Stop! In the name of love, have you insured that engagement ring?  What are you waiting for?  You may have spent a lifetime saving your pennies, just waiting for that perfect moment to ask that special someone to marry you.  The easiest way to protect your new investment is to get it insured.

How do I protect my engagement ring?

You have probably already taken the first step in protecting your investment by having a homeowners’ or renters’ insurance policy.  These policies usually cover your ‘stuff’ including your jewelry or items of greater value; the catch is this policy only covers jewelry if lost or stolen and there is a maximum amount that the insurance company will pay out.  That maximum may be far less than what your ring is worth.  When you buy something more expensive, such as an engagement ring, it is a good idea to give your insurance agent a call.  They will be able to schedule your ring or other special investment.  By scheduling your valuable items, you insure that you will be reimbursed for their appraised value and quality. In the event you lose a stone that is also covered.  A jeweler of your choosing would work with the appraisal to determine stone quality and replace your old stone with a stone of similar quality.  An additional bonus to scheduling these items is that no deductible applies if something were to happen.

How much does it cost?

You just handed over a large sum of money for this ring; the last thing you want to think about is throwing even more of your hard earned cash at it.  Thankfully, scheduling your valued items on your homeowners’ or renters’ insurance policy is very affordable.  Typically jewelry will run about $1.30 per $100 of value.  Let’s just say the ring was $1000, scheduling that on your policy would cost about $13 per year. 

How does it work?

You’ve done your research and you decide to schedule your shiny new ring.  Congratulations! Your insurance agent will ask for a copy of an appraisal.  This should be updated every three years and can be obtained by a certified gemologist.  An appraisal may cost a small fee.  It is also good practice to take a picture of your jewelry or scheduled item and keep it in a fire-proof safe or other separate trusted location. 

Don’t forget to add any additional pieces of jewelry you may have.  Scheduled coverage isn’t limited to engagement rings.  You may want to consider scheduling anything with significant value to you that costs $500 or more to replace.  Some additional items include but are not limited to: art, electronics, fur, firearms, personal computers, cameras, china and crystal.