How to Insure Your Engagement Ring: The Ultimate Guide?

Greetings! It’s your first time getting married or engaged, and you’ve got some serious new sparkle on your finger. I know ring insurance might not seem like the most exciting thing to do right now, but it’s super important.

According to WeddingWire’s 2020 Newlywed Report, half of couples spend less than $5,000 on an engagement ring, while 20% spend more than $10,000. Purchasing a ring for that amount is already a lot to pay – but if you need to repair or replace it, it can hurt even more.

When your engagement ring is damaged, lost, or stolen, engagement ring insurance could potentially save the day. Here are some tips for insuring engagement rings and wedding rings:

How Do Engagement Rings Get Insured?

As with other types of insurance, engagement ring insurance protects you financially against a hefty price tag.
In this case, we’re discussing repairing or replacing a lost or stolen ring if it gets damaged.

What is the Process?

You can mitigate the risks of losing, damaging, or stealing your engagement ring by getting engagement ring insurance. While your homeowners insurance policy may cover your engagement ring, jewelry insurance companies can provide a policy that is more comprehensive.

Your claim will be filed if something happens to your ring, your insurance company will settle things, and you’ll receive a check to reimburse you. It may be more difficult to replace your engagement ring, since you’ll need to work with a specific jeweler or repair service and provide certain documentation.

What Does Ring Insurance Cover?

If you are wondering whether your ring is worth insuring, read on. Are engagement rings really worth insuring? Below are some signs that it could be wise to do so.

• If you lost, damaged, or stole your engagement or wedding ring, you should replace it.
• Rings are more likely to be damaged or lost. Several people have professions that can be hard on rings, or they can be more forgetful than the average person.

There are of course exceptions, and some people don’t attach much meaning to a ring and find it meaningless. Insurance may not be necessary for couples who don’t feel the need to replace an engagement ring right away.

But, for most people, engagement rings and wedding bands are among the most meaningful and valuable symbols of love. This group of people may find that purchasing ring insurance is a smart move to protect their ring and make it much more affordable if the ring has to be replaced.

Insuring Rings When They are Young

Buying engagement ring insurance should begin as soon as possible – even before proposing!  You can protect yourself against mishaps or misfortune by having engagement ring insurance in place.