The most important question, besides the proposal, is: Should you insure that engagement ring? Experts agree that engagement rings are expensive and should be insured. Here’s why.
We flashed you a ring, asked you a question, and you said yes. Lastly, if you want to insure your engagement ring, you need to ask yourself: do you need to? The answer is yes, according to experts. If you lose or steal that new piece of jewelry, it would be a financial loss for both you and your partner, regardless of whether it is an elegant princess cut, a timeless oval cut, or a ring on the minimalist side.
Modern engagement rings start at about $5,000 and can go up to $500,000. This is according to Olivia Landau of The Clear Cut, a gemologist and diamond expert. A typical engagement ring at The Clear Cut costs anywhere between $15,000 and $25,000.
Here are five reasons to buy that insurance – for your own financial security as well as your own peace of mind.
Potential Loss or Theft
It is important to insure your engagement ring in case it were lost or stolen, says Landau. No one wants to consider this worst-case scenario immediately following a proposal, but if you have insurance, you are covered.
In spite of the fact that you cannot replace the sentimental value of the ring, insurance allows you to replace its dollar value, says Landau. That’s certainly something when you’re talking about thousands of dollars.
A wedding day bling policy works similarly to homeowner’s insurance in case of storm damage.
According to Ronnie Agami, manager of Universal Diamonds, another common reason for insuring engagement rings is to cover the costs of a damaged ring. Even though diamonds are rare, they can chip or break, so it’s best to be covered just in case.
Travelers will attest to the fact that anything can happen while they’re on the road or in the air. Although you may opt to leave your nicer jewelry at home when traveling, many newlyweds or newly engaged folks take advantage of the opportunity to wear their new ring in a new setting, whether it’s on their honeymoon or somewhere else.
If something happens to your diamond on your next trip, you can rest assured that it will be covered when you return home.
A large majority of big adult purchases include insurance as part of the package deal. Imagine purchasing your first car, starting a business, or signing for your first house. Insurance is usually the second purchase to follow. So why not treat your jewelry with the same care and caution?
Purchasing engagement ring insurance isn’t necessary, but if you do, you’ll probably be pleasantly surprised at the cost-effectiveness, says Landau. When you think about it, she says, insurance is for the protection of your new purchase. Given the high cost of the diamond and the minimal cost of insurance, buying insurance for your engagement ring is a good decision.