Aside from the “big question,” there are a few other important questions to ask when you’re thinking of getting engaged. Yetter is here to provide you with the what, the who, the why, and the how for ring insurance.

What is it? 

There are two commonly used ways to insure an engagement ring. The first is through a rider, or extension, of your renter’s or homeowner’s insurance policy. Your existing homeowner’s policy provides coverage for items in your home, but only up to a certain dollar amount. Purchasing a rider would provide additional coverage against theft.

The second option would be to purchase a personal inland marine policy. This policy is separate from existing homeowner’s and renter’s insurance policies, and provides coverage against theft, misplacement, or loss of valuable items, such as furs, jewelry, and watches.

To learn more about these policies, click here.

Who needs it?

This one is fairly straight forward—if you’ve already bought, or are planning to buy an engagement ring, you need ring insurance.

Why should you get it?

Purchasing a ring insurance policy not only honors the monetary value of the item, but also what the ring itself represents—protection and security for something you love and cherish. Although the sentimental value cannot be replaced, in the case of loss or theft, insurance can cover the cost of replacement.

How do you get it? 

In order to insure a ring, you’ll need to provide the receipt and an appraisal. The appraisal can be done by a certified gemologist and costs a small fee.

Things to Remember: 

  • If you insure the ring through your homeowner’s or renter’s insurance, make sure to update your policy if you move.
  • The yearly cost of insuring a ring is $1-2 for every $100 it would cost to replace it.
  • Keep your insurance and appraisal paperwork in a safe place so you can access it in a time of need.

To learn more about ring insurance and other policies at Yetter Insurance, give us a call at 570.296.8329 or visit our website.