Engagement Ring Insurance Guide
Once you purchase the perfect ring, it’s essential to check with your insurance broker to make sure the ring is protected.
Insurance after purchase
Engagement rings can be insured as soon as they are bought, similar to how you would insure a vehicle before getting behind the wheel. When the ring is purchased, you can research and shop for ring insurance. Anything could happen to the ring; especially if you are travelling, so it’s best to insure sooner rather than later.
Check your homeowner’s policy
Most homeowner’s policies frequently cover personal property, up to a particular dollar value. This means high-value items such as engagement rings might not be covered for the full value. Coverage amount is also determined by the value of your ring and where you live (for theft purposes).
If you are currently living with your parents, you can include engagement ring coverage to their property insurance policy. Although, once your fiancé says “yes”, they will need to arrange coverage under their own property policy or their parent’s. If you are planning to move after the wedding, don’t forget to add the engagement ring coverage to your new home policy.
If you are interested in getting more coverage for the engagement ring, you can increase coverage with special limits. You can talk to a licensed insurance advisor and ask if there are different endorsements which can be purchased outside the standard offer. Make sure to ask detailed questions about how much coverage will be provided for these high-value items.
You can also fill out our List of Property form and write down your high-value items to make sure you are purchasing the right coverages.
How to lower the average cost
Insurance companies are concerned about theft. Keep the engagement ring safe by placing it in a safety deposit box or vault when the ring is not being worn. Any important documents regarding the ring should also be locked up.
Get an appraisal
An appraisal is genuinely good to have to know the worth of the engagement ring, the replacement value and add it to your contents list. An appraisal will take into consideration the carat weight, cut, colour, and metal type. Obtaining an appraisal is helpful for insurance companies to make a claim and insure against theft, misplacement, and damages. Be sure to have the ring reappraised every two to three years and visit the same appraiser each time as they should keep a record of the original appraisal.
During this exciting time, it can be easy to get swept away in the romance and planning. Don’t forget to insure the engagement ring as it’s one of your most valuable possessions. Get a quote from one of our Desjardins Insurance agents and learn more about our home insurance.