I had assumed that only celebrities or extremely wealthy people were concerned about engagement ring insurance. I was wrong, it turns out.
Here’s how I insured my engagement ring, along with some other unexpected items I discovered I could safeguard.
My Reasons for Choosing to Insure My Engagement Ring
My ring almost fell off into the sink as I was cleaning dishes a week after we were engaged. Cue instant panic. Something clicked in that little instant: this was more than simply a piece of jewelry. It required preservation since it was an investment, a symbol, and a narrative.
I discovered that engagement ring insurance is not as difficult or costly as I had initially believed after doing some desperate Google searches. Actually, there are several approaches to it.
An Engagement Ring Can Be Insured in Two Ways
1.By means of a renters’ or homeowners’ insurance policy
You can include a scheduled personal property endorsement (also known as a “rider”) to cover your ring if you currently have homeowners’ or renters’ insurance.
Compared to your regular policy, which often only covers jewelry up to a specific dollar limit (about $1,500—far too little for the majority of engagement rings—this offers you more security.
I added the ring to my coverage by calling my renters insurance company. The procedure was very easy, however they needed a picture of the ring and a copy of the assessment. My premium increased by only $6 per month. I will accept it for complete coverage, including unintentional loss.
2.Independent Jewelry Insurance
Additionally, there are businesses like Jewelers Mutual and BriteCo that focus on jewelry insurance. These plans may provide zero-deductible choices, global coverage, and expedited replacement claims processing. This could be your best option if you do not have renters’ or homeowners’ insurance.
What is covered by the policy (since I asked all the questions I could)
Loss (indeed, he gave the precise example of dropping it in the water.)
Theft
Damage (covered, chipped diamond?)
Unsolved disappearance (Insurance jargon for “I do not know where it went”)
What caught me off guard the most? How many individuals wait until something goes wrong before considering getting their engagement ring insured? It is too late by then.
Other Things I Completely Did Insure But Did not Know I Could
I questioned myself when I was in insurance mode. Here are few that caught me off guard and may do the same for you:
Instruments of Music
A violin that I inherited from my grandfather. As it happens, it is a valuable object. It is now safe against damage and theft with the correct rider.
Lenses and Cameras
Not only are my DSLR and accessories pricey, but they also serve as my side business. Even when I am traveling, I have additional protection because I added them as scheduled equipment.
Work Technology and Laptops
Your equipment may not be completely covered by a typical homeowners coverage if you work as a freelancer or operate a home-based business. Laptops, tablets, microphones, and even lighting equipment may be covered by an equipment floater or commercial property endorsement.
High-end purses and accessories
Do you own an antique watch or a Chanel purse? Like expensive jewelry, you can schedule these high-value, high-theft items on your insurance policy.
How to Get Your Priceless Items Insured
Here is a brief checklist to get you started if you are sitting there wondering if your belongings are covered:
Obtain appraisals for valuable items such as collectibles, jewelry, and rings.
Take pictures of the front, back, and any distinctive markings of the products.
Inquire with your insurance company regarding planned property endorsements.
A few minutes of research might save hundreds of dollars by comparing policies.
Update frequently; your protection should expand along with your collection.
Conclusion: Money Is not the Only Aspect
Yes, there is a price tag on my ring. Furthermore, it has a narrative to tell. I felt more at ease knowing that if something were to happen, I would not be left with nothing but memories and “what ifs” because I was protecting it.
It all comes down to being ready. It is about protecting what you love in order to honor it.Therefore, if you have ever asked yourself, “Should I insure this?” – most likely, the answer is yes.
