We’ve asked jewelry and insurance experts to weigh in on what it takes to make sure you’ll be able to enjoy your ring for years to come — no matter what life throws at your left hand. Read on to learn everything about how to insure wedding rings!

9 Things You Need to Know About Getting Engagement Ring Insurance

1. Get Engagement Ring Insurance As Soon as Possible

Your soon-to-be fiancé can insure the ring as soon as it is purchased and in his possession—much like you would insure a car prior to driving it off the lot. You might not initially be thinking of anything happening to your precious and sentimental token, but the sooner it’s insured, the sooner you’ll be protected. Once purchased, you or your fiancé can begin to shop for ring insurance providers.

2. Choose a Coverage Provider

When it comes to insuring your engagement ring (or other valuable jewelry for that matter) you have two options. If you have homeowners’ or renters’ insurance, you can purchase an extension (also called a “rider”) that covers your engagement ring specifically. If you don’t have homeowners’ or renters’ insurance you can take out a policy through a company that specializes in jewelry insurance like Jewelers Mutual. Independent companies like Jewelers Mutual are also worth a look if your wedding ring insurance provider doesn’t offer the specific coverage you require.

3. Understand How the Price of Engagment Ring Insurance is Determined

The cost of coverage will vary greatly based on several factors including the value of your ring, where you live (and theft rates in the area), as well as whether or not your policy has a deductible, says Kash Bulsara, a team manager in the homeowners insurance division at State Farm. “Policies without deductibles will have higher monthly premiums. And, just as with health and car insurance, it’s a great idea to ask your insurer what types of repairs contribute to your deductible.”

Estimated costs to insure rings average $1 to $2 for about every $100 your ring is worth. In theory, then, you can anticipate a premium of $100 to $200 a year.

4. Ask The Right Questions

Make sure to ask a potential policy provider important questions like:

• Can you choose who repairs your ring?
• If you’re insured for replacement (instead of a cash payout), where can you purchase a new ring?
• What happens if a suitable replacement cannot be found?
• How will you need to prove the ring vanished if you make a claim?
• Are there any circumstances that aren’t covered?
• Will you continue to be insured when out of the country?
• Are you covered for damage or just loss/theft?
• Will the policy adjust according to inflation?

By Alyssa Wells

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