One of the less talked about decisions that come with purchasing an engagement ring is whether to get insurance for it. Some of our clients’ wrestle with this question. The reality is you can’t predict the future, but you can prepare for life’s unexpected surprises. Insurance allows your mind to be at ease with your investment in an engagement ring for many reasons.
- Yes, lost rings are covered – You may be wondering, if it’s on her finger how can she lose it? There are surprisingly quite a few ways! We have had clients accidentally drop their rings down the sink, lose them while swimming, as well as being stolen. There are many interesting stories of how people have lost their ring. While stolen rings aren’t a common occurrence, it can happen. The truth is that engagement ring insurance actually covers far more than just a lost ring! In fact, many of our clients who have needed to rely on their insurance still had their ring intact.
- Insurance can replace lost diamonds too – What if you still have the ring, but the diamond has gone missing? The insurance covers that too! While our engagement rings are made to last a lifetime, a very active life can push any ring to the limit. If you lose your diamond, it’ll be replaced with an equally stunning one.
- You scratch it, we’ll fix it – Worried about the long-term physical shape of your diamond? Some clients fear purchasing a perfect diamond only to have it get scratched or blemished. Don’t worry, insurance covers this, too! Your ring can be fixed and polished, and your insurance should work with the jeweler that made it to get this done. In the rare cases where repair may not be possible, insurance will replace the damaged diamond or band.
- Insurance can be affordable – It is incredibly affordable to insure your engagement ring investment. One of the main determining factors in the price is where you live and the associated crime rates. Your jeweler should be able to recommend insurance options to you, particularly since any repairs will happen through them. You may also be able to insure your engagement ring through your current automobile, renters, or homeowner’s insurance plan.
- What if she hates the ring? Some people fear choosing the “wrong ring” to propose with, while others know in advance the style they are looking for. Afraid she may want a bigger rock in the future? While marriage is a lifelong commitment, your initial purchase of an engagement ring isn’t. You have a little time to figure out if this ring is the “right one.” If you’re really worried about this, ask about bringing your spouse to discuss ideas first. You can even make a whole date night out of it.
An engagement ring is an important investment both financially and emotionally! We recommend keeping your mind at ease through affordably insuring your ring. If you are interested, contact us with any questions. We would love to help you research your options to find the best insurance solution based on your unique needs.