Should you Insure your Engagement Ring?


You have just gotten engaged and you are wondering if you should insure your beautiful engagement ring.

You are thinking - what would happen if I damaged my precious engagement ring, what if I lost my engagement ring or low and behold what if someone stole my expensive engagement ring?

Well according to the Insurance Information Institute the average value of an engagement ring is around $5,000 and most home owners or renters insurance policies don’t cover much of that value if it’s lost or stolen. Policies typically cover a set amount for jewelry if it is stolen, around $2,000 and there’s usually no coverage if the ring is lost.

The insurance Information Institute suggests you get additional coverage for the full replacement cost of your engagement ring. This additional coverage is called a “floater” or “endorsement”. You can also buy “stand alone” insurance if you don’t have homeowners or reenters insurance, according to the Jewelry Insurance Brokerage of North America.

According to Kevin Schwartz, Wm Schwart Insurance Company, -   Oftentimes, guys that Wm Schwart & Co. insure their home and car wants to insure an engagement ring .... we find out that sometimes its fine to insure it (when he has not given it to the lady yet) and there are times when he wants to insure it but he has already given it to his fiance  , who is by insurance companies relation and is not named on his policy.

When a loss or damage occurs to this engagement ring that policy owner bought... but he has given the ring to his fiance...that ring is considered a "gift" in the insurance companies' eyes.. and it is not covered unless she is als named on the policy and a resident of the household or the policy is in "her Name, where she lives"

Steps to take to protect one of your most valued procession:

  1. Contact and make an appointment with your insurance agency.
  2. Bring your new engagement ring and purchased receipt to the insurance company or if your engagement ring is an heirloom, a written professional    appraisal is needed.
  3. After all that you should relax and enjoy your engagement.


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