DO I NEED TO INSURE MY ENGAGEMENT RING?

But on the practical side, an engagement ring is a big financial investment. Even if you’re careful, life has a way of serving up surprises. Your ring could slide down the kitchen sink while washing dishes… get swept away in the waves at the beach… get stolen… or even be eaten by the family dog. (Trust us – we’ve seen it all.)

The good news is that there are practical ways to protect those expensive, hard-to-replace items like your engagement ring.

Stay Brilliant

Losing a ring – or losing a stone from the setting – is a more common reason for filing an insurance claim than having the ring stolen. Many times, common mishaps leading to total or partial loss of your ring can be prevented by routinely inspecting it.

Loose prongs are a leading culprit in the loss of gemstones. Getting caught or snagged on clothing or equipment can bend the metal that holds your diamond in place, and routinely inspecting your ring with a magnifying glass can give you an early jump on potential problems.

Even better, a professional jeweler can give your ring a more thorough checkup and will usually provide a bundled buff and shine to bring it back to like-new condition.

Stay Fit

One popular way to lose jewelry is during a workout.

Many of us are reluctant to remove our jewelry — whether for sentimental or practical reasons — but many of us also know someone who lost a bauble on their morning run or during a regular workout.

You don’t want your engagement ring to go among the missing as a cost of staying fit. Removing and safely storing your ring before a fitness session can save you a lot of frantic unhappiness.

If you can’t leave the ring at home (if you hit the gym on the way to work, for example) be sure to store it on a chain while you work out. If you choose to hang the chain in your locker instead of around your neck, make sure it’s secured behind a hefty lock.

Stay Covered

Many people wonder if their homeowners insurance covers engagement rings. The answer largely depends on how much the ring is worth.

In most cases, standard homeowners (and renters) insurance only covers theft of jewelry to a specific dollar amount – an amount known as the “sublimit.” This covers any single piece of jewelry or the total amount lost or stolen.

However, many engagement rings are worth more than the average insurance sublimit. According to The Knot, in 2022 the average couple spent $6,000 on a new engagement ring.

With that in mind, it’s a smart decision to consider insuring your engagement ring on its own — a coverage option known as “scheduling.” When you schedule a piece of jewelry, such as an engagement ring, you can insure your jewelry based on its cost or appraised value, rather than limiting coverage to the sublimit associated with a homeowners or renters policy.

On average, ring insurance costs $1 to $2 for every $100 your ring is worth. That means an insurance policy for a $5,000 ring would typically cost around $50 to $100 per year.

Stay Current

Always save the receipt for your ring and any appraisals you’ve had done on it. This can give you an idea of how much you should insure your ring for, as well as document any unique identifiers for your ring if it’s ever lost or stolen. An appraisal will typically look at the ring’s stone shape and quality (measured by carat weight, color, cut and clarity); metal type and fineness; and any identifying marks, such as an engraved serial or certification number.

Generally speaking: If your ring is worth less than $7,000 and/or newer than seven years old, then you don’t need to get it appraised.

However, fine jewelry usually appreciates in value over time, so reappraise your ring periodically after that seven-year mark to make sure you’re still insuring it for the right amount.

As always, though, keep your insurance agent apprised of any important life changes. Big changes like getting married or changing jobs can change your coverage needs, and understanding your insurance is an important part of successfully navigating change.

Stay Smart

When it comes to cost, ERIE gives you options. You can save money on your premium by choosing from a range of deductibles – the amount of money you’d be willing to pay out of pocket toward an insured loss. Or, you can opt to have no deductible at all (and pay a little more in premium). It all depends on your personal preference and financial situation.

Your Erie Insurance policy is our pledge to be there when you need us. You can sleep better at night knowing we’re there to protect everything that matters most. Request a quote for personal valuables insurance or reach out to a local ERIE agent to learn more.