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How to Insure an Engagement Ring for a Valentine’s Day Proposal

February 12, 2019

3 min read

This is a can’t-miss step for wedding planning.

Proposal_ring

Valentine’s Day gives you an excuse to eat chocolate and have a fancy dinner with your special someone. There will be higher stakes this year if you’re thinking about following through with a marriage proposal.

Before you ask the big question, know how to insure an engagement ring for a Valentine’s Day proposal.

3 Things to Do Soon After Engagement

Don’t Let Planning Distract You From Protection

Let’s flash forward and assume your loved one says “yes” to the proposal.

You start the research phase and marvel at pictures of modern weddings. The impressive visuals could convince you to pull out all the stops with elaborate lighting setups, seas of roses, and huge steaks for every guest. If it fits your style and budget, go for it. Just know that you’ll have to work with venues and vendors while sacrificing a lot of your time.

Before you get lost in a maze of wedding planning, make sure you insure the engagement ring. With all the romance in the air, you might miss this step. However, the ring could get damaged, stolen, or misplaced. Insuring the ring will help you reduce stress as you prepare for your big day.

Have the Ring Professionally Appraised

Your insurance provider will ask for an official appraisal of the ring before they offer coverage.

Keep in mind, your receipt for the ring purchase doesn’t count as an appraisal. Your insurer needs more information, including a detailed description of the stone(s) and metal that make up the jewelry.

After you find an appraiser and have the ring inspected, ask to have the appraisal printed on official business letterhead that includes the appraiser’s contact information. Keep copies of this letterhead as well as the appraisal receipt for your records.

Ask for an Extension

Add an extension to your renters or home insurance, specifically for insuring an engagement ring. This extension ensures that your ring is covered (within coverage limits) for incidents inside and outside of the home. Your coverage cost will be determined by:

  • The appraised value of the ring
  • The crime trends and statistics in your city or town of residence
  • Your policy deductible

When you take out a scheduled personal property coverage plan for your engagement ring, you will typically receive coverage limits up to the total appraised value of the ring. This covers theft, loss, damage, and repair.

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Questions for Your Insurance Provider

Your insurance provider will be able to answer your ring-related questions, including:

  • Will my ring be fully covered if it's lost or stolen?
  • Are there any situations where my ring won’t be covered?
  • How will the quality of my ring and diamond be documented?
  • Will my coverage change if the value of my ring increases over time?
  • Can I choose my own jeweler to replace or repair the ring?
  • What proof will I need to show that the ring was lost or stolen?
  • How will the insurer replace the ring or pay for repairs?

Protect Your Ring

Consider these safety tips to help protect your ring:

  • Purchase a small safe for valuables and store the ring in a hidden area.
  • Wear a ring guard to prevent the ring from falling off.
  • Use caution when removing the ring, especially when washing your hands or the dishes.
  • When on vacation, leave your engagement ring at home and wear your wedding band.
  • Household cleaning products can damage jewelry, so remove your ring before you clean.
  • When you take off your ring, always have a designated spot in which to place it.

Is your ring protected by a policy? If your answer is “no,” don’t worry.
Contact Fergurson Insurance to help you secure the right coverage for your ring.

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