By, Tabitha Miki FDI Head Floral Designer

You’ve seen it; those chrome rims, detailed body, brand new slick paint job, leather interior, 0-60 in nanoseconds. You’ve ooohed and aaahhhed, then finally the day arrives when you are able to purchase her! You have spent hours tirelessly researching her, and researching the best insurance policies to protect her, that speed demon, black Hellcat Challenger! Not a muscle car enthusiast? Insert car of your dreams here, (haha…), but you get the point. It’s the same principle for buying that all important item to enter into the next phase of your life: the engagement ring! You both have poured over magazines, social media, and countless jewelry shops; so why not protect that investment? Hopefully, if you are reading this you have the engagement ring handy (and insured), before planning your surprise dream destination proposal in Hawaii!

Etiquette:

So who is responsible for insuring the engagement ring? In the beginning, before you gentleman actually present the ring to your love, it is your responsibility to guard it! That means finding the right policy to protect that hard earned investment! (More on that in a minute). After accepting his romantic proposal, it is the ladies job to insure the ring!

How do I insure it?

Step 1: Hold onto that receipt gentlemen,but also find a GIA certified appraiser that does ring appraisals. They will give you the appraisal value based on the gem as well as the value of the metal. It is a good idea to appraise often, as metal and gem prices fluctuate.

Step 2: Find a reputable insurance agent, if you don’t already have one. You are able to insure your engagement through a homeowner’s or personal property coverage of a renter’s policy. However, there are limits as to how much is covered and what is covered!

Before you start planning your surprise dream destination wedding proposal in Hawaii, please be sure to look into insurance policies to keep your new shiny safe.

Its important to read that fine print of any insurance policy! For example a $2000 ring may only be covered up to $1000 in a renter’s policy. So for a $2000 ring, you may only have $1000 of it covered! Renters’ policies also may have sub limits for jewelry so it is a good idea to discuss this with your insurance agent.

There are also coverage called “floater”, “rider”, or endorsement policies; in insurance agent terms it is called “Scheduled Personal Property Coverage”. Basically, it ensures that you are given the ring’s full appraisal value to cover the ring should you need to file a claim.

Another option is insuring it through a Jewelry Insurance Company which specializes in this area! They usually offer policies with coverage that include theft, damage, loss, preventative care, and mysterious loss.

What is covered?

Insurance policies normally come with limits. For example, the personal property coverage of renter’s policy may have a $60,000 limit but have a sub-limit of $1000 for jewelry. It also may cover, theft, and covered peril, like a fire, but not damage caused by wear and tear.

It’s important to check your policy and discuss with your agent to best protect your ring!

What does it cost to insure?

While cost always remains a factor, can you really afford not to insure one of the most important investments you have made? Fortunately, it is not as costly as you would imagine. Generally, 1-2 percent of the ring’s value. A $2000 ring would cost $200 per year to insure.

So ladies and gentlemen,just as you do to protect that dream car and/or dream home you have worked so hard to procure: Insure, Insure, Insure that ring!

Information gathered from:

1. Is Jewelry Protected by Renter’s Insurance

2. The Best Engagement Ring Insurance