Say Yes to Engagement Ring Insurance

Say Yes to Engagement Ring Insurance

Bling, bling you got the ring. YAY! Well, I’m sure that pretty piece of jewelry was no small price. You have home owners or renter’s insurance as well as car insurance; so why wouldn’t you insure such a valuable asset that you will be wearing for rest of your life?

When budgeting for bling and your wedding day, newly engaged couples often times forget to budget in the cost of wedding and engagement ring insurance. Word of the wise: do not make that mistake!

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When considering a policy here are some pointers to ask potential policy providers:

• If you travel often, you will want to purchase worldwide wedding ring coverage that only a jewelry policy can provide.
• Is the ring covered if you lose it accidentally, or only if it’s stolen?
• How will the company replace the ring — with a check? Or will they require you to purchase a replacement through a specified jeweler?
• What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond — and that of a replacement if needed — be documented?
• Is the ring insured to full cost or a fraction of it?
• How will you need to prove the ring vanished if you make a claim?

If you only remember one thing, make sure to read the fine print: A good policy will cover every potentially ring-threatening situation from theft to damage to accidentally dropping it in the garbage disposal.

The cost of gold and other precious metals are soaring. On average, ring insurance typically costs $1 to $2 for every $100 it would cost to replace per year (depending on where you live and the size of your rock of course), but be sure to shop around for the policy that best fits your needs, and remember to ask about deductible costs in case your ring actually does have to be replaced or repaired.

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