Okay, ladies, I'm going to lay it all on the table today. I want to talk about the single most important thing you need to do after getting engaged. Hint: Read the graphic.
GET ENGAGEMENT RING INSURANCE.
Though its certainly not the most romantic part of planning a wedding, it is definitely one of the most important parts of it. Really guys, the most vital step to take after being given your gorgeous ring is to cover all your bases and get that baby insured!
Think about it. An engagement ring is an investment in your life together with your future spouse. It symbolizes love, commitment, and memories in the making. On top of that, it is also (usually) a huge financial investment. Regardless of if you know how much your S.O. spent on the ring or if you're keeping it a mystery, not protecting this beautiful symbol of your love is probably one of the foolish decisions you can make.
The fact of the matter is rings can get lost, stolen, or just plain mysteriously disappear. The biggest mistake that you can make is assuming that it can't or won't happen to you. An insurance policy is a way to avoid that mistake and cover both the financial and sentimental value of your ring.
Insuring Your Engagement Ring
So, how do you go about insuring your ring? Well, there are several different ways to obtain a policy. One way is by taking out a "rider" policy (or a scheduled personal property coverage) through your homeowners or renters insurance. Most rental/homeowner insurance policies do not include expensive jewelry (in the several thousand dollar range) within the agreement. In fact, some insurance policies limit the monetary amount assigned to personal possessions, such as jewelry. It's important to know what exactly your insurance company will cover and if a "rider" policy would be the best route for your personal property.
Another way to insure your jewelry is by taking out a separate policy through a jewelry insurance company, such as Jeweler's Mutual. Jewelry insurance companies sometimes offer better coverage, such as replacing the ring itself rather than sending a check for the value of the ring after a claim. It really depends your preference in regards to coverage and options (such as choosing your own jeweler) to determine the policy best for you.
Questions To Ask About Your Policy
As with all things in wedding planning (and life, in general), it is always a good idea to be prepared with questions to ask before committing to a contract. When speaking with your potential insurance company, be sure to ask the following questions about the proposed policy:
- Will you receive cash or a new ring in the event of loss or theft?
- How are irreplaceable heirloom rings treated? Custom rings?
- What is the deductible?
- Is the ring covered during traveling?
- What is covered? (Loss, theft, partial loss if ring is damaged?)
- What is required to take out a policy? (Professional appraisal, GIA report?)
- Do they require you to use a specific jeweler picked by them to do repairs and check-ups, or can you use any jeweler you choose?
- What do you need to submit a claim? (I.E. what is required to prove the ring disappeared?)
- Are there any situations or circumstances that are not covered?
- Is the ring insured for full cost or partial cost?
- How will the quality and size of your diamond be documented, and replaced, should need be?
- What happens if you lose your ring and a suitable replacement cannot be found?
Documenting Your Investment
As with all important documents, you want to keep a record of your investment in a safe place, such as a vault or fireproof case. Be sure to hold on to each of the following:
- The store receipt
- A picture of the ring
- An appraisal of the item
- Any additional paperwork given to you with the ring
How I Did It
Most of my insurance needs are met through State Farm (like any good neighbor). However, for the coverage of my engagement ring, I decided to get a more encompassing policy through Jeweler's Mutual Perfect Circle Jewelry Insurance. I did this because Jeweler's Mutual covers just about every circumstance of loss or damage to your engagement ring, including events like lost stones; they even cover mysterious disappearances. On top of that, they allow you to use the jeweler of your choice for check-ups, repairs, and replacements.
One thing I will note is that, while my center stone came with its own GIA certificate, the general paperwork from the jeweler did not elaborate on the stones lining the shank or those surrounding the center stone itself. Jeweler's Mutual required a further appraisal before accepting my submission. My advice for you is to find out if your paperwork includes a complete appraisal before you submit your information to the insurance company. If need be, obtain an appraisal on the entire ring from either the original jeweler or a certified appraiser (you can look one up here).
Disclaimer: this is all going by my experiences and the information given to me regarding my policy. As I have not had to file a claim with them, I cannot attest to their claims process. However, overall, I have a good experience with Jeweler's Mutual and have been very pleased with their customer service, as well as the policy issued to me. Thus far, I would recommend them to anyone deciding to fore-go a 'riders' policy .
Food For Thought
Your insurance policy will likely be between $1 to $2 dollars for every $100 dollars spent on your engagement ring. This means, for a $10,000 ring, you will probably pay between $100-$200 dollars per year in insurance fees. The company I chose, Jeweler's Mutual, lets you select your preferred deductible amount, which works just like the deductibles for other insurance polices (think car insurance). If you really want to get ahead of the game, ask what types of repairs are covered under your deductible cost. It never hurts to get as much information as you can!
And, while it seems like common sense, a lot of people ignore advice about putting the ring in a safe place when it is not being worn. Seriously. If you're washing dishes, take the ring off and put it in a safe place- preferably not next to the sink! If you do a lot of work with your hands, maybe you should remove your ring while at work and keep it in a secure location! Accidents happen all of the time; it is best to try and avoid them at all costs.
Personally, I have a fireproof save that I store my ring and its corresponding paperwork in when not in use. While this might seem extreme, but I just couldn't live with myself, knowing that I might have saved my ring if I would have just put it away. Even if you don't have a vault or safe, you can still take precautions in protecting your ring. Simply put: place your ring back in it's box when you're not wearing it!
Okay, friends- be honest- how many of you have taken the time to insure your engagement ring? How did it go? Did you find it easy or difficult? I was pleasantly surprised by how painless the entire process was. What about you?
Let me know if you've crossed this item off your to-do list with the hashtag #engagedandinsured on Twitter! You can also let me know your thoughts in the comments section below or email me at firstname.lastname@example.org!
As always, I love to hear from you!
-The Newly NOLA Bride