Insuring Engagement And Wedding Rings: Things You Need To Know

Aug 26, 2020 | Lifestyle

A wedding is one of the most important and memorable milestones in one’s life. For a lot of people, getting married to the most important person in their lives is one of the best things they could ever wish for in life, more than fame and fortune.

Most couples spend thousands of dollars on engagement and wedding rings. The typical engagement ring costs about $5,900 and above. Add in the wedding bands and the $1,500 jewelry coverage from most standard homeowners’ insurance just won’t cut it.

Even if you see the best USAA, Farmers, or Kin customer reviews and how excellent their policies and riders are, when it comes to wedding bands and engagement rings, you need to get special insurance to protect not just its financial value but its sentimental value as well.

Insuring Wedding Rings: Things To Look For

Like in any contract or transaction, the fine print always matters. When it comes to looking for the right policy provider, make sure to consider the following before making a final decision.


In most cases, riders or floaters for standard homeowners’ insurance only cover fire and theft. There are a lot of other options that provide a wider range of coverage including accidents and loss. Be sure to ask insurance providers what the extent of their coverage is and if any other notable circumstances can be included in the policy you’re getting.


Ask the policy provider how they go about replacements. Are you the one who will look for your wedding band replacements from certain jewelers or will they be the ones to do the work for you? Will they allow you to choose a check as compensation? How about partial loss or repairs? Will they cover it as well?

You need to make sure that you evaluate and clearly understand the replacement policy against your sentimental and financial concerns.

Value Assessment

As far as the assessment of your ring’s value is concerned, ask the provider how they plan to go about with its endorsement? Will they only consider the original purchase price or will they go with the current appraisal value of the item?

Documentation Requirements

For you to make the claim process easier, you need to prepare the necessary documents somewhere safe but easily accessible. Ask the policy provider what documents are needed for filing a claim. Typically, these include the paperwork that shows proof of ownership such as receipts, updated appraisals, and photos.

Get Them Appraised

Speaking of appraisals, you need to have your engagement ring and wedding bands appraised because insurers require them before processing any supplemental insurance coverage. You may have them appraised at the store where you bought them from or go to an independent appraiser.

Check out the appraisers’ directory from the American Gem Society to help you find one near you.

Considering how much engagement and wedding rings cost, insuring them is a prudent and wise move. Make sure to comb through the fine print of different policies to help you make a well-informed decision and that you end up with the best policy that suits your needs.


– a contributed post

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