Your left hand will be sporting a shiny new addition from the moment you say “yes.” You might not think too much about engagement ring insurance at such a happy time, but great rings come with great responsibilities.
How Do You Get Engagement Ring Insurance?
In case of physical loss, theft, or damage to your engagement ring, engagement ring insurance can protect you from financial repercussions. Policy coverage typically extends to all jewelry items submitted by the policyholder and results in replacement, repair, or reimbursement of costs.
Is it possible to replace a lost ring? What if it is stolen? Can it be repaired? It’s important not to let anything happen to your beloved rock. The right ring insurance can provide financial protection and peace of mind, whether you’ve lost your ring at the gym or accidentally left it behind on the beach. A ring is worth insuring if you would be upset if it were lost, broken, or stolen, says Tyler Krowiorz, an insurance expert. A wedding or engagement ring should be insured if you think you would be devastated by the loss of sentimental value, fear wearing uninsured jewelry, or cannot cover the costs to replace it.
Get To Know The Expert
During his time at Jewelers Mutual Insurance, a company that has provided insurance to the jewelry industry since 1913, Tyler Krowiorz has been focused on brand marketing. Krowiorz has been with the company for over a decade.
The ring you’ve been eyeing for years is within reach thanks to our comprehensive guide on engagement ring insurance, and Krowiorz explains how you can ensure you’ll be able to wear it now and for years to come without worrying about what life throws at it. Get all the information you need about insuring your wedding rings here.
Insurance for engagement rings
In order to calculate a personalized rate, various rating variables and factors are taken into consideration (such as auto or home policies).” notes Krowiorz. The cost of coverage will vary widely based on a number of factors, including how much it is worth, where you live (and theft rates), and whether you choose to have a deductible. Insurers with lower deductibles or no deductibles will always charge higher premiums.
In general, says Krowiorz, insurance costs between one and three percent of the item’s value, but can differ depending on specific risk characteristics. Consequently, you can expect to pay $1 to $3 for every $100 worth of jewelry you own. For a $10,000 bauble, you can expect to pay a premium between $100 and $300 per year.
Here are some tips to help you insure your engagement ring
Insure your engagement ring as soon as possible
When the ring has been purchased and is in the possession of your fiancé (or fiancée), it can be insured, just like a car would be insured before being driven off the lot. It might not occur to you that anything could happen to your sentimental and precious token, but the sooner you insure it, the sooner you’ll be protected. When the policy is purchased, your partner or you can begin shopping for ring insurance. According to Krowierz, timelines can vary depending on the circumstances of the case. After submitting an application, appraisal, and sales receipts, coverage can be provided immediately or it can take two to four business days when it is subject to underwriting review.
Select a provider of coverage
Two options exist for insuring your engagement ring (or any other valuable item): a policy and a ring box. Several insurance policies offer a special rider (also known as an extension) that will cover your engagement ring in the event that it is stolen or damaged. However, something should be kept in mind. Krowiorz points out that a jewelry claim filed under your homeowner’s policy may have an effect on your entire policy. You might see a change in your homeowner’s policy eligibility or your premium if your engagement ring was ever lost or stolen.
You can get jewelry insurance through an independent company like Jewelers Mutual if you don’t have homeowner’s or renter’s insurance. The owner’s insurance specialist should cover your home, while the jewelry insurance specialist should handle your jewelry insurance, says Krowiorz. When your wedding ring insurance company doesn’t offer the coverage you need, look into independent companies like these. Homeowner’s insurance policies generally cover jewelry to some extent; however, they are often limited by the situations covered, the requirement to use jewelry replacement services, and the coverage value limits, says Krowiorz.