How to Insure Your Engagement Ring

Getting engaged is a big milestone for a couple. But amidst all the excitement of spreading the good news, celebrating with family and friends, and planning the wedding, it is easy to overlook one of the most important things you should do soon after that sparkly band goes on your finger—you need to get that valuable ring insured. By securing the proper insurance for your engagement ring, you can more confidently wear it whenever and wherever you want, knowing that it is protected if it is damaged, stolen, or lost.

However, many recently engaged people ignore this task because they believe their engagement ring will be covered under their homeowners, condo, or renters insurance policy if it is lost or stolen, as is the case with many other personal belongings. In general, though, these policies include limits on the dollar amount of coverage for jewelry protection, usually between $1,000 and $2,000. Additionally, certain types of events are excluded and a policy deductible often applies.

Fortunately, you can easily get broader protection for your engagement ring by adding an endorsement to your home, condo, or renters insurance policy, called Scheduled Personal Property. This additional insurance option provides coverage for your ring up to its professionally appraised value and for a wider variety of losses. Whether you innocently misplace your engagement band, accidentally damage it, or are the victim of a cruel theft, having the Scheduled Personal Property Endorsement gives you peace of mind that you will be able to get your ring repaired or replaced with one of like kind and quality with little to no expenditure on your part.

There are three simple steps involved in adding this endorsement to your current home or renters insurance:

1. Have your engagement ring professionally appraised. The appraiser will provide you with an official document that verifies the market value of your ring. Note that this value may differ from the original price—even if the ring was purchased just a few months earlier—because the market for diamonds, gemstones, and metals is constantly in flux.
2. Provide the appraisal to your local insurance professional. Your agent will review it along with any other information that might be required by your insurance company, such as a purchase receipt or photographs of your engagement ring. Your agent will work with your insurance company on your behalf, inputting all the necessary details to get you a competitive quote.
3. Accept the quote and make a payment to start your coverage. While the cost of your engagement ring insurance coverage will depend on the ring’s appraised value, Scheduled Personal Property coverage generally costs around $100 per year for $10,000 of coverage. So, for example, if your engagement ring appraises at $6,000, insuring it may cost you about $80 per year. Once you agree to a quote and coverage, you may need to make an initial payment to have coverage commence right away. But from then on, the minimal fee for insuring your engagement ring will be included in your home, condo, or renters policy billing statements.

It is a good idea to revisit the appraisal and coverage with your insurance professional every couple of years because your engagement ring’s value may appreciate over time. Remember, if a covered loss occurs, your insurance company will rely on the appraisal document they have on file to inform what they will pay out for repairs or a replacement. It is essential to stay up to date with appraisal reports to ensure your ring is valued correctly on your insurance policy and that it continues to be insured for what it is worth.

Finally, it is never too late to insure your engagement ring. Whether you have worn it every day for decades or it makes an appearance only on special occasions, it is worthwhile to speak with your local insurance professional about scheduling this beloved—and pricey—piece of jewelry. At the same time, you may want to discuss the other valuables you have in your home, like your golf equipment, musical instruments, luxury watches, wine and art collection, designer shoes and bags, and sports memorabilia. Similar to your engagement ring, these and other higher-priced items you own may exceed the coverage limits of your home, condo, or renters insurance if they are stolen, lost, or damaged. Adding these to a Scheduled Personal Property Endorsement along with your ring may help you better safeguard all your prized belongings.