Insuring Your Engagement Ring: Steps Every Couple Should Take
If your left hand appears a little more sparkly lately, let’s get it insured. Insuring your engagement ring gives you peace of mind, protecting not only its financial value but also the deep emotional meaning it carries. Whether you are a Benari bride or if your ring was purchased on Jeweler’s Row in Philadelphia, you’ll want to make sure nothing happens to it.
Protecting Your Diamond Ring
Choosing a Provider
When looking for insurance providers for your engagement ring, there are two main options:
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Adding ring insurance to an existing homeowners’ or renters’ insurance policy.
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Purchasing a policy through a specialized jewelry insurance company.
What You Will Need
No matter what kind of provider you choose, you’ll need a copy of the jeweler’s receipt and, for higher-value rings, an appraisal from a certified gemologist. Keep updated records and consider reappraising every five years.
How Much Will It Cost?
On average, ring insurance costs 1–3% of the ring’s value per year. Pricing depends on coverage, location, and whether you choose a deductible.
Read the Fine Print and Ask Questions
Coverage terms vary widely between providers. Understand whether your policy covers full replacement, actual value, or only certain circumstances. Always ask clear questions before committing.
Insuring your engagement ring gives you peace of mind knowing it is protected. By choosing the right provider, keeping updated appraisals, and understanding the details of your policy, you’ll safeguard your ring against life’s unexpected moments. That way, you can protect its sentimental value for years to come.
