Your engagement ring doesn’t just have monetary value, but sentimental value as well. If something happens to your ring, whether it’s stolen, lost, or your husband accidentally smashes it with a baseball bat like I read on one forum, you need to be covered so you can get it replaced.
Here’s what you need to know about insuring your engagement ring.
- You’ll need an appraisal. A respectable jeweler should provide an appraisal for your ring, but if they don’t, you can research gemologists in your area that provide the service; the cost is relatively low. Appraisals should list the 4 Cs…Cut, Clarity, Color, and Carat weight. Your insurance company won’t be able to insure your ring without it.
- Take photos of the ring. Your insurance company may require it, but even if they don’t, you should have photos on hand in case you need to make a claim.
- Insurance is low cost. It costs approximately $10 a year per $1,000 value of the ring. So a ring that costs $5,000 will be about $50 a year, but will be slightly more if your plan does not have a deductible. If you’re using the same company as your homeowner’s insurance, they may attach a rider specifically insuring the ring.
- Ask questions about the policy. Every scenario is not covered by all companies; some may only cover the ring if it’s stolen, not damaged or lost. Ask about situations where the ring wouldn’t be insured, and make sure that they will cover the entire cost of the ring. Choose a plan that has full coverage for any situation.
- You may not need to insure your wedding ring since the price is significantly lower than an engagement ring. Do the math and decide if it’s worth it to you to spend the money to insure it or if you can handle replacing it instead.
- Re-appraise to adjust for inflation. Your ring is likely to go up in value over time, so be sure to get an updated appraisal at least every five years so that if something does happen, you can get the same ring without having to go into your own pocket to cover the higher price tag.
Shit happens…way more than you think it does. Even if you treat your ring like a newborn baby, there’s no guarantee that the center stone won’t fall out or that someone won’t break into your house and steal your valuables. The peace of mind is absolutely worth the small price.