Engagement season is upon us and that means 40% of you newly engaged couples are going to get an engagement ring. If you didn’t know, November to February are the biggest months to scream YES!

If you find yourself rocking a new shinny rock you might want to get it insured. One of the most common mistakes made is to assume your engagement ring is insured by your regular homeowners insurance. We don’t want to leave that to chance.

Having your ring insured offers you the peace of mind when you needed it the most. Lost your ring while having too much fun at your bachelorette party? Someone saw your engagement on social media and robbed you? Did you lose part of your stone? Having an insurance policy for your ring can help save the day.

1 – Get Insurance As Soon As Possible

While you’re on cloud 9, you may not be thinking about getting insurance. All you want to do is take ring selfies for the world to see. While that might be OK, would you drive a car out of a dealership without insurance? Would you wait until a life threatening situation happens before getting life or medical insurance? Your engagement ring is just as important and the sooner you insure it, the better.

2 – Choose The Right Insurance Provider

The most common provider is your homeowners or renter’s insurance. Speak to your representative and see if they have this as an option for you. If your insurance company doesn’t insure jewelry or you don’t have a policy, check out our friend Ray Manfredi of Allstate. He has the perfect plan for wedding rings.

3 – How Is Your Insurance Price Determined?

The price of your new policy may have a few variables. Where you live (thefts in that area), value of your ring, and your deductible can all be variables. Like your car insurance, policies with little or no deductible tend to have a higher monthly premium. You should also be aware of what is included in your policy.

4 – What To Ask Your Insurance Provider?

Here are some easy questions to ask your provider about your engagement ring insurance policy:

  1. Who will repair my ring?

  2. Where can I purchase a new ring if I don’t get a cash payment?

  3. What is the claim process like?

  4. What situations would prevent me from being covered?

  5. Does this include damage and loss?

  6. What else should I know?

5 – Get Your Engagement Ring Appraised

When you are dealing with a ring and want to get a policy it’s important to know the value of your ring. You can’t protect your ring when you don’t know its true value. A thorough appraisal will go over every part of your ring. From the metal to the carat weight to the clarity of the diamond(s). If your ring is worth $5,000 or more, your insurance company will require you to get an appraisal.

It’s also critical that your appraiser is certified. Ideally you want someone with a degree in Gemology. The Gemological Institute of America is a great resource for you. Don’t forget to get your ring reappraised as the years go on. The value of your wedding ring can go up so you want to be sure the value is covered.