
You’re Engaged! So….now what?! Hopefully before you start posting on social media the great news, notify your close friends and family personally. Most likely, your inner circle will already know before he popped the question, and be relieved that they don’t have to keep the secret from you any longer.
The less romantic but more practical side of safeguarding your new bauble is to get it insured. This applies to rings that have significant monetary value and/or sentimental attachment (ie. a family heirloom that has been handed down generations).
There are several ways to insure your jewelry, beginning with an extension of your renters’ or homeowners’ policy which is also known as a “rider”. Some couples are just starting out and don’t own a home just yet. They can insure their ring through their parents’ home policy or find an insurer that specializes in jewelry as a stand-alone item. If you do purchase a rider, whether it’s through your home or your parents’ home, make sure that you update your rider to follow you to your most updated address.
The average cost of insurance is $1 per $100 value of the ring. So let’s say your ring cost $12,000 the insurance would be roughly $120-$150 per year depending on the area where you live and the average rate of theft in that neighborhood.
Like most insurance, there are policies with or without deductibles. If you decide to go with a policy that has a deductible, it’s a good thing to ask which types of repairs contribute to this deductible. You may also want to know if your policy has restrictions in terms of who can repair your ring and also what stores can replace your ring if it is lost or stolen.
Be sure to read the fine print and find out what kinds of losses the insurance policy will cover – accidental loss and/or theft, does the policy replace or give a cash payout for the ring, and what’s the process in filing a claim if needed. Hopefully you’ll never have to use the insurance but it’s always better to be on the safe side.

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