insure that sparkly engagement ring

engagement ring

It’s engagement season, and nothing is more exciting than showing off that sparkly new ring as you see family and friends throughout the holidays. But what happens if you lose the ring? Often new rings still need to be sized, not to mention that cold weather can make your fingers a little smaller making it easier to slip off that oh so special finger.

True story. Over the weekend, I was at Longwood Gardens and three women came rushing into the Conservatory frantically looking at the floor. We asked if we could help them find something and one of them told us that she had just gotten engaged and lost the ring the night before. She remembered taking her gloves off before taking a picture in front of the big Christmas tree, but doesn’t remember the last time she had the ring. They told us it was insured and while we continued scanning for something shiny, we breathed a sign relief knowing that it would all work out.

This little story is a perfect example of why a call to the insurance company is one of the first calls you or your fiancĂ© should make after you say “yes”. It’s so important and so easy to insure your engagement ring. You can either add it onto your homeowners’ or renters’ insurance policy (the easiest) or through a separate insurance company that specializes in jewelry insurance (ask your jeweler if they have any recommendations). Annually it costs about $1 to $3 per $100 of value ($100 to $300 to cover a $10,000 ring). You’ll need the receipt and an appraisal, which usually comes with the ring. Make sure the coverage is comprehensive, including if it’s accidentally lost, damaged, or stolen. Don’t forget to read the small print for any exclusions and the specifics (will they replace the ring or give you a check, how you will need to prove the ring was lost or stolen, can you choose who repairs the ring if it’s damaged).

image via lovelyish

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