Updated August 1, 2020 . AmFam Team
Now that you have the perfect ring, keep it safe! Learn how American Family's engagement and wedding ring insurance options can help keep you covered.
The moment an engagement ring slips on your finger it takes on a life of its own and becomes one of your most treasured possessions. While nothing could ever truly replace it — knowing you have insurance to protect your engagement ring can help give you peace of mind.
While you’ll probably insure many homes, apartments and cars in your life — an engagement ring is something special. Insuring an engagement ring doesn’t happen every day so it can seem a little confusing. To help you find the coverage you need, we’ve come up with some helpful tips:
Your best bet is to insure the engagement ring as soon as it’s purchased. This means that the person who buys the ring should establish insurance, at least initially. You never know what can happen before or during the proposal, especially if it’s an elaborate proposal. Having a little extra protection might just save the moment.
Once the proposal has been made and the ring is on the finger, it’s the wearer’s responsibility to insure it. It’s also possible to add the engagement ring, or eventually the wedding ring, to your renters, condo or homeowners insurance with itemized personal property coverage.
You’re correct if you think that you’re already covered, but it may not be enough to replace your cherished ring. Most renters and homeowners policies offer some protection for personal property but there’s typically a $1,000 or $2,000 cap on jewelry. You’re also only covered for specific events listed on your policy and a deductible may apply. If your ring is more valuable than that, adding itemized personal property coverage for your engagement or wedding ring means you can set a higher coverage limit and be covered for more types of losses. For example, losing your ring when traveling. Please note that the coverage limit cannot be greater than the appraised or documented value of the ring.
Engagement ring coverage can vary, so it’s important to ask what specifically is covered in the policy. Typically, adding itemized personal property coverage to your ring covers it if it’s lost, stolen, damaged, and it even covers you when you’re traveling, whether in the country or overseas. Be sure to ask your agent what happens if it’s lost, stolen or damaged and check if there are requirements for documenting a loss and/or damage. Finally, make sure you know what jewelers you can use for repairs or replacement.
Itemized personal property coverage is extra coverage you can add to your policy to offer further protection for specific types of personal property, like your engagement or wedding ring. It’s an open peril policy, which broadens your coverage by insuring your jewelry against all kinds of unexpected events except those that are specifically excluded by your policy. Adding this coverage to your engagement or wedding ring means you can wear your ring confidently knowing you’re covered for most anything that’s thrown your way, such as losing the ring or chipping a stone.
Here are a few more things to know about insuring your engagement or wedding ring:
Rates vary for a number of reasons, such as location, cost of ring and policy, and it’s usually very affordable! If you want to lower your cost even more you should consider getting a policy with a higher deductible. Your agent (Opens in a new tab) can give you more specific information on how to insure your ring at a price within your budget.
Your insurer is going to want some documentation of your ring’s value. If you purchased it, be sure to hold on to those receipts! An appraisal might be required, but be prepared to pay a little bit for the appraisal itself. If the diamond is a half carat or larger, you’ll probably get a diamond certificate from your jeweler, which is also great documentation of its value.
If you’ve had a policy on your ring for years but haven’t had your ring reappraised, you may want to consider it since jewelry tends to increase in value over the years. If your ring is worth more, you’ll need more coverage so you can replace it if something should happen.
As you’re planning for your future — take the time to plan how you’re going to protect your future. Connect with your American Family Insurance agent (Opens in a new tab) by scheduling a personal insurance review. This way you can review all of your upcoming insurance needs to make sure you have that safety net of security for your new life together.