If you’ve recently gotten engaged, congratulations! That’s great. You might still be in a daze, and you might not be able to stop staring at the sparkly ring on your left hand. It’s shiny and pretty. You might be happily considering the future with your soon-to-be spouse. But what about the new bling that you’re sporting on your left hand? You should make sure you have the right insurance for it – which means looking into your home insurance. We’ll explain how you can go about insuring your engagement ring.
Getting insurance for your engagement ring.
1. Look at your homeowners or renters insurance policy.
You need to do a little detective work to see what your home insurance or renters insurance says about protecting your valuables. Typically, home insurance or renters insurance only offers limited coverage for things like jewelry and valuables. It might be as low as $1,000. If your ring is worth more than the limit of coverage on your policy, you might need to think about adding coverage. (Also, think about the total limit for all your jewelry – do you have other pieces that are expensive?)
Next thing is finding out which losses are covered. You need to make sure you understand what is and is not covered. For example, many people fear accidentally losing their ring or something happening to it – but is accidental loss covered? It’s important to find out.
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2. Get an appraisal.
Yeah, you might need to get the ring appraised in order to get insurance for it. This isn’t just so that you know how much the ring is worth so you know what your significant person spent on it. It’s about making sure that you have the right coverage for the ring. Make sure to hold on to the paperwork so that you can present it with a flourish when you get insurance for your ring.
3. You can add a rider to your home insurance.
You can add a rider or endorsement to your home insurance to provide coverage for your ring. (An endorsement is essentially just an addition to your policy that adjusts or adds coverage.)
As you’re adding the rider to your policy, make sure that the coverage is doing what you want it to do. Is it protecting you from the losses you’re worried about – like accidental loss? You don’t want to find out that a loss isn’t covered after the fact. That would probably mean some sadness.
Anyways – here are some important things to think about when you’re getting coverage:
- The losses that are covered – are damage, theft, and accidental loss covered? While no one plans to accidentally lose their ring or to have it stolen, things happen.
- How the value of the ring will be determined.
- Whether the ring is covered for its full value.
- The claims process if something did happen to the ring and the paperwork/documents you’d need.
- Whether you need to have the ring re-appraised at some point.
- How the deductible would work
4. Keep the ring safe.
Then you have to make sure the ring is safe. If you really want to protect the ring, you can consider getting a safe. You can also consider getting a home security system (and this can also help you get a home insurance discount.) Or maybe you want to get a safe deposit box for it.
Anyways, the point is – keep your ring safe. Take care of it. The sentimental value of that ring probably way outweighs the monetary value, right?
Another note – make sure to keep track of all the paperwork that you would need to file a claim. Appraisals, receipts, and so on might be helpful. Keep those papers safe and in a place where you’ll be able to access them if you need to.
Is it expensive to insure an engagement ring?
With all the money you’re anticipating having to spend on the wedding, you might be bracing yourself for the cost of insuring your engagement ring. But it’s not too bad – a general rule of thumb is that it could cost $1-$2 per year for every $100 that your ring is worth.
What does that mean?
If your ring is worth $5,000, you could pay $50-$100 per year for insurance.
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So, that’s the deal with getting insurance for an engagement ring. It’s important to make sure that you have the coverage you need to protect your ring. It might give you some peace of mind, too, knowing that you’ve got insurance for your new bling.
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