You Really Should Get Engagement Ring Insurance—Here's How

Immediately after getting engaged, you probably want to start touring venues, making your vision board and booking vendors. But before you dive into any wedding planning to-dos, there's one very underrated task you really should prioritize before anything else: getting engagement ring insurance.

Once that ring is securely on your finger, you likely have no intention of letting it out of your sight. (And we don't blame you!) But accidents happen, and considering an engagement ring is a serious investment, it should be protected in the event of loss, damage or theft. Even though the topic of engagement ring insurance isn't the most glamorous wedding planning subject, it is incredibly important, and insuring your ring is something you shouldn't delay. We've compiled a comprehensive guide that answers the most common engagement ring insurance questions, from how much it costs to exactly how to do it.

In this article:

• What Is Engagement Ring Insurance?
• Why You Should Get Engagement Ring Insurance
• How Much Does Engagement Insurance Cost?
• How to Insure Your Engagement Ring
• Questions to Ask Before Choosing a Policy

What Is Engagement Ring Insurance?

There are so many different types of insurance, from health to home and, yes, even wedding insurance. It'll come as no surprise, then, that you can also get a policy for jewelry. "Engagement ring or jewelry insurance is a specialized type of insurance that provides protection for rings, watches, earrings, necklaces, bracelets and other items. It ensures that the jewelry can be repaired or replaced if it's lost, stolen or damaged," says Mike Alexander, Chief Operating Officer of Jewelers Mutual. "Our experts work directly with your jeweler of choice to either replace your ring with the same kind and quality as the one that was lost or stolen, or to repair a damaged piece."

Engagement ring damage is most often associated with horrors like lost or chipped diamonds, but this specialized type of insurance can also cover ring upkeep. "Some engagement ring insurance may also cover preventative maintenance, such as tightening prongs for a diamond setting," says Dustin Lemick, founder and CEO of BriteCo.

Why You Should Get Engagement Ring Insurance

Wondering if insuring your engagement ring is worth the investment? Simply put, the answer is yes. "What makes engagement ring insurance 'worth it' shouldn't be a complicated question," says Alexander. "If replacing an engagement ring unexpectedly would be a financial burden or an emotional stressor, then insurance is a smart and affordable way to protect it."

Most engagement ring insurance policies offer comprehensive coverage, which means your ring will be covered anywhere in the world. Not only does it give you financial protection to cover a replacement, this type of insurance also simplifies the repair process if the ring becomes damaged. But perhaps the most invaluable benefit of engagement ring insurance is the fact that it gives you peace of mind to wear your ring without the fear of something bad happening to it.

"According to our latest research, the engagement ring is reported as the most expensive item a person owns aside from their home or car, making it all the more important to insure it," Alexander adds. "Having the right protection plan in place will be the reassurance you need to know your ring can be repaired or replaced, so that if anything happens, you can get it back on your finger where it belongs."

How Much Does Engagement Insurance Cost?

One of the first steps to insuring your engagement ring is evaluating how much a policy costs—and it's less expensive than you may realize. "Insurance rates are personalized and will vary based on multiple factors, like the ring's value, where you live and your choice of policy deductible," explains Alexander. "Engagement ring insurance from Jewelers Mutual can cost as low as 1 percent to 2 percent of the jewelry's value each year. For example, if you have a $4,000 ring, live in Seattle and choose a zero-dollar deductible, it could cost you only $42 per year to protect it."

Whether you're interested in purchasing specialized engagement ring insurance or you want to get it as an add-on to existing homeowners' or renters' insurance, you can request quotes from various companies to compare options and find one that works for you.

How to Insure Your Engagement Ring

There are two simple ways to get engagement ring insurance. If you already have an existing homeowners' or renters' insurance policy, you can choose to purchase it as an extension (also called a "rider"). However, Alexander says, this option comes with some caveats you'll want to consider, such as low coverage limits, limited coverage events, and a potential impact on your home insurance rates.

Another option is to purchase engagement ring insurance from a company that specializes in this sort of coverage. "A specialized engagement ring insurance policy generally covers unexpected loss, theft or damage," says Alexander. "Protection from disappearance and natural disasters, in addition to coverage that goes with you when you travel, worldwide, are also things to look for that may not be offered by all carriers, but they are with a Jewelers Mutual policy."

Below, we break down a step-by-step guide for how to insure your engagement ring:

1. Get your engagement ring appraised.

An engagement ring appraisal is a document that verifies the facts about the ring or rings you've purchased. A certified appraiser completes it and includes details about the characteristics of the ring, including its approximate monetary value.

2. Reach out to insurance companies for quotes.

Many insurance companies offer quotes online. Simply fill in your location as well as some basic details about your jewelry, like the type and its appraised value. A quote will usually specify your deductible (what you have to pay before an insurance company will replace your item) as well as your premium (the annual cost you pay to maintain insurance coverage).

3. Find out what's covered (and what's not).

What's covered and what's not varies depending on the insurer and the specific policy. Below, we've compiled a list of what is typically covered in an engagement ring policy, as well as what isn't. This is by no means exhaustive, so be sure to ask your provider for more specifics.

What is typically covered:

• Loss
• Theft
• Damage
• Disappearance
• Travel

What is typically not covered:

• Civil authority, if your jewelry is confiscated by law enforcement
• Deterioration or inherent vice, like a manufacturer's defect (this should be covered by a warranty)
• Intentional acts: purposely damaging or losing your jewelry
• Nuclear hazard: a fire resulting from a nuclear reaction
• Damage resulting from vermin, rodents or insects
• Voluntary parting: selling your covered jewelry and having the check bounce
• War and military action
• Wear and tear

4. Request a sample policy.

Request a sample policy to better familiarize yourself with the specifics of what's covered. It's important to keep in mind your actual policy may vary depending on your state and the underwriting company issuing your policy.

5. Evaluate the costs and compare your options.

Purchasing engagement ring insurance is a personal financial decision only you can make. As such, it's never a bad idea to shop around to ensure you're getting the best deal possible. Compare quotes from several different insurance companies before you make up your mind. If a policy is more expensive, ask yourself if the cost is justified. Is the coverage more thorough? Does it have any other major pros that other policies don't? That should help you narrow it down, assuming you've already determined that purchasing ring insurance makes sense for your lifestyle and budget.

6. Read the fine print.

With any purchase, you should know exactly what you're getting when you ink your name on the dotted line. Read the fine print of your ring insurance policy, and don't be afraid to ask follow-up questions. Some additional things to consider: Will your ring need multiple appraisals over time? Will the value of your ring change over time?

Questions to Ask Before Choosing a Policy

While the thought of finding the right engagement ring insurance policy can seem daunting at first, proper research and preparation will simplify the experience. Whenever you insure something valuable, it's important to understand your policy thoroughly. Before you choose an engagement ring insurance policy, ask the following questions:

• What is specifically covered?
• What is specifically not covered?
• How does the claim process work?
• What happens if my ring is lost, stolen or damaged?
• Will it be repaired or replaced with the same kind and quality as the original?
• Will I be able to choose my trusted jeweler?
• Will a claim impact my homeowners' or renters' policy?
• Are there deductibles? If so, how much?
• Does the policy cover full replacement value based on my appraisal?
• Does the policy have a monthly pay option or a discount for paying a full year's premium?
• Where can I find real customer reviews of the insurance company and its customer service?
• Can I qualify for a policy premium discount if I store my jewelry in a safe?

Did you know personal jewelry insurance protects your ring from loss, damage and theft, and during worldwide travel and mysterious disappearances? Insure it. Wear it. Learn more at JewelersMutual.com.