5 Reasons to Insure Your Engagement Ring & Other Jewelry

A stunning engagement ring is the perfect symbol of your love and commitment. As you begin planning for your wedding, there are many details to consider, from dress fittings and guest lists to menus and caterers. When protecting your assets, most couples might overlook insuring their jewelry as an essential wedding expense. But given the value of your rings, necklaces, bracelets, and other accessories, it's in your best interest to take that extra step. A standard home insurance policy protects certain personal belongings against theft, fire, or other potential hazards. Here are five reasons to insure your engagement ring and other jewelry:

1. It's One Of Your Most Significant Investments

If you're anything like most brides-to-be, you've probably spent countless hours scouring websites and visiting jewelers to find the right ring. According to the American Gem Society, the average engagement ring costs $6,163. That's why it makes sense to insure one of your most significant investments. Your engagement ring might be your most expensive piece of jewelry, but it's also likely to be one of your most sentimental pieces. It is likely the first piece of jewelry that your fiancé ever bought for you. Being that an engagement ring is a significant investment, having engagement ring insurance is also a vital part of the process.

2. Your Ring Is Of Sentimental Value

You and your fiancé have likely already discussed what you would do if the ring is lost or stolen. But those conversations are even more poignant if your ring is more than just an investment. Whether it was your grandmother's or belonged to a family member who passed, your engagement ring is a piece of sentimental jewelry with a great deal of value. Your insurance policy covers the ring and any other jewelry with sentimental value, as long as it fits within the policy's limits. This is especially important if you still pay off the ring, as a replacement ring would likely be more expensive.

3. Protection Against Theft, Fire, And Damage

It's important to remember that a standard home insurance policy does not cover your jewelry and other valuables. Instead, it covers the structure of your home, including your roof and electrical wiring, as well as your personal belongings inside the house. Your jewelry is still very much at risk for theft, fire, and damage. Your insurance agent can help you determine the amount of jewelry you should insure based on its value. You can then purchase a rider on your home insurance policy to cover your jewelry. You can also add a rider to protect your engagement ring.

4. It's a Simple Process For Your Insurer To Add The Inclusion

Adding a rider to your policy is a relatively simple process. You'll need to review your current policy to see if your insurer offers a jewelry rider and, if so, how much it will cost. You can also get a quote online or over the phone. You can add the rider at any time during your policy term, but it's recommended to do so before purchasing the wedding rings. Your insurer may require a specific type of appraisal for the ring and all other jewelry you plan to include on the rider, and it may take up to 30 days to process the request.

5. You, Will, Have Peace Of Mind Knowing Your Ring Is Protected

The value of your ring will constantly fluctuate, depending on the price of diamonds and other precious gems. But no matter what happens to the cost of diamonds, your call will still have the same level of protection it has now. This is especially important if you plan to sell the ring at some point in the future. A standard home insurance policy covers lost, stolen, or damaged jewelry, while a life insurance policy will pay out in the event of your death. A standard policy may cover your ring but won't cover your spouse's ring. Your spouse's ring will need its rider.

Conclusion

Your engagement ring and other jewelry are valuable items to protect against theft, fire, and damage. It's important to remember that a standard home insurance policy does not cover your jewelry and other valuables. You can add a rider to your policy to protect your jewelry from theft, fire, and damage.

Maggie graduated from Utah Valley University with a degree in communication and writing. In her spare time, she loves to dance, read, and bake. She also enjoys traveling and scouting out new brunch locations.