Putting a policy on your engagement ring may sound unromantic, but nothing’s sweeter than peace of mind.
What It Is?
There are a few ways to insure your engagement ring. Ring insurance is best purchased as an ‘add-on portable item’ as part of your homeowners ‘Home and Contents Insurance Policy’. Renters and homeowners policies cover the contents in your home, but only up to a certain value: Expensive, special items like engagement rings, art, and electronics are guaranteed through add-on portable item coverage — an insurance policy extension that covers specific items. If you’d rather not go through your homeowners’ policy, another option is to insure your ring through a company that specialises in jewellery insurance like Q Report. Or alternatively you can opt for ‘Contents Insurance’ which allows you to insure any of your valuables whether you own your own home, or not.
Who Needs It Most?
Any couple with jewellery that has high material or sentimental value — whether your wedding and engagement rings cost $5,000 or $50,000, an insurance policy is a way of honouring not just their financial value but what they represent. The sentiment behind your rings is priceless, but the rings themselves can be replaced — if they’re insured — in the event that something happens to them.
What to Know About How It Works?
You’ll need to provide your receipts, as well as an appraisal (which costs a small fee; you can get an appraisal from a certified gemmologist). And remember: If you move after the wedding, make sure your “add-on portable insurance policy” follows your rings to your new home. Some couples have the ring insured at the bride’s house (or her parents’) before the wedding, but forget to add it to the policy for their new home when they move in together.
If you don’t have a renters’ or homeowners’ policy, there is an alternative way to insure your ring: Certain insurance companies offer policies through jewellers on individual pieces — ask your jeweller if they work with an insurance company to offer ring insurance. These kinds of policies can vary widely company by company (usually a jeweller will offer a policy that’s underwritten by a smaller company), so ask specific questions about the level of coverage provided.
Alternatively you can opt for “Contents Insurance” which allows you to insure any of your valuables whether you own your home, or rent, or not.
Questions To Ask Before You Choose a Policy?
- Is the ring covered if you lose it accidentally, or only if it’s stolen?
- How will the company replace the ring — with a cheque? Or will they require you to purchase a replacement through a specified jeweller?
- What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond — and that of a replacement if needed — be documented?
- Is the ring insured to full cost or a fraction of it?
- How will you need to prove the ring vanished if you make a claim?
- Are there any circumstances that aren’t covered? (What if your ring flies off at the circus and gets trampled by elephants, for example?)
- Does your claim take into account what occurs if your rings rise in value? Find out if you will be paid out the price its worth in ten years’ time, or just what you initially paid for it?
How to Get Your Insurance Costs Down
Buy a safe to keep jewellery in when it’s not being worn. (You can also keep paperwork like appraisals in the safe, so you’ll always know where it is if needed.)
What to Remember if You Only Remember One Thing?
When you shop for an insurance policy, make sure to read the fine print: A good policy will cover every potentially ring-threatening situation from theft to damage to accidentally dropping it in the sink.
This story is an independent product of the editorial team at The Knot. Our writers and editors have not been influenced by advertisers in any way in the creation of this content, which was developed independent of any sponsor.
by Laura Gilbert