You’re planning to say “I do.” Now the question becomes: “Do you or don’t you…buy engagement ring insurance?” After all, you have many other details to which you and your significant other would rather attend — cake tastings, wedding attire, shopping and invitations. Engagement ring insurance probably isn’t high on your priority list. So, do you actually need it?
Here are a few considerations for insuring your engagement ring. (Spoiler alert: You should probably just get the insurance.)
engagement ring insurance: the pros
Wondering what ring insurance even is? You’re probably not alone. We’re not going to throw a bunch of insurance-speak at you, but in a nutshell: If that ring gets lost or stolen, you’ll have the coverage to replace it. Here are a few reasons why having engagement or wedding ring insurance might be a good plan:
- Ring insurance is super easy to get. If you already have homeowners’ or renters’ insurance, you can probably add ring coverage to your existing policy.
- Engagement ring insurance requires minimal cost. You’ll probably pay somewhere between $50 to $200 a year. To put that into perspective, that’s about 10 to 20 Starbucks Frappuccinos. Just keep in mind the insurance cost will depend on the ring’s value. With Helzberg Diamond’s insurance plan, you may pay only $2 a month!
- You’ll have peace of mind. If something happens to that ring — whether you invested $500 or $5,000 — insurance will replace it. \
- Easy to access. Did you know Helzberg Diamonds offers engagement ring insurance? Make it a one-stop shop by insuring your ring as you purchase.
engagement ring insurance: the cons
Maybe “con” is too strong of a word. Here are two things to keep in mind if you’re on the fence:
- There might be fine print. Before you commit to any policy, be sure to read what and how the engagement ring insurance works. (Consider that a life tip as well!) Your insurance company may have language in the policy that limits who can perform repairs or stipulations on ring replacement.
- You may need a specialty jewelry insurer. Some homeowners’ policies essentially offer an addendum to existing policies. Depending on the value of the ring, that existing policy may not cover the ring’s full value. Jewelry insurers do exactly what their name implies — provide additional engagement and wedding ring insurance.
how to insure your engagement ring
Fine print and extra legwork aside, here’s a play-by-play of going about the engagement ring insurance process:
- Call your existing insurance provider, find a speciality jewelry insurance company, or talk to a Helzberg Associate. Ask your agent if your homeowners’ policy has add-on coverage for jewelry or whether you can add a rider policy, which is an extension that’ll cover the ring.
- Know your coverage. For instance, if you’re traveling to Greece on your honeymoon and they drop the engagement ring in the Mediterranean, will your insurance company give you the money to replace it? What happens if they leave their ring in a locker at the gym and someone steals it? No matter the type of insurance you select, make sure you know what’s covered — and what’s not.
- Find an appraiser. You’ll need to know the exact value of the engagement ring or wedding set so you can get the right amount of engagement ring insurance coverage. Most jewelry stores, like Helzberg Diamonds, provide appraisals at specific times during the year.
- Check that task off your list. Once you’ve set up your engagement ring insurance, you can focus on all those other tasks at hand, from couple’s wedding showers to honeymoon planning — i.e., the fun stuff.
how to protect your engagement ring
Helzberg Diamonds offers luxury jewelry at all price points with quality in mind, whether you plan to spend $500 or $5,000 on a ring. In addition to keeping the engagement and wedding ring clean, add an extra layer of protection by purchasing a Lifetime Care Plan. That’ll free you up to worry about the proposal while leaving the cleaning, eligible repairs and jewelry inspection to the professionals at Helzberg Diamonds.
Need more engagement ring buying advice? We’ve got you covered.