent in your savings (less exciting). The last thing you’d want is to pay twice for the same ring if it’s lost, stolen, or damaged. So if a ring is your big present this year, think about engagement ring insurance as the stocking stuffer.

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