How to get your engagement ring insured
Or, does my renters insurance cover jewelry? Before you start planning your celebration, take a look at our guide below to learn how to protect this important piece of jewelry—consider it our gift to you. Happy engagement!
Does renters insurance cover your engagement ring?
The short answer? Yes. A typical renters insurance plan covers the “contents” of your home—your furniture, clothes, and belongings—up to a point. Base plans typically cover those items up to a certain monetary value, and they protect them from several “perils” (i.e., causes of loss). The most common perils are fire, various types of water damage, and theft.
Why might you want additional coverage for insuring engagement rings?
- There are a few reasons why you might want extra coverage for your belongings, but the two most common ones are: If you have an item that is more valuable than the coverage limit.
- If you want to protect an item from a non-covered incident, such as losing it or breaking it.
In the case of an engagement ring, you’d probably want additional coverage for both of these reasons.
First, engagement rings are usually big-ticket items—more expensive than your average piece of jewelry—which means your base plan may not cover its full value.
Second, while your base plan may provide insurance for your wedding ring in the case of damage caused by a fire, burst pipe, or theft, it may not cover it from simply losing it while you’re on vacation. That’s because losing your ring would be categorized under the peril of “mysterious disappearance,” the technical insurance term for a situation when an item vanishes without explanation—you don’t remember losing it, and there’s no evidence that it was stolen. You probably don’t need mysterious disappearance coverage for your new mattress, but it’s great to have for small things that might disappear without a trace, like an engagement ring.
What exactly is “additional coverage” for insuring jewelry, and how do you get it?
Insurance providers generally call this additional coverage an “endorsement,” which is an “attachment” to an insurance policy that modifies it for special circumstances (like insuring engagement rings), if it’s more valuable than the coverage limit, or if you want to protect it from situations not normally covered.
At Jetty, we offer this additional coverage for insuring engagement rings and other valuables through what we call our Valuables Protection Power-Up. After you add this Power-Up to your plan, we’ll ask you for basic information about your ring, like the name or model number, a receipt or an appraised value, and a photo. This is called “scheduling” the ring—in other words, you’re specifically calling out insurance for your wedding ring within your plan so that if something happens to it, we have proof you actually own it, and we’ll reimburse you for the full value of the ring.
How do you get an appraisal for a ring?
Before you get engagement ring insurance, you’ll likely need to get the ring appraised (or show proof of receipt). Now you may be wondering how to appraise a ring.
The first step is finding a professional. There’s no licensing body for appraisers, so you’ll need to do a bit of vetting yourself. Look for someone who has more than just a good reputation (though that’s important, too!). There are multiple national appraisal associations that require their members to have a graduate degree in gemology.
Start by contacting one of those organizations and asking about appraisers in your area. Your valuables plan will be priced according to the value of your item, so while it might be tempting to inflate an appraisal while insuring your jewelry and be covered for more than the cost of your ring, you’ll only be taking money out of your own pocket. A more expensive item will cost you more money to insure.
And don’t forget—a ring isn’t just a symbolic investment in your future, it’s a financial investment, too. Your ring’s value is likely to change over time, so it’s smart to figure out how to appraise a ring correctly the first time, and then have it re-appraised every few years.
Who is responsible for insuring the engagement ring?
When a couple doesn’t live together, deciding who should insure the engagement ring isn’t about who’s better at paying bills on time, or who currently has a shorter to-do list; it’s about who has the ring in his or her possession.
If you’re buying a ring to give to someone else, it’s a good idea to get engagement ring insurance (by “scheduling” the ring on your plan) while it’s in your possession.
Once that ring is on your significant other’s finger, they’re responsible for insuring it because it belongs to them. When a couple does live together (before or after they get engaged), they just need to make sure that they’re both on the policy and that the ring is “scheduled,” which means specifically calling it out as an insured valuable under the plan.
Anything else you should know about insuring jewelry?
There’s one other reason you might want to add the Jetty Valuables Protection Power-Up as insurance for your wedding ring: a lower deductible for your ring. A deductible is the amount that you need to pay out-of-pocket before your insurance kicks in. If your renters insurance has a $1,000 deductible and you file a claim for $5,000 worth of damages, you’ll be responsible for paying the first $1,000, and your insurance will reimburse you for the remaining $4,000. But because the Valuables Protection Power-Up can be specific to insuring your engagement ring and other valuables, it carries a much lower deductible: $100.
Is that it?
Pretty much. Getting engaged is a big step, and you’ve likely got lots of stress and excitement coming your way—in fact, you’re probably stressed and excited already. With Jetty, you’ve got plan options for engagement ring insurance that will protect your investment and give you one less thing to worry about. We’ve got you covered.