How (And Why!) to Insure Your Engagement Ring

Engagement Ring Insurance

If your husband-to-be has recently popped the question you might be sporting a new piece of valuable jewelry on your finger. But before you jump right into wedding plans, take a minute to consider your options for insuring your engagement ring so that it is protected in the event of theft or some other type of loss.

Why You Should Insure Your Engagement Ring

Most homeowners and renters insurance policies will offer coverage for jewelry up to a certain limit. For example, homeowners insurance policies will typically offer $500-$1,500 worth of coverage for jewelry. Keep in mind that this is $500-$1500 worth of coverage for all of your jewelry- not per piece. Most policies have a limit of coverage of $1,000 for each piece of jewelry. This is why most homeowners take out a rider, or endorsement, on their homeowners policy to give them more coverage.

What’s an Endorsement? An endorsement is an extension of a standard home insurance policy. Scheduling an endorsement on your homeowners policy means that you are taking out additional coverage on a specific item and your coverage amount should reflect the determined value of that item.

How to Insure Your Engagement Ring

• You will need to have your ring appraised to determine it’s value. Have the appraisal done by a professional, independent jeweler.
• Contact your homeowners insurance company to determine your existing coverage for jewelry- be sure to inquire about your coverage limits.
• In most cases you will need to schedule an endorsement on your policy for your engagement ring. Ask your agent for a quote for this coverage and get coverage ASAP.
• Take pictures of your ring and keep them in a safe place. In the event that you need to file a claim on your ring, those pictures will come in handy.
• Stay up to date on your ring’s value. Because of the ever changing value of precious metals and gemstones your ring’s value may fluctuate. You might want to get an appraisal annually or every 2 years to determine if you require a change in coverage.

For more information on homeowners insurance coverage, visit this page on standard home insurance.