Your decision to select engagement ring insurance and your choice of provider can make a significant difference in recovering from a loss. Securing an engagement ring will ultimately be an individual decision. You’ll need to consider how much coverage you want, how much you’re willing to pay, whether or not you’re willing to have an appraisal done, and whether you’re covered by a homeowners policy or need a completely separate one. In some cases (such as with Chubb and USAA), you may be able to get a stand-alone policy with competitive coverage, which gives you a discount on your other policies. always look at the big picture when comparing your options.
what is engagement ring insurance?
Engagement ring insurance is a type of valuable items insurance policy that provides coverage for scheduled or blanket items, usually with a no-deductible option and comprehensive coverage. Comprehensive coverage means that all types of losses are covered unless specifically excluded. A common advantage of an open perils or all risks policy is mysterious disappearance coverage.
how much does engagement ring insurance cost?
Valuable items coverage or engagement ring insurance typically costs about $1 to $3 for every $100 of your insured value. The cost of coverage may vary depending on the insurance company, as well as the discounts you are eligible for (if any). For example, if you purchase engagement ring insurance through the same company that insures your home as a separate jewelry policy, you may be eligible for a bundle discount.
Will homeowners or renters insurance cover an engagement ring?
Homeowners insurance will cover one engagement ring as part of the standard policy limit, subject to the deductible. A standard homeowner’s policy typically covers around $1,000 to $5,000 at most. Depending on the type of coverage you have, you may only have coverage for specific perils, which means the basics, like theft. this is not a very complete coverage.
The best thing to do is ask your home insurer what coverage is included and how much it would cost to program the ring on an addendum. Typically, your home insurance company will be able to offer you additional coverage for jewelry for an additional cost that will have higher limits, no deductible (or both), and may provide competitive coverage similar to the stand-alone policies on our list. Some insurers even have partnerships with companies on this list and can get the same coverage through them (and potentially get discounts on their homeowners policy too).
do you need engagement ring insurance?
Losing an engagement ring before you’ve even walked down the aisle (and having to pay for another) could be both financially and emotionally devastating. You may want to reconsider insurance once you’ve had your ring for many years without incident: Paying hundreds (or thousands) of dollars for 20 years adds up. certainly in the early years, however, it’s worth considering along with practicing daily reminders when it comes to caring for your engagement ring.
Whether or not you need special engagement ring insurance coverage depends on your situation. If you’re worried about losing a ring stone or losing your ring, paying for coverage will give you peace of mind. Engagement ring insurance also allows you to replace the ring if it is stolen or something goes wrong.
What information do I need to provide to secure my engagement ring?
Depending on the vendor, you may be required to provide a purchase receipt, a jewelry appraisal, photographs, and additional details about the ring (and the person who will wear it). Some insurers will only require an appraisal when a ring is valued above a certain amount.
An insurance company may also ask you to provide information about how you will wear the ring, where it will be kept, and even personal questions about your background. Some insurers will ask if you’ve ever had jewelry insurance (or losses) or a criminal record. It varies depending on the insurance company.
how long does it take to get engagement ring insurance?
In most cases, you can apply for engagement ring insurance online and get a response within minutes. Some companies will require a photograph, a copy of an appraisal, or a receipt showing proof of purchase (or value) before insuring you, which can take longer. each insurance company has different criteria.
can I secure an engagement ring before proposing?
You don’t need to wait until you have proposed securing the ring. Your engagement ring is a valuable investment and insurance companies will usually have a solution to help you without ruining the surprise. There are two options: call your home insurance company and add the ring to your policy as an addendum (the ring is yours until you propose), or, if you want to cover the engagement ring with your own policy, contact engagement ring insurance company and explain the situation.
should i get engagement ring insurance with a deductible?
Many insurers offer policies with no deductible, but you may be wondering if a higher deductible will save you money. We tested various rates and found that an increased deductible provided between 3% and 20% in discounts, but depending on the value of the ring, this didn’t make much of a difference for items under $10,000. For example, the average cost of Insuring a $5,000 ring was about $93 to $100 with no deductible. a deductible of $250 saved about $3 to $7 per year, and a deductible of about $2,500 saved about $22 per year. for higher value rings, it can make a difference, saving up to around $100 or $150 a year (or more) on cost.
We researched more than a dozen insurance companies that cover engagement rings and reviewed their general policies, features, and whether stand-alone policies were available. We also looked at what the average cost of coverage would be for rings priced between approximately $3,000 and $500,000 to test the online quotes and application process, using the New York City zip code 10016.
We then look up each company’s underwriting insurer and verify their financial strength ratings with the top credit bureau and their overall reputation with the National Association of Insurance Commissioners. After verifying financial stability and reputation, we consult online reviews and check insurance policy terms (if available) to compare coverage and narrow down our list.