You're engaged! Congrats! We know you can't wait to show off your new bling, and you likely can't stop staring at your hand. (It's OK, we've all been there.) But don't forget to get your ring insured as soon as possible!
If your immediate reaction was anything like this — Get my ring insured? What do you mean? Who provides insurance for rings? How do I go about getting insurance? — you're not alone. Many of us think about the proposal and wedding day details, but not many of us are aware that the gorgeous, shiny ring on our finger needs to be insured.
Before you wear that beautiful thing everywhere, here's what you need to know about insuring your engagement ring.
What is jewelry insurance?
Much like when you pay insurance coverage for car, homeowner, renter's or healthcare, jewelry insurance protects expensive or sentimental pieces of jewelry if they are lost, stolen, or damaged.
Get Your Ring Insured As Soon As Possible
Your partner can actually get the ring insured as soon as it's purchased. But if that didn't happen, make sure you inquire about ring insurance as soon after the proposal as possible. In fact, you may want to avoid wearing it until it's insured to avoid anything from happening to it.
Have Your Ring Appraised
Ask the jeweler who sold you the ring to have it appraised for you. You'll have to pay a small fee, but you need an accurate and professional appraisal to receive the appropriate insurance policy.
Choose an Insurance Provider
Choosing an insurance provider for your jewelry is pretty simple. If you already have homeowners' or renters' insurance, you can extend your plan to cover your ring. When you call your agent, be sure to have the receipt and appraisal handy. You'll need to answer some questions based on the appraisal and you'll need information included on those, and you'll need to sign some paperwork agreeing to the insurance, but it's pretty quick and simple. If you don't have homeowners' or renters' insurance, you can seek out a company that specializes in jewelry insurance like Jewelers Mutual.
Insure Your Wedding Band
Your engagement ring isn't the only ring to insure. Once you and your partner decide on a wedding band, you'll want to get that ring insured as soon as possible, too. If your partner's ring also has diamonds, make sure to get it insured. (Note: men's style wedding bands sometimes come with a replacement policy from the jeweler, in which case you wouldn't need insurance.)
Have Your Ring Appraised Every 2–3 Years
The value of your ring is ever-changing. In fact, it likely increased in value since you purchased it! In order to keep your jewelry insurance updated, it's best to have your ring appraised every 2–3 years. If you can use the same appraiser, you may save money because they can work off their copy of your last appraisal instead of starting from scratch. If your ring has increased in value, you may want to reevaluate your insurance policy.
Once your rings are insured, go ahead and flaunt that bling to anyone and everyone who takes notice.