Engagement season is here and we expect many people reading this have a shiny new ring on their finger that they want to protect.


Unfortunately, no matter how careful you are, something bad could happen to your ring at any time, from losing it to someone stealing it. If your ring is crafted from precious metals and stones, insuring it will financially protect your investment.


Of course, sentimental value isn’t insurable – but gold and diamonds are. So, if something happens to your engagement ring, hopefully knowing you are financially covered can help heal the heartbreak.


While all engagement ring insurance plans are different, the below might give you a good idea about whether or not you should insure your ring.


What Does Engagement Ring Insurance Cover?

Jewelry insurance might cover loss, theft, damage or other issues. Some insurance plans might even cover disappearance – when you are unsure if your ring is lost, stolen or has just seemingly vanished.


What Questions to Ask your Insurance Provider

  • What proof of theft/disappearance/loss will you need to provide?
  • Does the insurance cover your ring when traveling out of the country?
  • What circumstances are not covered?
  • Can you choose your own jeweler for repairs?
  • Is your insurance premium locked in?


How Much Does Engagement Ring Insurance Cost?

Insurance costs vary greatly between providers, as well as based on location. For example, a region with a high rate of theft might result in higher premiums. In general, you can expect to pay $1-$3 for every $1000 of value per year. So, a $7,500 ring might cost $75-$225 a year to insure. If you have a deductible, you might end up paying less per year but will have to pay some out of pocket for repairs and replacements.


When to Buy Ring Insurance

Whoever purchases the ring can get it insured as soon as they buy it. If you will be insuring the ring anyways, it’s best to do it as soon as possible just to make sure you are covered if any accidents happen.


Do I Really Need Engagement Ring Insurance?

This truly comes down to your personal situation. If you spent a great deal of your savings on a ring, you should probably get it insured. That said, if your ring is relatively inexpensive and you feel like you might be able to replace it without an added financial burden, you may be able to forego insurance. It all comes down to whether or not you would want to or would be able to pay to replace your ring in the event that it is lost, stolen or damaged.



Photo credit: Limelight Photography