Is Insurance for an Engagement Ring Necessary?

You spent time planning and selecting the perfect engagement ring from an engagement ring store in Toronto for your special loved one. You have decided how you are going to pop the big question and have planned every detail of your proposal. You are looking forward to seeing the look of happiness and joy on her face and the last thing you want is something that could affect this perfect time in your life.


However, you need to be prepared for anything and protect your investment. This is why insuring the engagement ring is important. You would be surprised by how many people never even take the time to consider insuring engagement rings. Then, something unexpectedly occurs, like the ring is misplaced, lost, or worse stolen during a robbery of your home.

Whether you paid $500 or $50,000 for the engagement ring, getting it insured helps protect the ring’s actual value. There a few different options for insuring a ring. You could check with your renter’s or homeowner’s insurance agent to see if they cover engagement rings. Some policies do allow you to add jewelry, but in most cases, this type of coverage is a separate extension of the existing policy.

The other option is to purchase jewelry insurance from a company which specializes in jewelry coverage. These types of companies sometimes are able to provide better coverage than what you would get through your regular insurance agency. For instance, rather than just providing a cash settlement for the ring, the policy could have a clause allowing you to have the ring custom recreated. In addition, the policy could even cover damages to the ring so you can have it repaired.

How to Get an Engagement Ring Insured

It is not difficult to get your engagement ring insured. You will want to get the ring appraised and obtain documentation detailing the ring’s actual value. You will need this documentation to obtain insurance coverage. Sometimes, a receipt from certain engagement ring stores is also acceptable. However, if the value of the ring is actually more than what you paid, having it appraised is highly recommended.

Next, determine whether adding the ring to your existing insurance or purchasing a separate plan is best. Make sure to ask your insurance company exactly what is covered. They may only reimburse you for theft, but not in cases where the ring is lost or damaged. Find out what information they would require should you need to file a claim to prove the ring was stolen, lost, or damaged. It is also beneficial to ask if the insurance company will reimburse the full value of the ring or only a portion of it minus a deductible.

With engagement ring insurance, not only do you protect the value of the ring, but also your peace of mind. For assistance in choosing an engagement ring or to have one appraised, please feel free to stop by Serli & Siroan or call us at 416-944-3863 today!