I recently got engaged to a wonderful man named Zack. He spent months looking for the perfect ring and when he finally proposed I couldn’t contain my excitement! Every chance I had, I would gawk at my left hand, becoming mesmerized by the beautiful diamond on my finger. Zack had spent so much time, effort, and money, into asking me to be his future wife that I wanted to protect every sparkle from that special moment. After telling all my family and friends (and broadcasting the news on every social media outlet I could possibly think of!), next on my list was insuring my ring. But how do you insure an engagement ring?!
Guess what?! Insuring your engagement ring is easier than you think!
Ring insurance can be purchased as a rider (add-on) to your renters’ or homeowners’ policy. A separate policy can also be purchased, but it is often easier and less expensive to add the rider to an existing policy (or to purchase renters’ or homeowners’ insurance if you don’t already have it). You will need to get your ring appraised before adding a rider to your policy. Zack was able to get an appraisal from the jeweler when he picked up my ring. The appraisal will provide the insurance company with a detailed description estimating the worth, value and quality of the engagement ring. Note: The appraisal value may not be the purchase price.
Once your ring is added to your policy, your renters’ or homeowners’ policy will cover costs in the event you lose your ring, a diamond falls out, or you mysteriously misplace it. You may be thinking, “It’s always on my finger, how could I lose or misplace it?” But think about it…I clean my ring frequently and I’m always worried about it falling down the drain. I take my ring off to put lotion on. Before I go to bed, I take all my jewelry off. All these instances could cause a mishap and your ring could vanish!
Whether your soon-to-be-hubby purchased a budget friendly ring, or decided to splurge on a Kim Kardashian-style ring, the sentiment behind your ring is priceless. Your ring can be replaced, as long as it is insured. The average cost to insure your ring is $1 to $2 for every $100 that it would cost to replace it. If your ring is appraised at $5,000, you might expect to pay between $50 and $100 per year to insure it.
An engagement ring is often the first major purchase made to start your life together. Nothing is sweeter than peace of mind knowing your ring is covered. I don’t know about you, but if I told Zack I lost my ring and needed him to purchase another one… I don’t think I’d have a fiancé anymore!! Hopefully he will hug me a little tighter knowing that we have insurance and we’re covered!
Call us at Loiselle Insurance Agency at (401) 723-8510 or visit us online to fill out a quick quote.