Ask the Editor: Should I insure my engagement ring?

Ask the Editor: I get this question all the time -  Should I insure my engagement ring? 

To answer honestly, it is a truly personal and individual decision.

Gorgeous 2 carat Vintage Solitaire from Era Gem

The scenario: He dropped to one knee, said those magic words "will you marry me," and opened up a box to reveal a seriously blingTASTIC ring worth a down payment on a new set of wheels....or a perfect diamond picked especially for you in a modest setting that fits your personality. Either way, you have some serious value, monetarily and sentimentally, sitting there on your pretty little finger.

Photo via Ultimate Destiny of Love

To insure or not to insure, that is the question and my answer: it all depends on your available money, the ring itself and the importance it plays in your life. And while as unromantic as insurance sounds, your peace of mind may be worth it!

What is ring insurance? An insurance policy covers the monetary value of your engagement ring in the event of damage or loss.  Renter's and homeowner's insurance covers items in your home but only up to a certain amount, potentially below the value of your engagement ring. This means you'll need to purchase an additional extension or rider just to cover it separately. Talk to your insurance agent.

You can also insure your ring through a speciality jewelry insurance company, which may cover more than general homeowner's insurance. Most will replace your ring instead of just handing over the cash. I've heard AAA will cover you for less that $100 a year! Worth the investment, I'd say.

Photo via Wedding by Color

Who Should Buy: Anyone with jewelry with perceived value, be it $500 or $50,000 and when the sentimental value outweighs the dollar amount.  Purchasing an insurance policy not over covers you financially but also says what your ring stands for is important to protect. Rings can be replaced but sentiment is priceless.

Questions To Ask Before You Choose a Policy: (from The Knot) 

 - Is the ring covered if you lose it accidentally, or only if it's stolen? How will the company replace the ring -- with a check? Or will they require you to purchase a replacement through a specified jeweler? 

 - What if it's a vintage ring or other unique piece? How will the quality and size of your diamond -- and that of a replacement if needed -- be documented? 

 - Is the ring insured to full cost or a fraction of it? 

 - How will you need to prove the ring vanished if you make a claim? 

 - Are there any circumstances that aren't covered? 

What you should know: Remember to keep your receipts; you'll also need to get an appraisal.  Ask your jewelers if they provide coverage through their own insurance company. Remember to read the fine print and make sure your rings are covered in all situations from theft to loss to that pesky little trash disposal! If you are moving after the wedding, make sure the coverage policy follows you to your new home.

Photo via eHow.com

Costs:
You can usually expect to pay $1 to $2 per $100 that it would cost to replace your rings. The higher the replacement value, the higher the yearly cost....simple math, although it may be higher in cities with higher theft rates.

Bottom line, if you can't afford insurance, keep your ring at home in possible ring threatening situations.

The ultimate question is how much is your engagement ring worth to you. I was looking at my own wedding rings the other day and 100% visualizing the possibility of losing or damaging them. I thought WHOA, it could really happen and why am I not prepared....and less because of how much money the hubs invested in them but more for how much I have invested in them emotionally.

Insuring your engagement ring may be an extra cost you don't need OR you may be the kind of person who won't step outside without a signed policy close at hand. Either way, think about it, ask questions and keep your sentimentals safe.

Happy Engagement,