Ring Insurance 101: the Importance of Insuring Your Engagement & Wedding Rings

Ring Insurance 101: the Importance of Insuring Your Engagement & Wedding Rings

Mar 4, 2021

selective focus man kneeling putting engagement ring on woman’s hand

When you got engaged, there was likely a flurry of activity going on in your mind. You have to plan an entire wedding, after all! With so many details to consider, you may have missed thinking about insuring your new ring.

That’s understandable! However, insuring your engagement (and wedding) rings is an essential task you should put on your to-do list as soon as possible. Here’s why and the steps to learn how to insure an engagement ring.

To Protect Your Investment

You may think it takes some of the romance out of an engagement or wedding to think of your rings as investments, but they are. Ring insurance protects these investments in case anything happens to your beautiful new piece of jewelry.

What happens if it slips off your finger as you’re swimming in the ocean? What if you take it off to do dishes and it falls down the sink drain?

It’s not just for losing your ring, either. Daily wear can potentially damage even the most  well-made jewelry. Whether you lose a gemstone at the gym or a prong gets bent when you hit your hand, there are dozens of things that can happen to your engagement and wedding rings.

Ring insurance gives you peace of mind and financial protection. Basically, if you’d be upset if your ring was lost or damaged and/or you can’t afford to replace it financially, it’s a good idea to get your rings insured.

How to Insure an Engagement Ring

top view of man holding open engagement ring box in his lap

These steps apply to  wedding rings as well. However, it’s a good idea not to wait until you’ve got your complete set. You can insure your engagement ring the minute it’s purchased so you’re protected right away, and add your wedding rings later.

1. Start with an Appraisal

Before you know how much coverage you need, you need to know how much your ring is worth. If it’s important to you or your fiancé that you not know how much they spent on the ring, ask them to get it  appraised for you. Then use this information to choose the appropriate ring insurance range or level of coverage.

2. Research Providers

If you have home or renter’s insurance, sometimes those policies will let you add on a “rider,” or an additional policy specifically for your rings. However, because the policies are linked, if you need to file a claim for your ring, it could affect your home insurance premiums.

There are also providers that specialize in insurance for wedding and engagement rings. Do some research and then call various companies to ask specific questions about how to insure an engagement ring.

3. Ask Your Questions

Get very specific with your ring insurance questions. Ask things like:

  • Can I choose who repairs my ring?
  • How will I need to prove the ring is gone if I make a claim?
  • What circumstances are not covered?
  • Am I covered for damage or just loss/theft?
  • Will the policy adjust for inflation as the years pass?
  • What types of repairs contribute to the deductible?
  • If I’m insured for replacement (instead of cash payout), where am I able to purchase a new ring? What happens if I can’t find a replacement?

The more information you have about your potential new policy, the better. Once you feel confident you’ve found the right provider, sign up.

Express Your Love with Pompeii3 Jewelry

At Pompeii3, we have stunning  engagement pieces and wedding rings to express your love. Shop our handcrafted pieces to find the perfect ring set for you. We offer a 30-day money-back guarantee and every order comes with a free gift box. Design a unique piece today or get in touch with your questions! After finding the perfect ring, don’t forget ring insurance!