Insure your engagement ring to ensure peace of mind

Now that I’m engaged, I walk around with a ring on my finger. It is probably one of my most prized possessions and I check every few seconds to make sure it is still there. I am a bit paranoid that it will slip off my finger and go down the sink drain.... however, over time this has passed. But still, if I love it as much as I do, shouldn’t I insure it?

Keep these things in mind before you insure your engagement ring.

• Monetary Value – how much money is your ring worth?
• Stones – do you want to insure only your stone(s) or your stone(s) plus the band?
• Susceptibility – during your daily activities is your ring susceptible at being lost or stolen? 

Let’s look at these steps more fully. The first step before you can even ask insurance companies how much they will charge, is to know how much money your ring is worth. Usually the insurance company will want to know the number of stones in the ring and the carat of each. If you do decide to get it insured you might need to send a copy of the official appraisal (done by a jeweler) to your insurer.

Good news: if you have house or apartment insurance it is possible your ring is already covered. So call them and ask for the details! My insurance company states they cover theft or damage of an engagement ring worth $4,000 or less but does not cover “accidental loss” (e.g. losing your ring down the sink drain). 

Most insurance companies will give the option of having only the stones insured, or the band plus the stones. Another option if you aren’t too keen with the insurance companies is to go to the jewelry store the ring was purchased from. Most jewelers can provide insurance for you through their own company.

If you are still questioning if this is something you want to do, think about your daily activities. If your ring is susceptible to being lost or stolen you should lean more towards having it insured. For example, if your daily job requires you to remove your jewelry. 

Remember, over the years your situation may change. You can always add/remove insurance. So, if it doesn’t suit you very well right now, keep this article in mind for when you may need it. I have decided to get my ring insured with the company who I have house insurance with. It fit in well with the plan I already have and any extra that it cost was added into my monthly payment for simplicity.

To have and to hold,

Elizabeth Honey