Congrats — now that you’ve finally found the diamond engagement ring that perfectly shows how much you love your bride-to-be (or as much as three-month’s salary will tell her), don’t forget that final, but very important, step in the ring-buying process: jewelry insurance. There are several ways to handle this. There are a variety of different companies that specifically sell insurance for jewelry. To find one, try a simple search online, in the phone book or simply ask the store where you purchased the ring. A lot of times wherever you buy the ring (especially if it’s a retail store) will have deals, or if nothing else, a recommendation of a reputable insurer. Ring insurance should run between $50 to $150 per year, depending on the value of the ring.
It’s very important to have some sort of insurance for the ring up front, but once the wedding day is over, consider looking at other options such as adding it to your homeowner’s or renter’s insurance policy. You may find that going that route can be a better deal. Just remember to keep the appraisal in a safe place so you don’t have to get the ring it appraised again if you switch insurance companies. You’ve spent a lot of time finding her the perfect ring, take 10 minutes and make sure you have a good insurance policy for it in case something happens.
This is an incredibly busy time in your life. Do yourself a favor and go with an insurance company that the jewelry vendor recommends. The store may even be able to set it all up right then and there. This way, it’s done and taken care of and you won’t need to worry about it again for at least a year.
