You’ve probably heard about people getting their engagement rings insured, but if you’re new to this whole engagement thing, you might be wondering: How do I get it? What does it cover? And is it really worth it?
Here’s a breakdown of the basics of engagement ring insurance.
What is it?
Like anything else you might have insurance for—your car, your cell phone, your apartment—insurance on your ring gives you peace of mind that if anything happens to your precious, you’re covered. But like with all other forms of insurance, make sure you read the fine print as different companies offer different levels of coverage.
Types of Insurance
If you have homeowners or renters’ insurance, you can usually extend the coverage to cover your engagement ring. It’s often referred to as a “rider.” Just ask them, and make sure you have your receipts and appraisal handy. Make sure to inquire about what is covered vs. not covered when doing this. For example, some insurance plans will only cover claims involving theft, however they won't cover a mysterious disappearance (more below).
If you don’t have homeowners or renters’ insurance (or want extra coverage), you can take out a policy through jewelry insurance companies who specialize in fine jewelry. Most jewelers we've talked to recommend Jeweler's Mutual Insurance (and have even stated that they don't get a commission from recommending clients). One of the big advantages to using a jewelry insurance company is that they often cover a "mysterious disappearance". While a disappearance can sound shady, it happens a lot more than you think.
Imagine looking down at your hand one night and realizing that your engagement ring is not on your finger. You look everywhere but can't find it. You then realize that you were doing laundry that day, and it must have slipped off somewhere. You look everywhere but just can't seem to locate it after days of hunting. This is an example claim that many jewelers insurance companies will cover, while other homeowners/renters insurance will not. We personally feel like it is worth the peace of mind!
The answer mostly depends on the appraisal, but here’s the deal according to Laura Gilbert at theknot.com:
The yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace. In plain English, this means that if your ring would cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it—or slightly more in cities where the risk of theft is higher.
Why do I need it?
Well, IMHO the sentimental value of your engagement ring is priceless, BUT if your bling happens to get damaged, lost or stolen, it’s nice to know you can get it—or at least the value of it, back.
One reason I often tell my friends to consider ring insurance is that it allows them to actually ENJOY wearing their engagement ring rather than being concerned about the value. With insurance you can take your ring on international trips or wear when you're out and about without the concern of it getting stolen or lost. Having jewelry insurance allows you to wear your ring with no worries (except another dent in the paycheck!).
So our advice on the topic of ring insurance? Listen to your mother: Better safe than sorry.