If you have renters or homeowners’ insurance, they cover the items in your home up to a certain amount.
Your insurer will be able to offer you an extension or rider to your current policy to cover the more expensive items in your home like an engagement ring, electronics and art. There is also the option of contacting a company that specializes in insuring jewelry.
The cost of insuring jewelry depends on how much the jewelry cost and how likely it is to be stolen. Yearly costs are pretty low; only $1 or $2 for every $100 that it would cost to replace it. If you have a safe or vault for storing your jewelry, then it could reduce your rider insurance fee.
Should you insure the ring before the wedding, contact the insurer so they can move the rider policy to the new house. If you don’t have a homeowners’ or renters’ policy, then you can ask the jeweler to recommend a jewelry insurer.
Before you purchase the policy, you will want to ask if accidental loss is covered as well. In some policies, it is only covered if it is stolen.
It is important to also find out what you need to do to prove that it is gone. Once you have submitted your claim, it is also important to know how you will receive the replacement benefit.
Another question to inquire about is if the ring is would be replaced at full cost or just a fraction of it. You may also want to check to see if special circumstances covered, for accidental damages. If your engagement ring is vintage, additional information may be required for replacement. Be sure to know what documentation you will need in advance.