From the moment you say "Yes!" chances are, you'll be rocking a shiny new addition on your left hand. While it may be the last thing on your mind during such a happy time, with great rings come great responsibilities—including insurance. Here's what you need to know.
Why You Should Have It
Jewelry insurance can offer coverage of your precious baubles in cases of theft, loss, damage, and even disappearance. Whether you've left it behind on the beach, lost a stone at the gym, or had your ring stolen, ring insurance can offer financial protection and peace of mind when you need it most. While anything happening to your engagement or wedding ring is heartbreaking, knowing it's properly insured can help to soften the blow.
Questions You Should Ask
When shopping for a ring insurance plan, you have to ask questions to know exactly what coverage you'll be provided. Will you continue to be insured when out of the country? Are you covered for damage or just loss/theft? Will the policy adjust according to inflation? Will repairs or replacements be comparable? Can you use your own jeweler if you should need to? These and more should all be considered prior to selecting a plan.
What Will You Need?
You'll need a certified appraisal that verifies and the size, specifications, diamond grading, cost, and purchase price—the whole nine yards. All of this information will be summed up in a formal appraisal, which jewelers and appraisers can provide. It's a good idea to have one done whether or not you pursue insurance, but you'll certainly need one for insurance.
When Should You Get It?
In short, the sooner the better. Your soon-to-be fiancé can insure the ring as soon as it is purchased and in his possession—much like you would insure a car prior to driving it off the lot. You might not initially be thinking of anything happening to your precious and sentimental token, but the sooner it's insured, the sooner you'll be protected. Once purchased, you or your fiancé can begin to shop for ring insurance providers, or purchase a rider (insurance extension) through existing homeowner or renter policies.
What Does it Cost?
Estimated costs to insure rings average $1 to $2 for about every $100 your ring is worth. Policy pricing can range depending on combination policies (combining your ring insurance with homeowner's insurance or an auto policy) and the geographic area for which you are registering your ring. In theory, if your ring is worth $10,000 you can anticipate a premium of $100 to $200 a year.