If you're newly engaged, or if you've just bought a ring and are about to propose, first of all, congratulations! And second of all, have you considered engagement ring insurance?
If you're like most couples, you've followed the age-old rule and spent three times your salary on the perfect diamond. In this case, consider it an investment and consider protecting it! Read on for some pros and cons, and how to go about insuring your engagement ring!
There are a lot of questions to consider along with this happy time of getting engaged. Things like: What happens if someone steals the ring? What happens if you lose it or it gets damaged? You should consider the ring an investment and an asset now as well. You want to make sure it is properly protected, as well ensuring that nothing happens to it.
The benefit of engagement ring insurance is the same as many types of insurance and that is peace of mind. Although you hope you never need to put it to use, having a bit of a safety net can help soften the heartbreak of anything happening to your ring.
As with most things in life, the con comes with the money involved. Essentially, you need to analyze the cost of insurance as compared to the ring. The rule of thumb is to pay $1-2 for every $100 you spent on the ring. For someone who splashed out on the ring, paying $900-1100 a year to replace it may not seem like a frivolous expense, but rather a responsible choice.
A few factors need to be considered before you make your decision, and these include the likelihood of something happening to the ring. Do you have a very hands-on profession where you're consistently taking off your engagement ring; therefore the chances of loss are higher? Do you live in a city with a higher crime rate and have concerns of theft? Evaluate your own needs and situation to make a well-informed decision.
How to get ring insurance
If you have decided to go ahead with purchasing engagement ring insurance, it is not difficult to arrange! If you already possess homeowners or renters insurance, you may be able to simply add an extension (also called a 'rider') to cover the ring specifically. If they don't offer the specific insurance you're after, there are independent insurers that you can utilize, such as Jewelers Mutual. Begin by having the ring appraised so you are well aware of the cost and therefore the cost to cover it. Don't forget to have the piece reappraised every few years, as it may depreciate in value and your coverage needs may change.
Evaluate all insurance needs as newlyweds
After making this step; it may be a good time to evaluate all of your insurance needs as a newlywed couple! Think about your home, possessions, health and lives. You may even want to consider your new, expensive wedding gifts and what kind of protection you may need for your shifting status. Along with the joy of the proposal and excitement of the next chapter comes making sure everything important to you is well taken care of in any case of emergency!
Style Me Pretty Contributor - Goli Parvinian is a bridal enthusiast and masters student living in Melbourne, Australia. Over the past few years, she has worked for bridal brands in her hometown of Chicago, New Zealand and New York City. You can typically find her in a cafe, face-timing her nieces or out on a long run.