After all the time you spent carefully selecting the perfect engagement ring, and all the extra hours you worked to save up for that perfect ring, the last thing you want is to have to do it all again! Whilte the idea of ring insurance may not sound very romantic, it can save you a lot of hassle down the road.
What is Ring Insurance?
Like any other insurance, ring insurance covers your expensive and sedimental ring if something should happen to it. This would include both theft and accidents. (You may be surprised how often rings fall into a garbage disposal!)
Where to Get Ring Insurance?
Ring insurance can be added to your current renter/homeowners policy, and is called a "rider." Your average renter/homeowner's insurance only covers up to a certain amount of damage, and expensive items, such as engagement rings, typically won't be covered. The second option, would be to get ring insurance directly though a company the specializes in ring insurance. This is typicaly the best option, as they tend to offer slightly more covereage.
Who Needs Ring Insurance?
If your ring is expensive or sedimental you should invest in ring insurance!
What Questions Should You Ask?
Is the ring covered if you loose it accidently? Or is it only covered if it is stolen?
How will the ring be replaced? Do you go purchase the ring and they reimburse you?
Will you be required to get it replaced by a specified jeweler?
Is the ring insured for it's full cost?
How do you go about reporting a lost ring? What evidence will be required?
Are their any circumstances that aren't covered?
How Much Does Insurance Cost?
This will depend on the value of the ring. You can typically expect to pay around $1 a year for every $100 it would cost to replace the ring. For example, a $5,000 ring would cost about $50 a year to insure.
I hope that helps clarify and answer all your engagement ring insurance questions! Now head on out to purchase your policy!