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How to Insure Your Engagement Ring (and Your Own Peace of Mind)

For newly engaged couples, practical tasks often sit on the back-burner. After all, finding the perfect location and wedding dress are a lot more thrilling than purchasing insurance. Yet, insuring your engagement ring is an essential item on your wedding to-do list. Unfortunately, people often skip this step altogether. Don’t. Though you’ll never be able to replace the sentimental value of your ring, you can at least get your money back if anything were to happen to it. This insurance often goes beyond losing it down the garbage disposal—you’ll also be able to replace stones if they fall out, and some plans will even cover cleaning costs. Below is a guide to different types of insurance, additional resources, and how to go about insuring your engagement ring.

Popular Ways to Insure Your Engagement Ring

  • If you choose to take out a policy through a company that specializes in jewelry insurance, you should expect to pay a bit more. However, these plans are more comprehensive, often covering loss, damage, theft, and disappearance. This insurance will also travel with you—no matter where your ring is lost or damaged, you will still be covered. For more information and consideration, refer to the Jewelers Mutual provider.
  • Though the standard home insurance policy may cover the full value of your ring, many consider the circumstances under which it is damaged or lost. Those pursuing this plan should expect to pay less per month, but prepare for less coverage. On average, you should expect to pay around $10 per $1,000 of coverage. Adding a rider to your existing insurance policy is the most convenient option—Geico, Allstate, esurance, StateFarm, Farmers, Trusted Choice.
  • Additionally, most insurance providers have monetary replacement limits. According to a survey conducted by The Knot, people spent an average of $5,978 on engagement rings in 2016, which is up significantly from previous years. Unfortunately, most insurance policies have a personal property limit of $1,000 per item of jewelry. Thus, many people choose a separate policy to cover the ring’s full replacement value.

What to Ask Insurance Providers

  • What is and isn’t covered? Ask if the plan covers damage, theft, and accidental loss.
  • How is the coverage provided? Ask if the ring will be replaced, if you will receive a check, or if you must purchase a new ring through a specified jeweler.
  • How much of the ring’s value will be covered? Ask how the value will be determined—whether it be the original cost, current value, or initial appraisal.
  • Is there anything I can do to lower my premiums? You may be able to reduce your monthly rate by installing a home security system or purchasing a safe to store your ring when it’s not being worn.
  • What information is necessary to make a claim?

Getting Your Papers Together

Regardless of your insurance plan, you will most likely need an official appraisal. This is often required in addition to proof of definitive value (a receipt). However, before going to a jeweler, look at your potential coverage options to ensure the appraisal will adhere to the required guidelines of the insurance company. If you’re looking for an appraiser with the necessary training and credentials, consult the directory provided by the American Gem Society.

Additional Resources for the Over-Prepared

Storage for Your Jewelry, Wedding, and New Home

Once you’ve taken care of insuring your engagement ring, it’s time to pivot to the other tasks on your to-do list. As you plan your wedding, evaluate your existing collection of fine jewelry, and/or prepare to build a new home with your betrothed, you may have a need for extra storage space. Closetbox has hassle-free, cost-effective storage.

Looking for more tips? Check out all our Wedding Planning resources.