Engagement Ring Insurance
Should you buy engagement ring Insurance? If you wear your engagement ring every day and you don’t have the ready cash to buy a replacement in the event the ring is lost, you should probably consider buying insurance for it.
But you probably already have insurance in place: your homeowner or renters policy. Depending on your policy, your engagement ring might already be covered under your existing homeowners or renters’ insurance policy as personal property, up to a certain amount. However, read your policy to see if the ring is covered and if you are not sure check with your insurance company.
If the value of your engagement ring exceeds your homeowners or renters’ insurance policy coverage limits for personal property loss, you may want to by a “jewelry rider” coverage for the ring.
A “rider” or a “floater” coverage provides a specific amount of coverage for a specific piece of jewelry – the engagement ring – based on its appraised value. The rider policy can cover most if not all the cost of buying a replacement ring. The rider policy can also cover a loss no matter where or how the loss happens.
The premium you pay to insure the ring, to buy the engagement ring insurance, will be based on the appraised value of the engagement ring, the type of coverage that you select, and the area that you live in.
To add the engagement ring to your existing homeowners or renters’ insurance policy, your insurance company will most likely require a copy of the bill of sale, an appraisal and photo or video of your ring.
If your have a diamond engagement ring, it would be advisable to get a diamond certification, or diamond grade report, for the diamond and to provide the insurance company with a copy of the certificate. The certificate documents a diamond’s various attributes and dimensions and it leaves the insurance company less room for arguments over the diamond’s actual quality, should you ever need to file a claim if the diamond is stolen or lost in the future.