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Jun 21

Engagement Ring Insurance For Dummies

Category: blog

So you’re going to get engaged. Or at least that’s the plan. Congratulations and all the best. Now, what about insuring the soon-to-be-purchased diamond engagement ring that’s the stuff of women’s dreams everywhere? Or have you already been down on one knee, proposed, been accepted and now you’ve realized (with hindsight) that the gorgeous rock you’ve presented to your wife-to-be is perilously uninsured?

No matter, a little guidance and you’ll have your jewelry covered in the right and proper fashion.

First of all, if you’ve already got either home or renter’s insurance you can simply give your insurers a call and ask for what’s known as an extension on the main policy. Alternatively you can insure your ring with a company that specializes in this kind of insurance – it’s down to you which type of cover you think best suits your needs.

Main Policy Extension

A main policy extension can be granted, under a normal insurance policy, for any one single item that’s classed as unique, special to you, or singularly expensive, such as a piece of jewelry, a family heirloom, or maybe something like a high-tech mountain bike.

All that you need to do is contact your current insurers and ask them what they can offer according to the value of the engagement ring. Bear in mind that will may only cover up to a set amount, and your ring may well exceed their dollar limit.

Specialized Jewelry Insurance

This type of insurance is as just as easy to arrange as the previous kind, though you won’t have as much choice available to you. Specialist insurers are less rather than more, and you may need to ring round until you find one that suits you and your needs.

However once you find a company that matches your needs (jewelers themselves are a great place to start asking ‘do you know of a company that insures jewelry?’) all you’ll need to do is sort out the finer details in order to secure the insurance.

What You Need To Do

Which ever form of insurance you choose to take up, bear in mind that will need to provide an accurate appraisal of the engagement ring’s value, a bill of purchase and satisfy and questions they may ask regarding the type of home security that you use for your home.

None of the above are labor-intensive tasks and all of the above will provide the prospective insurer with the information you require in order to give you full peace of mind.

Things To Consider

To finish, a quick look at the pros and cons of either form of insurance, to help you make up your mind:

  • make sure that you ask what the policy will entail, and what it will exclude
  • make sure that you read the small print, just just take their word for it
  • how will the company expect you to verify the loss of your ring, should the worst case scenario occur
  • in the event of a loss, will the ring be replaced like for like, or will the company simply issue the full dollar value

Of course many will find that the sentimental value of an engagement ring far outweighs the financial value so do bear that in mind. Hopefully the ring will remain firmly ‘in-hand’ for many years to come – which is exactly what it was bought for.