When you gave her the engagement ring, you probably thought that was the last you needed to think about it. It’s her thing to worry about from now on. After all, she’s clearly obsessed with it: she can’t stop staring at it on her finger. At one point she looks at you and says “If someone wants to take this ring, they’ll have to pry it from my cold, dead hands.” She says it in a voice so serious, it’s actually was kind of unnerving. Hot, but unnerving.
Thing is, you do still need to think about it. She has the ring, and you have to insure it. Doesn’t matter if it’s a small solitaire or the Hope Diamond: if she would be heartbroken by its loss, you need to get some insurance. (And don’t forget, you’ll be heartbroken as well–there goes 2 months or more of your salary.)
How could she lose it?
There are a million ways she could lose it. There’s theft, of course, which you both will need to guard against. But she may take it off herself. Maybe she’ll remove it before pottery class, and get so engrossed in the urn she’s making she forgets to put it back on. Or maybe she’ll be enthusiastically gesticulating while telling your engagement story, and the ring flies off the hand and out the window. Or maybe she’ll forget to take it off before doing the dishes, and now that expensive rock is stuck in the drain, or slowly bumping along the sewer pipes on its way to the local waste treatment plant.
How should you protect it?
The first thing to do is look at what coverage you already have–both as a couple and as individuals. Don’t assume that whatever renters’ insurance you had on your separate homes will follow you to the next stage in your life together.
It is quite possible your renters’ or homeowners’ insurance includes some coverage that might apply to your ring. More likely you’ll have to add coverage as a separate rider. This is convenient, but more comprehensive coverage can be found elsewhere. Also, keep in mind that if you need to make a claim on the ring, you may see rates for your entire homeowner’s/renter’s policy go up.
Another option is to secure a separate policy for the ring from a company that specializes in insuring jewelry. There are advantages to this: because the company is used to dealing with jewelry–and all of the nuances that come with it–its coverage will often be more comprehensive.
How can you know you’re getting the right insurance?
No matter which option you go for, you have to read the fine print. Questions include:
- Does the policy cover all sorts of loss, not just theft? What about damage?
- Do you need an appraisal? (It’s a good idea to get one, even if your insurance doesn’t require it initially. If you ever file a claim, you’ll need to show proof of ownership.)
- How do you find a certified appraiser?
- Will you need photo documentation and/or the original receipt?
- If you end up needing to replace the ring, can you choose the jeweler to replace it or does the insurance company only work with certain retailers?
- Are you insured only for replacement or are you also offered a cash payout?
- Do you need to update your appraisal every few years to reflect the changing value of the stones and precious metals that make up the ring?
- What is the deductible and how does it relate to your monthly or yearly premiums?
- What happens when you travel or if you move?
- What are the exceptions to coverage?
- How does the company define an “act of God?”
Aren’t these questions fun?
See, that’s why you need to take care of this, and not her. It’s not that she’s incapable of dealing with it, but to her the ring is still a supremely romantic object. You, on the other hand, have already had plenty of time to think of it in monetary terms, and have been doing so long before you even bought the thing. Let her continue to bask in the sheer beauty and magic of your gift, while you get down to the nitty gritty of protecting your investment.
Where should you start?
Well, we’re big fans of Jewelers Mutual Insurance Company. They have comprehensive coverage for all of your jewelry, especially that new engagement ring, and have been protecting people’s most valuable possessions for over a hundred years. If you need to repair or replace your ring, you couldn’t be in better hands.
