Insure Your Sparkle: What To Know About Engagement Ring Insurance


That lovely bauble on your finger serves as a glowing reminder of you and your fiance's love for each other. As you might expect, your engagement ring will only become more special as time goes by, so protecting it should be a priority. While your engagement time is likely busy and filled with plans and preparations for the big day, don't neglect to take some time to make sure that your ring is protected. After all, with the average cost of a diamond engagement ring costing $5,598, you want to ensure that you have it covered. Read to learn more about two ways to insure that valuable piece of jewelry.

1. Homeowners' or Renters' Policies

Keep in mind that the home that should hold the policy on the ring should match where the owner of the ring lives. For example, if the ring was purchased by one party, it should be on the insurance policy of that home until he or she gives the ring to the other party. If the ring's recipient is still living at the parent's home until the wedding, the ring should be on the policy of the parents. To ensure coverage, don't forget to update your policy each time you make a move.

Most homeowners' and renters' policies contain a section for personal property. Personal property can mean everything from artwork and furs to couches and jewelry. Pay close attention to the cap on jewelry that most policies provide. You can, and should, increase this amount to accommodate the greater expense of an item like a diamond engagement ring. Floaters or endorsements can boost the coverage for any more expensive items, such as your ring.

2. Jewelry Insurance Policies

Another method of insuring your ring is to purchase separate insurance just for the ring. Many jewelry stores offer this insurance at the time of purchase of the ring, but you can always find jewelry insurance by searching the internet. For example, Geico offers a jewelry policy underwritten by a third party.

Most insurance companies will require an appraisal of your ring, which can be accomplished at designated jewelry shops in your area. Regardless of who you chose to ensure your ring, read the policy carefully and understand exactly what your policy will cover. Keep the following points in mind:

  • Rings may be insured at cash value or replacement value. Cash value, meaning that you can receive cash to purchase a replacement ring at any jewelry store you like, is less common and more expensive. Replacement value is more usual, and often means getting a repair or replacement at certain jewelry stores only.
  • The types of losses covered. For example, is it insured for theft and loss?
  • The proof required to claim damage or loss (such as a police report).

Regard the insurance of your ring as an investment in your peace of mind. Ask your jeweler (like those at Rodgers Diamonds) or insurance agent for more information about purchasing insurance for your engagement ring. 


2 June 2016

A Special Gift for a Sweet Mother-In-Law

A few days ago, my mother-in-law’s dad passed away. This sweet man lived a long, full life. He was ninety-one-years-old when he died. At his funeral, my mother-in-law told me she liked the ruby, cross pendant I was wearing. Because I wanted to cheer this sweet woman up, I immediately came up with a plan. I decided to buy her a pendant like mine. Because this pendant was also available in sapphire, I decided to purchase this stone for my mother-in-law. Sapphire is her birthstone. On this blog, I hope you will discover the best types of jewelry items to buy for a mother-in-law. Enjoy!