3 Expert-Approved Reasons to Insure Your Engagement Ring

Engagement ring insurance is an easy way to achieve peace of mind and keep your jewelry safe. Here, the insurance experts at Lavalier share their top reasons to insure your engagement ring and wedding ring.

By Lavalier

couple with engagement ring insurance
Photo by Unsplash

The proposal was perfectly planned and the wedding prep is well underway. In all of this excitement, you probably don’t want to think about something happening to your beautiful, new engagement ring. The truth is, however, that anything can happen. Fortunately, there’s a simple step to ensure its safety: jewelry insurance. If you haven’t considered insuring your engagement ring or think it seems unnecessary, read on. Here, the experts at Lavalier lay out the benefits of engagement ring insurance and why it should be at the top of your wedding to-do list.

Benefits of Jewelry Insurance

Jewelry insurance can offer you more than just peace of mind from theft, accidental loss, or damage to your ring. In the event of a loss, you want your piece to be repaired or replaced by your jeweler with like kind and quality. Consider working with a company that specializes in insuring jewelry like Lavalier.

HERO PhotoByCeliaRagonesePhotography Photo Credit // Celia Ragonese Photography

Reasons to Buy Jewelry Insurance

Here are some expert-approved reasons to jump on the ring insurance bandwagon—sooner rather than later.

Other insurance policies may not cover jewelry fully.

Homeowner's and renter’s insurance policies may provide limited coverage for jewelry. Read your insurance policy carefully to determine whether your valuables such as a diamond ring are adequately insured. Also keep in mind that a jewelry claim on your homeowner’s insurance can affect your entire policy. A jewelry insurance company will have more comprehensive options for your needs.

Buying insurance is responsible and cost-effective.

If you’re a typically responsible person who doesn’t usually damage or lose things, you may think jewelry insurance isn’t for you. Life is full of unexpected twists and turns, though. The most responsible decision is to prepare for anything. You wouldn’t skip on out health insurance just because you haven’t been sick recently. Purchasing jewelry insurance usually costs just 1-2% of the value of your ring. An engagement ring appraised at $5,500 could cost as little as $55 to insure annually.

Accidents happen.

The thing about engagement rings—or anything valuable that you wear around—is that you could lose or damage the item at any point in time. Even if you make it all the way from engagement through your wedding day without any issue, your ring is still at risk beyond that. We’ve all heard stories about a bride who lost her ring on the honeymoon.

Accidents happen. Don’t stress about a clumsy friend who wants to try on your ring, theft during travel, or losing it in the ocean (or even the shower) when your finger shrinks in the cold water. With insurance, you can go ahead and freely show off your sparkler without worry.

INLINE PhotobyTaylorRaePhotography Photo Credit // Taylor Rae Photography

Make the Most of Your Ring Insurance

Once you purchase your policy, make the most of it with these pro tips:

  • Make sure to keep a copy of your appraisal, receipts, and gem certificates in a safe and secure spot. Keep these items where you keep your other important documents.
  • Have your appraisal updated every 18 months as values tend to fluctuate.
  • Take a few photos of your jewelry and keep them stored on a few devices for safe keeping.
  • Don’t forget to add wedding bands, anniversary gifts, and push presents to your policy.

No matter the cost of your ring, insurance is a way to honor the financial cost and what it represents to you as a couple. Even though it’s not as exciting as planning your reception or honeymoon, it’s just as important. The peace of mind that comes from knowing your treasured possession is protected with a personalized jewelry insurance policy is worth every penny.

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