How Can I Insure My Engagement Ring?
An engagement ring is usually the first major purchase made by most couples. Making sure you have insured this special purchase insured in case it is stolen, lost or damaged. If you currently have a renters or homeowners policy, you might be able to add this to your current policy. Most renters or homeowners policies will have a set limit for jewelry usually around $1,000 so make sure you verify with your agent. If the value of the ring is over the limit, you will need to list the ring and increase the value on your policy. Most companies will require a photograph and appraisal before insuring the ring.
Appraisals can be obtained from most jewelers for a small fee. Usually this takes a few days for the jeweler to appraise the ring. You will receive an official document from the jeweler that you can give to your insurance agent.
If you do not have a renters or homeowners policy, you can insure your ring under a separate policy. Confer with your agent to discuss this very special addition to your life so they can give you the proper risk assessment.