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Marriage and Money

Understanding the basics for protecting your treasures

You've secured your relationship by placing a ring on her finger; now be sure to secure the ring's value with the right insurance policy. Find out more about your options.

Congratulations on your recent engagement! This is certainly an exciting time in your life and one that you'll want to celebrate. However, before you begin making wedding plans, take the time to protect your stunning new ring with the right insurance policy. The following are a few basics to help you select the right insurance coverage for your engagement ring.

Policy options

If you're a homeowner or renter, an easy and cost effective way to immediately insure your new ring could be to add a rider onto your homeowner's or renter's policy. Unfortunately, many people assume that they'll automatically have coverage for jewelry under the personal property provision of their renter's or homeowner's policy. The fact is, many of these policies typically have a very limited amount of coverage for jewelry, so your ring may not be insured up to its full value. For this reason, it's best to contact your agent and have your ring scheduled onto to your policy by way of a rider. You may also have the option of buying an insurance policy by way of a jeweler - perhaps where your fiancée purchased your ring.
Tip:Get your ring appraised and be prepared to provide a copy to your agent.

Getting the right insurance coverage for your ring

Not all insurance policies are created equal. Whatever route you choose to secure coverage, it's important that you ask questions. The last thing you want is to file a claim and find out that you aren't covered for a specific loss, or that you have underinsured your ring. Here are a few general questions you should ask prior to buying a policy:

  • Will you have coverage if your ring is lost or only if it is stolen?
  • Are you covered if your ring is damaged?
  • What type of evidence is needed to file a claim on a lost or stolen ring to prove that it has vanished?
  • In the event of a claim, will you receive the full replacement cost value of your ring or just a portion of your loss?
  • Are there any exclusions to the policy? If so, what are they?

Tip: Once your policy issues, read the fine print. If something doesn't look right, ask questions.

Getting coverage for your new engagement ring isn't difficult. The main thing is not to wait until the unexpected happens. Policies are typically based on the value of the piece of jewelry, and can be relatively inexpensive when you consider the cost to replace your ring.



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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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