Engagement Ring Insurance
Trust me, nothing is going to spoil your big day than if you lose your engagement ring prior to the big event. Even worse, you lose it after the big day, when the sentimentality of owning your engagement ring increases with every passing year. Of course, nothing is going to replace those sentiments, but it can be very useful to have engagement ring insurance. That way, if the worst happens, then at least you can replace it with a similar type of engagement ring.
Ok, so what’s involved in organizing engagement ring insurance? Well, a good idea is to include it as a listed item in your homeowners’ insurance policy. After the wedding, all those lovely wedding presents and gifts drastically increase the dollar value of your stuff. Make sure to adjust your homeowners’ or renters’ coverage to reflect that and don’t forget to include your engagement ring!
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 gemologist). And remember: If you move after the wedding, make sure your “ring rider” follows you. 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 jewelers on individual pieces — ask your jeweler if they work with an insurance company to offer ring insurance. These kinds of policies can vary widely company by company (usually a jeweler will offer a policy that’s underwritten by smaller company), so ask specific questions about the level of coverage provided.
If you’re a couple with jewelry that has high material or sentimental value — whether your wedding and engagement rings cost $500 or $50,000, an insurance policy is a way of honoring 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.
The yearly cost to insure your ring is $1 to $3 for every $100 that it would cost to replace. This means that if your ring would cost $5,000 to replace, you might expect to pay between $50 and $150 per year to insure it — or slightly more in cities where the risk of theft is higher.
Either way, make sure that your policy covers for all eventualities, including YOU throwing your engagement ring out with the garbage, or washing it down the drain when you’ve taken it off to do the washing up. Don’t laugh, it has happened! It could happen to you, so be warned, take out engagement ring insurance and make sure it covers for all eventualities and locations.
(Article inspired by The Knot)
