Insuring an Engagement Ring

Insure your engagement ring so your precious keepsake will be protected in case loss, theft or damage occurs.

Engagement rings have a high monetary and sentimental value. Therefore, it is important to protect your lifetime investment with an insurance policy. In addition to providing much-needed coverage, an insurance policy will provide peace of mind.

Homeowner’s and Renter’s Insurance for Your Ring

There are several ways to insure your engagement ring. Since homeowner’s and renter’s insurance policies cover valuables up to a certain dollar value, check your existing policy to ensure that your engagement ring will be covered. Additionally, many companies offer jewelry insurance that can be purchased as an extension of your current renter’s or homeowner’s insurance policy.

Jewelry Insurance for Your Ring

When the value of your engagement ring exceeds what your renter’s or homeowner’s policy will cover, you can insure your engagement ring through a company that specializes in jewelry insurance. Specialized jewelry insurance policies are highly recommended since they cover specific, valuable pieces.  The policies can be purchased from several insurance companies. Moreover, many jewelers offer jewelry insurance policies.

When purchasing an engagement ring, talk to the jeweler to see what your insurance options are. If you have already purchased an engagement ring and are looking to insure it, there a few steps you should follow. First, make sure you have the original receipts for your engagement ring. Next, have the ring appraised by a reputable gemologist. Finally, contact a jewelry insurance company or visit a local jeweler to learn which policies would best fit your needs.

Important Ring Insurance Questions

Whatever your situation, when buying insurance for an engagement ring, carefully read the fine print. Insurance coverage varies by locale and situation, so it is important to understand the ways in which your jewelry is covered. Ask the insurance salesperson if the policy covers the ring in the result of loss or theft. Also, ask if the dollar value amount the ring is covered and how it will be replaced. Lastly, discuss the ways in which you file a claim, i.e. who to contact and what documentation is necessary, and how long the overall process takes.