From the moment you say "Yes!" chances are you'll be rocking a shiny new addition on your left hand. While it may be the last thing on your mind during such a happy time, with great rings come great responsibilities—including engagement ring insurance.
What happens if you lose your ring? If someone steals it? If it gets damaged? You don't want to lose that beloved rock!
Whether you've left your engagement ring accidentally behind on the beach, lost a stone at the gym, or had your ring stolen, ring insurance can offer financial protection and peace of mind when you need it most. While anything happening to your engagement or wedding ring is heartbreaking, knowing it's properly insured can help to soften the blow.
Average Costs to Insure
The cost of coverage will vary based on several factors including the value of your ring, where you live (and incident rates in the area), and whether or not your policy has a deductible. 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 $10 to $20 for about every $1000 your ring is worth. In theory, then, you can anticipate a premium of $100 to $200 a year. For instance, a $10,000 ring may cost about $120+ annually to insure which is worth it for at least the first few years as you become more accustomed to taking care of the ring.
Great Questions to Ask
These are some good questions to ask to be best prepared to choose the right coverage.
- In the event of a loss, what is required to prove that your ring is lost or stolen?
- What events are NOT covered? What events ARE covered?
- Does this policy cover repairs, if so what kind of coverage?
- Can you choose who repairs or replaces your ring?
- Will you continue to be insured when out of the country?
- Will the policy adjust according to inflation?
- What are the benefits and differences of a Cash Payout vs a Replacement Only policy?
Who we Recommend and Why
- State Farm Insurance
- Jeweler's Mutual