Engagement Rings

Engagement Ring Insurance: Infrequently Asked Questions

You’re forking over thousands of bucks on an engagement ring. We know, we know—it’s miserable. The only thing worse, however, would be if you blew all that money and then have nothing to show for it. With this much money at stake, you need some basic protection. You need insurance. You wouldn’t buy a house without flood insurance, would you?

Questions? Fire away.

So what’s the best way to get ring insurance?

You should look for a “ring rider” policy.

Is that a condom brand?

Not exactly. A “ring rider” is an add-on to your home insurance or renter’s insurance. Unless you have this rider, super-pricey objects like engagement rings aren’t covered in the basic plan. You need the extension.

Wait, I thought jewelry was covered in my renter’s insurance?

Yes and no. If you read the fine print of your renter’s insurance, you’ll probably see that your maximum claim for jewelry is in the $500-$1,000 ballpark. Assuming your engagement ring is more than this, you’ll need the extension, you’ll need the ring rider.

Ok, what if we move?

Make sure your new pad’s insurance policy also has the ring rider. It’s sort of on you to remember this and transfer it from home-to-home.

Does the insurance cover if my fiancée cheats on me and then breaks up?

No.

How much does the damn thing cost?

On average, the annual cost is about 1-2% of your ring’s replacement cost. So if your engagement ring is $10,000 bucks, you’re looking at, say, $150 a year, or about $12 bucks a month. Think about that. $12 bucks a month. You spend $12 without thinking-that’s about two beers, a DVD, or a book. Not much for peace of mind. Like any kind of insurance, this obviously varies with your city and circumstances.

I don’t have renter’s or home insurance. Am I screwed?

You should get it. It’s not that expensive in the grand scheme of things, and if you get robbed you’ll really, really wish you had it.

Dude. I didn’t ask for a lecture. I asked about engagement ring insurance. Can I get it without renter’s insurance?

Yep. You can get an insurance policy on the rock itself. Some insurance companies (Chubb Group or Jewelers Mutual) let you insure the jewelry directly.

What else do I need?

You’ll need to get your ring appraised. And not just the grading report that came with the ring, but an actual appraisal from a certified gemologist. Here’s one we recommend.

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