Getting engaged is an exciting time for both the recipient and the giver. It’s easy to get swept up in the excitement of the proposal, but there are many steps that you need to take to make sure that everything goes smoothly. One of these steps is to think about protection for your new ring. Engagement rings are not cheap.
Should You Buy Insurance for Your Engagement Ring?
Experts say that an engagement ring should be insured. It’s always important to consider the various types of jewelry that you choose to purchase because they could be expensive and difficult to replace if anything were to happen. If your ring gets stolen or lost, both you and your partner would be financially devastated. This is why it’s best to cover all of your bases and get your new investment insured.
According to Olivia Landau, a diamond expert and the founder of The Clear Cut, the average cost of an engagement ring today is around $5,000 to $25,000. She noted that the average cost of an engagement ring can go up to $500,000. Due to the high cost of beautiful rings, it’s crucial to get engagement ring insurance from a reputable company.
5 Reasons to Get Insurance for Your Engagement Ring
1. Potential Theft or Loss
No one wants to lose their engagement ring. However, it can happen to anyone. One of the biggest advantages of having insurance is that it will cover the cost of your engagement ring replacement if it gets stolen or lost. Even though no one wants to think about this scenario immediately following a proposal, having insurance can help minimize the impact of this potential loss.
Although you can’t replace the sentimental and emotional value of an engagement ring, having insurance can help minimize the financial impact that it can cause.
2. Damage Protection
Similar to having insurance for your home, having insurance for your engagement ring can help minimize the financial impact of a potential loss. Another benefit of having insurance is that it can cover the costs associated with a damaged engagement ring. Although it’s rare for diamonds to break or chip, having this type of insurance can help protect your investment just in case.
3. Travel Insurance
Many people who are newly engaged or married enjoy the opportunity to wear their rings in a new location. They want to show it off and enjoy wearing it. However, this puts your ring at risk of getting lost while you’re traveling. Instead of leaving it home, you can insure it and wear it proudly.
Having insurance for your engagement ring can help minimize the financial impact of a potential loss. It can provide you with peace of mind knowing that your jewelry is covered if something unfortunate happens to it while you’re away.
4. Cost-Effective
When it comes to making a big purchase, such as a car or home, the buyer usually has to purchase insurance. This is typically the second purchase that the person follows. In other words, why not treat your jewelry the same way?
The price of most types of diamonds is high. Due to this, having insurance can be cost-effective if you’re planning on purchasing an engagement ring.
5. Peace of Mind
Being able to wear your engagement ring without the worry of what might happen to it is one of the most important benefits of having insurance. According to insurance agents, having this type of insurance can allow you to put it on without the thought of what might happen while wearing it.
An important factor you should consider when it comes to having insurance is the protection of your engagement ring. It’s important to have this type of insurance so that it can provide you with the best possible replacement in the event it gets lost or stolen. It’s recommended that you purchase insurance from a company that allows customers to choose a replacement diamond. This will ensure you get the same type of diamond.
Getting an engagement ring can be exciting. It’s a token of love and a big investment. Having your ring insured by a reputable insurance company should be a no-brainer. For insurance purposes, ring owners should have the ring appraised for the full retail value.
