Engagement ring insurance is a contractual risk management tool that protects you against financial ramifications in the event of physical loss, theft, or accidental damage to your ring. According to insurance specialists, ring insurance policies normally apply to all jewellery goods submitted to the policy scope and result in either replacement, repair, or cost reimbursement.
This is your wedding ring. A symbol of love, oneness, and the tying of your life to that of your lover. All of these great, meaningful, and pleasurable sensations are related to a single, substantial, and most likely costly piece of jewellery. What if something were to happen to that extremely important possession?
We’ve all felt the misery of misplacing an important item. Fortunately, you may plan ahead of time and obtain engagement ring insurance for peace of mind.
Is it feasible to get insurance for an engagement ring?
Although it is not formally referred to as engagement ring insurance, jewellery insurance is possible. One option is to purchase contents insurance as part of your home, condo, or tenant insurance policy, which covers your personal belongings. A second option is to insure it independently (in addition to what is covered by your contents insurance policy).
What happens if I don’t insure my engagement ring properly?
If you underinsure your ring, you may face a double sting if you need to make a claim with your insurance provider. Not only will you have to bear the agony of losing your goods, but your insurance payout will almost certainly be less than the full replacement value of the ring.
However, be mindful of over-insuring your jewellery, or you may end up paying more for your insurance cover than necessary. A current, exact valuation will ensure that your engagement and wedding rings are adequately secured and that your insurance costs are reasonable.
How can I protect my engagement ring when I’m not at home?
If you wear your engagement and wedding rings constantly, you’ll want to make sure they’re safe from accidental loss, theft, or damage wherever you go. But what if your home insurance policy excludes items left at home?
Personal possessions insurance is an optional coverage that may be added to your home contents insurance policy. It can contain a wide range of everyday items such as your smartphone, wearables, glasses, handbag, and clothing. It’s all too easy to misplace and lose a wedding ring or engagement ring, so it’s worth thinking about extra protection for when you’re out and about. Finally, if the value of your engagement/wedding rings exceeds the single item restriction, you may need to list them separately in your policy document.
How can I figure out how much my ring is worth?
Many people prefer to visit a professional jeweller for a professional valuation to get a solid idea of how much insurance on engagement ring policies they really need.
A professional valuer will give you a formal document that describes each piece of jewellery, certifies its replacement value, and explains how that value was determined. Discuss with the jeweller how you would replace your ring if it were lost, as this can affect the sort of engagement ring insurance coverage you require.
The formal document descriptions will include precious metal information as well as the size, colour, cut, and clarity of any precious stones. A photograph is usually included. This can be useful if you need to make a claim and want to ensure that you get a comparable replacement. BrightCo suggests that valuables be revalued every three to five years to ensure that the value of your engagement ring is current.
Save receipts for new pieces of jewellery and seek a valuation on older items from an expert such as a dealer, a high-street jeweller, or a pawnbroker to ensure you’re sufficiently insured if you need to make a claim. You may require your receipt or value certificate when you come to file a claim.
It’s also a good idea to get your engagement and wedding rings professionally valued on a regular basis, as the value of gold and other precious metals might change. Importantly, if you are given or purchase new high-value jewellery during the course of your policy, contact your insurer to add it as a specified item so it is covered from the day you bring it home.
It’s also a good idea to take photos of your jewellery in case you need to file a claim. Make a note of any distinctive or distinguishing features, including any hallmarks, as well as the manufacturer’s name or any other facts.
Is there anything else I should consider when insuring my engagement ring?
To avoid any surprises when insuring your engagement ring, should you need to make a claim, you should carefully read the terms and conditions of your jewellery or home insurance policies.
Some items to think about include:
Misplacement—If you lose an item of jewellery in your home, it may be considered misplaced rather than lost, and you may be unable to make a claim.
Any financial restrictions—pay close attention to single-item restrictions as well as whether there is a total limit for covering high-value items.
Any exclusions—wear and tear damage, as well as theft by someone you let into your home, are likely to be excluded. Your insurance may also refuse to pay if you have not taken reasonable care of valuable objects. Exclusions should be read carefully to ensure that you’re covered appropriately.
The best tips to keep your engagement and wedding rings safe
The following helpful hints can assist you in keeping your engagement and wedding rings covered and avoiding the need to make a claim:
- If you remove your rings at night, keep them somewhere familiar so you don’t forget where you put them—preferably a safe.
- Never leave your rings (or car keys) where they can be seen from the outside. Avoid leaving them on the hall table or windowsill, for example.
- Remove your rings before cleaning the dishes or taking a shower; they can easily slide off and down the drain.
- Get your engagement and wedding rings cleaned professionally at least twice a year. The jeweller will also be able to inspect the piece for any damage or loose stone clasps.
The Bottom Line on Engagement Ring Insurance
Engaged couples have a lot on their plates between planning a wedding and laying the groundwork for their future marriage. You don’t want to look back and regret not insuring your engagement ring while you can. It may be worthwhile to invest time and money to safeguard your wedding and engagement rings as well as your peace of mind.
Finding the right insurance policy to cover your jewellery will ensure that you’re protected should the worst happen. Whether you opt for standalone engagement ring insurance or a home contents insurance policy, getting the right insurance cover means you can enjoy your ring without worry.
