How to Insure Engagement Rings

He finally asked the big question! You’ve married, the wedding date has been set, and the engagement ring sparkles on your left hand. However, as the excitement fades and wedding planning begins, it’s also important to review your homeowner’s or renters policy and consider how you can protect your shiny band.

The first step in protecting precious jewelry is to contact your insurance provider to determine any jewelry limits and whether you need to add protection. Taking your piece to a jeweler for an appraisal on the ring’s value is also an important first step. The current market retail price, the type of stones, cut, clarity, carat weight, craftsmanship, and manufacturer’s marks are all considered in appraisals. They will provide you with a formal document to present to your insurance company.

Engagement rings or expensive jewelry can usually be added to your homeowner’s policy via an endorsement, but some people prefer to purchase a separate policy, known as a floaters option. This type of insurance policy covers moveable property and provides coverage that is not provided by standard insurance policies. Many floaters are purchased for irreplaceable artwork. When an item is insured, it can travel anywhere in the world and is covered if it is lost. This policy excludes general wear and tear or deterioration of the jewelry.

Consider insuring any other valuable jewelry you own if it isn’t your engagement ring. It’s worth protecting a family heirloom or your prized tennis bracelet.

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