Congratulations! You have just received a beautiful engagement ring, one you've been dreaming of for years. You may even promise never to take it off, but, of course, you will. And though you can't bear to think of it, you may lose your ring or damage it someday. Before the first glow of happiness wears off, you need to be on the phone with your insurance agent to purchase the right coverage for your new possession.
Although some people still opt for modestly priced engagement rings, many spend thousands of dollars on these items, as much as a home down payment in some instances. In 2014, the average cost of an engagement ring was $5,855, a significant investment. Unless you can afford to easily replace a ring of that value, you need to buy an insurance policy for it.
Fortunately, you have several affordable options for your ring. Although your current home or renters policy offers you some protection, it may not be enough to actually replace your ring. You can purchase something known as a scheduled personal property coverage, a special provision for valued items such as your ring. Another option is to buy a policy from a company that specializes in jewelry coverage. You need to compare these policies before you purchase a plan. You want to make certain that your policy covers damage, loss, and repair.
If you decide to purchase scheduled jewelry insurance you can expect to pay approximately $1-$2 for each $100 that your ring is worth. If your ring is worth $5,000, you will spend $50 - $100 each year for the coverage. The cost is a modest one if it allows you to wear your ring without worry.
If your ring was inexpensive, you may be tempted not to cover it. However, you should consider sentimental value as well. Some policies will pay for a jeweler to create an identical ring to your original one. That way, your ring is never really lost, even if it was purchased from an estate jeweler or passed on from a relative. Your beloved and unique ring can be protected.
Protecting your engagement ring means more than safely storing it or taking it off when you do yard work. If you want to truly keep your prized piece of jewelry safe, you should consider investing in specialized insurance for it. Your insurance agent can help you choose the correct level of coverage, or a jeweler, like Jeffrey-Private Jeweler, can recommend a company specializing in these policies.