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Why You Should Insure Your New Engagement Ring

Groom placing a ring on a woman's finger
Say "I do" to wedding coverage.

Congratulations! After saying “I do!” you’ll want to make sure you’re looking out for your future life together, and that includes insuring that beautiful new piece of jewelry. Here are a few tips for getting your engagement ring insured, without a lot of fuss.

  1. Keep all your receipts.

Did you buy from a local store, a designer, or get a ring handed down from a dear relative? Keep any and all receipts from purchases, cleanings, sizings, or even just fixing up a few older settings. You’ll want to keep a clear paper trail on everything that went in to the ring to make it magical. Keep them with any important documents, and consider scanning them electronically and keeping them in the cloud or on a secure external disk for good measure.

  1. Get the ring appraised.

A good jeweler can help appraise even the most heirloom of engagement rings, no receipt needed. A jeweler may want to send your ring off to a reputable organization like the Gemological Institute of America (the GIA) for examination, especially if it has potentially rare or large stones.

Your appraiser will need to examine the ring and stones for color, cut, clarity, and carat weight (the 4C’s of diamonds), but that’s not all. Your appraiser will also look at the metals used, the quality of those metals, and make a list of all distinguishing marks and characteristics. This will help you in case your ring is ever lost or stolen, too. Usually an appraisal will cost between $50 and $100.

Need help finding an appraiser nearby? If you didn’t get one through a local jeweler, contact the American Gem Society for their recommendations.

  1. Talk to your broker to find the perfect insurer.

A great broker, like those at PayneWest Insurance, can answer all your questions about getting the right policy. According to, good questions to ask when picking out an engagement ring insurer include:

  • Can I choose who repairs my ring?
  • If I’m insured for replacement (instead of a cash payout), where can I purchase a new ring?
  • What happens if a suitable replacement can’t be found?
  • How will I need to prove the ring vanished if I make a claim?
  • Are there any circumstances that aren’t covered?
  • Will I continue to be insured when we are out of the country (like on a honeymoon)?
  • Are we covered for damage or just loss/theft?
  • Will the policy adjust according to inflation?
  1. Be smart with your new ring.

While there are cringeworthy videos online of proposals gone wrong and rings lost in rivers, waterfalls and even subway grates, there aren’t many of rings lost while in the wrong place months later. If your ring is precious to you, be smart and leave it locked up at home (try a small home safe for extra protection, not just your bathroom counter). Don’t wear it in places where it could get easily stolen or lost or even just damaged. That epic whitewater rafting trip? Maybe leave the ring at home and enjoy some time on the river without that sparkler.

  1. Trust a good policy and update it when needed.

When you have a great engagement ring, you sometimes add to it with a new piece of jewelry for anniversaries or special occasions. If you do add to your collection, don’t forget to update your policies. You don’t want to be caught underinsured for such a precious piece of your life together!


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