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Personal Perspective

Home Insurance Facts for Your New Engagement Ring

By February 2, 2015No Comments

Did you buy or receive an engagement ring recently? Congratulations! Now, learn how to insure your valuable investment and protect your new heirloom.


Get an Appraisal


Before your insurance company will add your engagement ring to a policy, it needs to know your ring’s worth, brand, condition and description. If your ring costs under $5,000 and you bought it from a jeweler, the insurance company will probably accept the purchase invoice or receipt. Visit your jeweler for an official appraisal, though, if you bought the ring at an estate sale, inherited it from your grandmother or ordered a custom-made piece.


Purchase Insurance


After getting an appraisal, talk to your insurance agent about insuring it. You may be able to add your ring to your existing homeowners or renters policy. In cases, however, you’ll need  to purchase a rider that provides additional coverage.


Additionally, consider the coverage details. Does your policy cover the replacement cost of your ring if it’s stolen, damaged or lost? Do you have to use a specific jeweler for ring repairs or a replacement? Will you need an annual appraisal? These and other details help you choose the best policy.


Store Your Ring for Safekeeping


Of course, you or your fiancé plan to wear the engagement ring regularly. When you need to store it, though, implement a few safekeeping techniques that protect your ring’s value and deter theft and  damage.


First, use a sturdy case with a hard shell and a soft or padded lining. Then, store the case in a dry environment that features low humidity and a stable temperature.


Next, follow your jeweler’s guidance for your specific ring. Different gems and metals require different storage solutions. For instance, soft pearls are best protected when they’re placed in a soft bag that offers protection from dust, and silver retains its shine when it’s stored in a tarnish proof case.  Likewise, many gems crack or scratch easily, so separate your engagement ring from other items in your jewelry box as you protect it.


Finally, consider locking your ring in your home’s safe or bank’s lock box if you need to store your ring for extended periods of time.


Your engagement ring symbolizes your love. Protect it when you insure it. Your insurance agent will provide additional information as you care for your new ring forever.