If you just got engaged, congratulations! It’s a very exciting time. You’ve got a wedding to plan, guests to invite, a venue to choose, and about a million other things to do. But already you’re worried that something might happen to the ring – the sparkly, gorgeous, beautiful ring now attached to your left hand. It’s so shiny and it means so much to you; you’d be heartbroken if anything happened to it. That’s why you’re wondering how to insure your engagement ring. Here’s what you need to know about getting engagement ring insurance.
How to insure an engagement ring.
1. First step: Check out your renters or home insurance policy.
The first thing you’ll want to do is check out your home or renters insurance policy. Usually, your home insurance or renters insurance will only offer limited coverage for jewelry and other valuables – it could be as little as $1,000 per item. And if your ring is worth more than that, it might be time to consider getting extra coverage for your new bling. (If your ring is worth less than the coverage offered by your home insurance or renters insurance you may not really need to purchase extra insurance.) Also, find out if there’s a total limit for jewelry and plan accordingly.
Once you’ve figured out how much coverage your home/renters insurance offers, it’s important to read the fine print to find out what losses are covered. Would your insurance cover accidental loss?
2. Get an appraisal.
If you’ve made the decision to get engagement ring insurance coverage for your beloved ring, be prepared to get an appraisal. It’s not just to find out how much your significant other spent on the ring. It could be a requirement for getting insurance. Be sure to get a copy of all the paperwork you need so all your ducks are in a row when you go to get engagement ring insurance.
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3. Add an extension or rider to your insurance.
The next step is to add a rider to your insurance policy to cover your ring. (A rider is simply an addition to your policy.)
When you’re putting this coverage on your home insurance policy, arm yourself with knowledge about your engagement ring insurance. Don’t set yourself up for heartbreak if the coverage isn’t all you dreamed it would be…and you only realize it after something has happened to your beloved engagement ring or wedding ring.
Find out the answers to the following when you’re getting engagement ring insurance:
- What’s covered? Losses like theft, damage, and accidental loss are essential. You might be determined never to let the ring out of your sight, but, well, life happens.
- How will the value of the ring be determined?
- Will the ring be covered for its full value?
- How would the claims process work – what paperwork would you need?
- Would you ever need to have the ring re-appraised?
- What’s the deal with the deductible?
4. Protect the ring.
It’s also important to protect your ring when you’re not wearing it. Maybe it seems a bit melodramatic, but you can get a safe for it and keep it tucked away, nice and safe. Don’t have to make a thief’s job any easier right? You could also consider getting a safe deposit box for it.
You may be able to save money on your home insurance by getting a home security system, too. Many home insurance carriers offer a discount to homeowners who have a security system.
Another practical step to take is to keep all the relevant paperwork – receipts, appraisals, and so on – safe, too. Basically, keep all the important stuff you would need to file a claim in a safe place…and a place where you can find it easily. Don’t lose it.
How much does it cost to insure an engagement ring?
Well, there are a lot of expenses that come along with a wedding. So you’re probably wondering how much cash you’re going to have to shell out for engagement ring insurance.
Engagement ring insurance generally costs $1-$2 annually for every $1,000 that your engagement ring is worth. So, go hunt down a calculator and let’s do some math. If your ring is worth $6,000, it would cost between $60 and $120 per year to insure your engagement ring. So, not too bad, right?
While losing your engagement ring may still be heartbreaking, you can at least know that you’ll be able to replace it. And you’ll be able to breathe easier even though you’re now wearing thousands of dollars on your left hand.
Get the home insurance you need to protect your house – and your engagement ring. Fill out our online quote form, give us a call, or message us on LiveChat to get home insurance quotes. You can also consider wedding insurance so that you’re prepared for the big day.