engagement ring insurance guide

Whether you're giving an engagement ring or accepting one, you're going to want sufficient financial protection for it in case the worst happens.

how to insure an engagement ring

Getting engaged is a momentous event — and it can be a pretty expensive one too, with the average U.S. couple spending around $5,800 on an engagement ring in 2014.

While insurance may be the last thing on your mind after the big "yes" (there's a wedding to plan after all, right?), getting adequate protection for the ring now could help save major heartache further down the line if it's ever lost or stolen.

To help make sure you get to the honeymoon phase of your relationship without added stress, there are typically 2 available options when it comes to insuring an engagement ring.

Option 1: engagement ring insurance through your homeowners policy

You can often purchase an "endorsement" or "rider" on your homeowners or renters insurance policy, which allows you to schedule high-value items like engagement rings for a higher coverage limit than the default amount specified in your policy.

Since fine jewelry is typically one of the first things thieves look for when they break into your place, an insurance rider for your diamond engagement ring could be worthwhile.

Aside from an insurance rider or endorsement, most homeowners insurance companies have limits on how much they'll pay to repair or replace personal items such as engagement or wedding rings after a covered loss.

At Esurance, our homeowners policies automatically cover jewelry up to $1,000 per item and $5,000 per incident. However, you also have the option of selecting additional coverage on jewelry, watches, and furs, which can increase your limits to up to $3,000 per item and $15,000 per incident.

If you don't own your place, renters insurance can often provide similar types of riders and coverages for things like engagement rings too.

Option 2: engagement ring insurance through a specialist jewelry insurer

Insuring an engagement ring without homeowners insurance is also possible — you can always buy a stand-alone policy through an insurer that specializes in covering rings and other jewelry. And it's always worth asking the jeweler you purchased the piece from if they work in partnership with a certain insurance company too.

When choosing an independent jewelry insurer, there are a few key things to consider before purchasing a policy:

  • Should something happen to your ring, will your prospective insurer help you replace it by issuing you a check, or will you be required to purchase a replacement through a certain jeweler approved by the insurance company?
  • Ask about what kind of documentation the insurance company expects you to have on hand if you ever need to file a claim on your ring or other jewelry.
  • Will your ring be insured up to its full value, or only a portion of it? Get more info on how often you should have your jewelry appraised in order to keep your insurance coverage up to date.
  • Are you covered if you accidentally lose your ring, or only if it's stolen? What if there's a house fire? Know what incidents your ring is (and isn't) financially safeguarded against.

And if you have a vintage ring, it's important to know how the size and quality of your ring will be documented in the policy — not to mention how a replacement ring will be dealt with, if necessary.

what does engagement ring insurance cover?

Whether you have a rider on your homeowners insurance or a stand-alone policy, you'll typically have coverage against sudden and unexpected physical damage to your ring caused by hazards like thefts and house fires, among other things.

And what if you lose your beloved band, you ask? You may have some financial protection (both a homeowners policy and stand-alone ring policies could offer wedding ring insurance for loss and mysterious disappearance), but it's key to remember that these claims are often treated the same as theft claims, and there may be coverage caps.

What you are and aren't covered for depends on your specific policy. It's always good to ask your agent about which perils your engagement ring is financially safeguarded against.

ring appraisal 101

When insuring engagement rings, you'll typically need to get a formal ring appraisal.

An appraisal is essentially a piece of paper that verifies important information about your ring. It's different from a diamond grading report, which tells you everything you need to know about the diamond you've purchased, but not anything about the rest of the ring. An appraisal will incorporate not only the value of the diamond, but the metal and other stones in your ring as well.

Some jewelers have on-site appraisers that you can schedule an appointment with, and the American Gem Society can also help you find an appraiser. If possible, choose a gemologist-appraiser who can both verify the facts about your gem and assign a value to your ring.

It's a good idea to get your ring appraised as soon as possible after purchasing it — just in case — and be sure to store a copy of the appraisal papers in a secure place.

5 tips for safeguarding your engagement ring

Aside from insuring jewelry for the correct amount on policy, there are a few measures you can take to help protect prized pieces.

1. Make sure to keep several copies of the receipt — ideally both digital and paper copies — which will help expedite the claims process if your jewelry is damaged or stolen.

2. When you're not wearing it, keep your more valuable jewelry in a safe-deposit box. It's a good idea to keep a copy of the receipts and appraisal papers in there too.

3. Have your jewelry inspected and appraised regularly. Having up-to-date proof of your jewelry's value can help ensure that stolen or damaged pieces are replaced up to their full worth after a covered incident.

4. Take a picture of each piece of jewelry, and keep both digital and physical copies of the photos.

5. When traveling, take only the jewelry with you that you know you're going to wear, and never pack it in your checked luggage if you're flying.

And if your wedding ring or other jewelry somehow gets stolen or damaged anyway, having an up-to-date home inventory that includes your jewelry's receipts and appraisals can really help expedite the claims process and provide some major peace of mind.

esurance offers financial protection for your jewelry and so much more

Esurance policies are built to save you time, money, and hassle, while offering top-notch, tailored-to-you insurance and 24/7 claims from our customer service team.

Home insurance from Esurance offers coverage for not only your personal property, but also your home's structure, your personal liability, and so much more. See how much you could start saving today.

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