Insuring that Valentines Day bling

How to insure engagement rings



He finally popped the question! You’ve tied the knot, the date is set and that engagement ring is sparkling on your left hand. But as the excitement begins to simmer down and the wedding planning ensues, it’s also important to take a look at your homeowners or renters policy and start thinking about how you can protect your shiny band.

Your first step in protecting precious jewelry is to contact your insurance provider to find out any limits on jewelry and if you have to add protection. Taking your piece to the jeweler in order to get an appraisal concerning the ring’s value is also an important early step. Appraisals include the current retail price in the market, the type of stones, cut, clarity, carat weight, craftsmanship and manufacture’s marks. They will give you a formal document that you can present to your insurance company.

Most of the time engagement rings or expensive jewelry can be added to your home owners policy through an endorsement, although some do decide to purchase a separate policy, called a floaters option. This type of insurance policy covers moveable property and provides coverage that your normal insurance policies do not cover. Many floaters are purchased for artwork that cannot be replaced. Once an item is insured, it can travel anywhere throughout the world and will be covered if it’s lost. This coverage does not include general wear and tear or deterioration of the jewelry.

If it isn’t your engagement ring, consider insuring any other valuable jewelry you own. Whether that be a family heirloom or your prized tennis bracelet, it’s worth protection.