Engagement ring insurance

Engagement rings are a big investment with a high emotional and financial value. Covering them with an insurance policy protects them from the unexpected, including loss, damage, or theft.

The typical process for insuring an engagement or wedding ring typically goes like this:

1. Establish value. Visit an appraisal-certified jeweler or professional appraiser to determine the current replacement value of your ring.
2. Start a quote. Find out how much it would cost to insure your ring.
3. Select your deductible. Choose the amount you would pay out-of-pocket if you need to file a claim.
4. Review what’s covered. Look for coverage details like theft, loss, damage and disappearance of your ring.
5. Choose payment. Select a monthly or annual payment plan.
6. Receive policy confirmation. Check your documentation and ask any questions you may still have about your coverage.

Engagement ring insurance typically covers:

• Loss
• Theft
• Damage
• Disappearance
• Natural disasters
• Worldwide travel
• Normal wear and tear

Limits to engagement ring insurance policies may include:

• War and military action
• Rodent and pest infestation
• Intentional actions or voluntary parting
• Deterioration
• Resizing
• Cleaning and inspections

The cost of engagement ring insurance typically ranges from 1% to 2% of its appraised value per year.

For example, if your engagement ring is valued at $50,000, you can expect to pay between $500 and $1000 annually for coverage. Other factors like the ring’s value, where you live, and the type of coverage you choose can affect the cost of your policy’s premium.

To help keep your ring in pristine condition, try following these insightful tips:

• Make sure your ring fits properly and isn’t too loose to prevent it from slipping off
• Clean your ring regularly to keep it free from oil, dust and grime
• When you’re not wearing your ring, keep it in a designated safe place, like a small dish or jewelry box

Home or renters insurance may offer some limited coverage for your engagement ring or other valuable jewelry, but there are other important factors to consider, including:

• Filing a jewelry claim under your homeowners insurance can lead to increased premiums or even policy cancellation
• If your ring needs repairs, a home or renters insurance policy may limit your choice of jewelers to a specific network of providers
• Some home or renters insurance policy categories of personal property have a maximum dollar limit that would be paid in the event of a covered loss, typically between $1,000 or $2,000 per item of jewelry**

Here’s an example of a claim and the associated costs:

A standard homeowners insurance policy typically covers personal property for 50 to 70 percent of the amount of insurance you have on the structure of your home**. For instance, a home with $100,000 worth of insurance on the structure would typically have between $50,000 and $70,000 worth of coverage for personal belongings such as clothes, computers, sports equipment and, yes, items like rings (and other jewelry).