Insuring Your Engagement Ring

How important is insuring your engagement ring? With the average cost for a ring at nearly $5500, insuring your ring is an important step. 

How can you guard against losing your ring? 

• Keep you ring in a ring box if you remove it. 
• Don't take your ring off in public.
• Swimming in cold water will shrink your fingers and can cause your ring to fall off. This is particularly important if you are swimming in the ocean where there isn't a filter to catch your ring. 

You'd be surprised how many women lose their engagement rings. Over 1/3 of women have lost their engagement ring. With numbers this high insuring your ring is critical.

Lavalier suggests the following when choosing your jewelry insurance:

• Make sure you've got an appraisal from a reputable jewelry appraiser. If something happens to your ring, your appraisal is crucial to helping you replace or repair it.
• Do your homework on jewelry insurance options. Homeowner's and renter's policies often have limited coverage, and warranties usually only cover manufacturing defects, not loss or theft. For many newly engaged couples, an insurance policy specifically for jewelry is a great option, especially since it usually costs only 1-2% of the jewelry's value.
• Make sure that your insurer will let you work with your jeweler if you ever need to repair or replace something. Not all insurers do.