A ring was flashed, the question was popped, and you said yes. The next big question to ask: Should you insure your engagement ring? According to experts, yes. Whether that new piece of jewelry is an elegant princess cut, a timeless oval cut, or a ring on the minimalist side, it was likely expensive, and would be a financial loss for both you and your partner were it to be lost or stolen.
According to gemologist and diamond expert Olivia Landau of The Clear Cut, modern engagement rings tend to start at roughly $5,000 and can exceed $500,000. To put engagement ring shopping in real-life terms, the price of The Clear Cut's average ring is anywhere between $15,000 to $25,000.
Here are five reasons why you should buy that insurance—for your own financial well-being as well as peace of mind.
Potential Loss or Theft
Landau shares that the biggest benefit to insuring your engagement ring is if the ring were ever to be lost or stolen. Of course no one wants to think of this worst-case scenario immediately post-proposal, but if you do have insurance, you're covered and don't need to worry.
"Although you can't replace the emotional and sentimental value of the ring, insurance allows you to replace the dollar value of the ring," explains Landau. And when you're looking at thousands of dollars, that's certainly something.
Just as you'd purchase homeowner's insurance in case of storm damage, insurance for your wedding day bling works the same way.
Ronnie Agami, owner of Universal Diamonds, shares that insurance to cover the costs of a damaged engagement ring is another common reason for insuring them, beyond loss or theft. Agami explains that although it's rare, diamonds can chip or break, so it's best to get covered just in case.
As most travelers will attest, anything can happen while you're on the road or in the air. While you may opt to keep your nicer jewelry at home when jet-setting, many newlyweds or newly engaged folks love the opportunity to wear their new ring in a new place—whether that's on their honeymoon or elsewhere.
By purchasing insurance for your diamond, you can take comfort in knowing that if something happens on your next trip, your ring is covered upon returning home.
Most big adult purchases come in a package deal where the buyer has to also purchase insurance. Think purchasing a new car, starting an exciting business venture, signing for your first home, etc. Insurance is usually the second purchase to follow. So why not treat your jewelry with the same care and caution?
Although you don't have to purchase insurance for your engagement ring, if you do, you'll be pleasantly surprised by its cost-effectiveness, Landau shares. When you think about it, she explains, insurance is to protect your new investment. Purchasing insurance for your engagement ring is cost-effective given the high price of the diamond compared to the minimal insurance costs required.
Peace of Mind
Sometimes, taking solace in knowing something is insured is the biggest benefit of them all. Landau shares that having your engagement ring insured allows you to wear it without the lingering "what if?" each time you put it on.
"Having insurance allows you to wear your ring without worrying all the time," she explains.
Your engagement ring, for many, is probably the first piece of jewelry that you've ever insured. You'll want to ensure the ring to its full value. Agami relays that you should do so through a reputable insurance company such as Chubb, Pure, Travelers, or Jeweler's Mutual. "I prefer insurance companies that let the consumer choose the replacement diamond," Agami adds.
Agami goes on to explain that, just as what type of ring you purchase is a personal decision, so is the insurance company you select to insure the ring. In the event something does happen, you don't want the insurance company deciding what new ring or diamond you'll get.
A pro tip is to have your ring reappraised for insurance purposes and have it appraised for full retail value.
Lastly, if you're wondering whether your partner should be informed that the ring is insured, the answer, once again, is a resounding yes.
"Absolutely," says Landau. "Getting into a marriage is a partnership, and it's great to share that you have your ring insured."