Hardly a romantic question, of course. But, essential nevertheless. The storybook engagement is possible, but we do still live in the real world. Things happen.
So, be prepared wherever possible. The cost of a ring is nothing to scoff at, so it’s worth sparing a thought or two on insuring it.
Like with any part of setting up an engagement, things can get a little complicated here too, but here’s an overlook of everything you need to know about ring insurance.
Are you covered already?
Most of us have renters’ or homeowners’ insurance, so the value of your ring is already at least partially insured by that. You’ll have to check how much, though. Most basic policies cover only a small fraction ($1000 – $1,500) of all the jewelry in your residence.
Of course, Americans on average spend roughly $5,000 on diamond engagement rings, so it’s worth knowing how much it would cost to upgrade your policy if your biggest fear is damage or theft of the ring within your house or apartment.
Most renters’ or homeowners’ insurance companies will offer affordable policy extensions, especially for specific items, like the one about to cement your relationship for all time.
Who is the best person to talk to?
The very jeweler who sells the ring will likely point you in the right direction (often, rather forcefully) of a credible insurance program especially crafted for engagement rings. Often, the very jeweler itself will offer it as part of the purchase.
But, regardless of who the insurer is, you need to ask these essential questions:
- Is the ring covered if X happens? (theft, loss, rejection, etc.)
- How will the ring be replaced? (a new ring, a check in the mail, store credit, etc.)
- How much of the ring is insured? (a fraction of it, or the full item?)
- What ISN’T covered?
- Most importantly: what proof do you need to substantiate the claim?
What’s the cost of engagement ring insurance?
On average, it costs anywhere from $1-$2 for every $100 your ring costs. For a typical $5,000 ring, expect to pay anywhere from $50-$100 a year for proper insurance. It also depends on the area in which you live, and whether theft is more common there or not.
Should I keep the insurance after the wedding?
The question you should be asking is whether the ring will still be valuable after you take your vows. The answer seems obvious then, especially with something that has so much sentimental value.
Commitment is a long road, friend – and it’s worth it to make sure some things last forever.
Three Overall Helpful Tips:
- Make sure your policy covers a wide-range of scenarios, like dropping your ring down a sink, losing it at the bus station, or stepping on it.
- You can sometimes lower your cost of insurance by owning a safe or vault to keep the ring in.
- Understand your policy, know the coverage shortfalls, and make sure the insurance provider is credible.