Make Sure to Insure Your Engagement Ring

It's priceless to you. But you should protect its real value too. Here's how.

Finding the Right Policy

You have some options when considering insurance for your ring:
  • Renters and homeowners insurance policies: Can cover the loss of your ring up to a certain amount, subject to your policy's deductible and stated limits on unscheduled personal property. You can also purchase scheduled personal property coverage. Ask your insurance company or agent.
  • Jewelry insurance companies: Because they specialize, they might offer more comprehensive coverage, such as recreating a lost piece or repairing a damaged one.

Steps to Getting the Right Insurance

  1. Have your ring appraised by a graduate gemologist, so that you have documentation supporting your ring's value. A receipt from the jeweler may be acceptable too.
  2. Find out if you or your fiance's existing homeowners or renters policy will cover your ring. If not, you'll need to purchase a separate policy. Make sure you know what the policy covers, from theft to disappearance, damage, fire and more.

Rule of thumb? Plan to pay $1 to $2 for every $100 of your ring's replacement value — so a ring worth $4,000 may be covered for about $80 annually.