Engagement Ring Insurance 101

Engagement ring set via Shutterstock

You’re showing off that your shiny new bling non-stop. But what happens if that sentimental stone takes a trip down the garbage disposal or into an ocean wave? You’ll wish you’d protected those precious jewels.

Your feelings are priceless, but let’s face it—there was a price tag on that missing ring. Whether your engagement ring cost $500 or $50,000, getting it insured is one of the first things you should do as a responsible bride. All insurance policies are different, but here is some general advice on getting engagement ring insurance.

Let It Ride

Your ring insurance sits sidecar to your homeowners’ or renters’ policy, hence the name “rider”—it’s tacked on to your existing insurance as an extension. Because your overall polices only cover items up to a certain dollar amount, expensive ones such as engagement rings are protected through scheduled personal property coverage. If you don’t have home insurance, you could also insure your ring through a company that specializes in jewelry insurance. Ask your jeweler if they work with an insurance company to offer ring insurance for individual rings.

How You Get It

When applying for ring insurance, you’ll need to provide your receipt of purchase along with an appraisal. Although it costs a small fee and should be done through a certified gemologist, a thorough appraisal is worth its weight in gold because it covers all the bases, such as carat, cut, color, and clarity of the diamonds, the carat weight and shape of other stones, and the metal. Side note: Engagement rings usually go up in value, so you should have your ring reappraised every three years.

Other Questions to Ask

Do you have the freedom to choose who repairs your ring?

If you’re insured for a replacement rather than just receiving cash to cover the cost of a new ring, do you have freedom to choose your jeweler?

What happens if you can’t find a suitable replacement?

If the ring was stolen, does a police report need to be on file? What other information will need to be given for the claim to be approved?

Are there any situations that aren’t covered?

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