Peace of Mind. If She Doesn't Link the Ring

Why Insuring Your Engagement Ring Is So Important

Peace of Mind. The importance of insuring your engagement ring.

Having planned every last detail of the perfect proposal, no-one wants to consider something happening to the specially chosen ring. But insuring your ring can give you peace of mind.

You've studied her style to choose the perfect engagement ring [Link to What's My Bride to Be's Style], you've stayed within your budget, and planned the proposal precisely. It's a joyous time in your life as a couple. But the truth is, anything can happen, and it's best to be prepared. So, in the midst of all the engagement excitement and happiness, you should consider purchasing insurance for your engagement ring.

Protecting value and emotion

The ring you choose represents your love and commitment and this sentimental value is just as significant as the material value of an engagement ring. No matter how much you spent on the ring, insurance can help to protect the sentiment behind it as well.

You have a few options when considering insurance for your ring:

  • Renters' and homeowners' insurance policies: These policies cover the loss of your ring up to a certain amount, subject to your policies excess. The coverage for expensive items like jewellery can be obtained by purchasing additional personal property coverage – a policy extension that covers specific listed items. Ask your insurance agent or insurance company about covering your engagement ring.
  • Jewellery insurance companies: Another option is to insure your engagement ring through a specialist insurance company. The policy is likely to be more comprehensive than standard household insurance. For example, allowing you to recreate a lost piece or repair a damaged one.

Insurance made simple

  1. The first step is to get the ring valued by a certified gemologist. You'll get documentation of the ring's value that you can use to insure it. A receipt for your purchase may also be acceptable, so check with your insurance provider to see what they require. The important thing is to get insurance as soon as possible.

  2. Find out if you or your household policy will cover your ring at a significant level. If not, you'll need to look for a separate policy. Questions to ask include:

    • Will the policy cover unexplained loss or damage rather than just covering the ring if it is stolen?
    • Will the company send you a cheque, or will they require you to replace the ring with the same or similar ring from a certain store?
    • How will you be required to prove the loss of the ring?
    • Will the value of the ring be covered fully or partially?

The cost of insuring your engagement ring will vary depending on your insurance company and the level of cover, but the confidence it gives you to wear your ring is invaluable. Your can wear it with pride every day without worrying about damage or loss. The relatively low cost of insurance can offer peace of mind for years to come.