Your Complete Guide to Purchasing Engagement Ring Insurance

So, you've finally decided to purchase that perfect engagement ring for the love of your life. This unique symbol of your love is precious, and while you can't ever imagine anything happening to it, you have to be smart and be prepared. What if you accidentally drop it down the garbage disposal? What if you visit the zoo, and it falls off your finger as you are leaning to get a better look at the lions? You aren't going to jump in and get it. For these problems, you need a good insurance policy.

While it may seem unromantic, there is nothing more romantic than honouring the value and commitment represented by that beautiful ring by ensuring it is protected in case of the worst. Let's take a look at what you need to know about insurance policies for wedding rings.

Your Guide to Ring Insurance

• How to Get It - Engagement ring insurance can be purchase through a couple of ways. The first is through your homeowner's insurance. An extension on this insurance, known as a 'rider' is able to provide you with the protection you need for items inside of your home up to a certain value. Most of the time, expensive items like televisions, electronics, art, and engagement rings can be covered through this type of policy. The second way to obtain engagement ring insurance is through a jewellery insurance company. These companies specialize in protecting your jewellery, and will most provide you with more protection than your homeowner's policy.


• Who Needs It - Any couple who has purchased engagement bands needs to buy ring insurance for their own piece of mind, whether the ring was expensive or not. Remember- while the sentiment behind your engagement rings may be priceless, the jewellery itself can be replaced, as long as it is insured, if it should become lost, damaged, or stolen.


• How it Works - When you purchase insurance, either through a rider or a professional jewellery insurance company, you will need to have your ring appraised and will need to provide receipts and information relating to the ring's purchase. If you are insuring the ring under your homeowner's or renter's insurance, remember to change it when you move. Many times, newly engaged couples will insure the ring under the bride's parent's policy after the engagement, and will forget to add it to the policy on their new home once they are married. The ring must be covered under the house you currently live in.

Before You Pick Your Insurance Policy?

Before you actually purchase insurance for your wedding rings, you need to make sure you ask a few questions of the policy provider.?

• Will my ring be covered if I lose it, or does the coverage only apply if it is stolen?


• How will the ring be replaced? Will I receive a replacement ring or will I receive a check in the mail?


• What if I have vintage engagement rings? How will the policy provider determine how much the ring is worth and what will be done if it needs to be replaced?


• Will the full cost of my ring be insured, or will I only receive a part of the total cost if it is lost or stolen?


• What incidents are not covered by the insurance policy?


• What does the policy cost?

Whatever insurance policy you decide on for your engagement rings, make sure to read the policy thoroughly, especially when it comes to the fine print. The best policies will keep your ring safe, no matter what happens.