Engagement Ring Insurance 411

Paying for insurance is something you think about doing for your car and home, so why not the most important piece of jewelry you will ever own? Piece of mind is always a good thing and I am here to tell you everything (well almost everything) that you will need to know about acquiring insurance for your most precious piece of jewelry.

What Insurance Is for Rings:
There are a couple ways that you could have your ring insured. If you own your own home you can purchase ring insurance as an extension (or a "rider") on your home owner's insurance. The only down thing, in my opinion, about this is if something happens to it your insurance will most likely just write you a check for how much your ring is worth and be done with it. Another way to acquire insurance is through a company that specializes in jewelry insurance. The diamond store that you bought the ring from (assuming that's where you got it) should be able to recommend someone and walk you through the process of getting insurance through them. This company most likely will have a number of different policies that you can choose from including replacing your ring for you in the event that something should happen to it.

Who Should Get It:
Any couple with jewelry that has high material or sentimental value. 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

Questions To Ask Before You Choose a Policy:

• Is the ring covered if you lose it accidentally, or only if it's stolen?
• How will the company replace the ring -- with a check? Or will they require you to purchase a replacement through a specified jeweler?
• What if it's a vintage ring or other unique piece? How will the quality and size of your diamond -- and that of a replacement if needed -- be documented?
• Is the ring insured to full cost or a fraction of it?
• How will you need to prove the ring vanished if you make a claim?
• Are there any circumstances that aren't covered? (What if you go scuba diving and a fish swallows your ring?)

Average Cost:
The yearly cost to insure a ring is usually $1 to $2 for every $100 that the ring would cost to replace. So if your ring would cost $5,000 to replace then you should expect to pay $50 to $100 a year to insure it.

What to Remember if You Only Remember One Thing:
ALWAYS read the fine print when shopping for an insurance policy. A good policy will cover absolutely everything from theft to damage from accidentally flushing it down the toilet.

For any other information or questions you may have make sure to check out this awesome article on ring insurance!