Wedding Essentials: Engagement Ring Insurance
Congrats — now that you’ve finally found the diamond engagement ring
that perfectly shows how much you love your bride-to-be (or as much as
three-month’s salary will tell her), don’t forget that final, but
very important, step in the ring-buying process: jewelry insurance.
There are several ways to handle this. There are a variety of different
companies that specifically sell insurance for jewelry. To find one, try a
simple search online, in the phone book or simply ask the store where you
purchased the ring. A lot of times wherever you buy the ring (especially if
it’s a retail store) will have deals, or if nothing else, a
recommendation of a reputable insurer. Ring insurance should run between $50 to
$150 per year, depending on the value of the ring.
It’s very important to have some sort of insurance for the ring up front,
but once the wedding day is over, consider looking at other options such as
adding it to your homeowner’s or renter’s insurance policy. You may
find that going that route can be a better deal. Just remember to keep the
appraisal in a safe place so you don’t have to get the ring it appraised
again if you switch insurance companies. You’ve spent a lot of time
finding her the perfect ring, take 10 minutes and make sure you have a good
insurance policy for it in case something happens.
This is an incredibly busy time in your life. Do yourself a favor and go with
an insurance company that the jewelry vendor recommends. The store may even be
able to set it all up right then and there. This way, it’s done and taken
care of and you won’t need to worry about it again for at least a year.
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