Did you know that insuring your engagement ring is a thing?! Ring insurance is different from the warranty offered when your ring was bought from the jeweler. We ALWAYS recommend for our couples to insure their engagement ring - it’s easier than you think and you may regret it later if you don’t!
What is ring insurance?
Insurance for your engagement ring is very similar to the insurance policies you may have for your home, car, or healthcare. While insurance companies may offer different policies and coverage when it comes to insuring your ring, they are all based around the same idea of protection in the event that your ring gets stolen or damaged or lost.
Who needs to get ring insurance?
What’s the old saying, better safe than sorry? The idea of having ring insurance is about protecting the financial value of your ring, however, it’s also about protecting the memory of your proposal and when you first put the ring on your finger! Regardless if the ring is priced at $20.00 or $100,000 the sentimental value that it holds is worth having a back up plan for.
How It Works:
Please keep in mind that CGE is not a licensed insurance agent and this information may be different for you and your insurance! Please consult an licensed insurance agent or jewelry insurance specialist before purchasing a insurance policy.
The first step to getting your ring insured is always to get the ring professionally appraised and make sure to get a copy of the paperwork to send to your insurance agent along with the receipt from time of purchase. Be sure to keep a copy for your own records too!
The next step will depend on where you decide to go for your ring insurance. Whether it's from a traditional insurance company or through a specific jewelry insurance company just know that there are many options available. The goal is to find what works best for you!
There is also the option to add your engagement ring to your preexisting renters or homeowners insurance policy. You can choose to add an extension or “rider” to cover specific items like your ring! Make sure to ask questions about the coverage for your ring and make sure you have all of your bases covered. Look for the policy with the highest coverage for your ring. The best ring insurance will have you covered in all of the worst case scenarios like if your ring gets stolen or if you accidentally lose it...for instance, on your honeymoon! (We suggest taking a fake on your honeymoon, just a fun tid-bit!)
If you do not currently have renters or homeowners insurance policies, don’t worry! You can always ask your jeweler if they work with any insurance companies that offer ring insurance. Just remember to do your research and don’t be afraid to ask questions about what type of coverage is being offered before signing a contract.
PLEASE, please, please read through every policy or contract (not just with ring insurance) and all of the fine print before signing. The idea of having ring insurance is having a safety net in the event that the ring needs to be replaced without you and your fiance having to stress!
Now wear that pretty new accessory of yours with confidence!
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