July 30, 2014

Why You Should Get Your Engagement Ring Insured


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Creative Commons License photo credit: Ryan Polei | www.ryanpolei.com
When a girl (or boy) gets engaged it is usually one of the most exciting times of their life. Their other half has spent months – hopefully – ensuring that they have chosen the perfect ring for the occasion. They will have come up with the perfect wedding proposal idea that was executed with military precision and, understandably, excitement is at an all time high in the relationship.

The owner of this new, beautiful (and expensive ring) will be showing it off to all and sundry from the second it lands on the finger. The trouble with this, and for the foreseeable future, is that an engagement ring is incredibly easy to lose. It is likely to be the most sentimentally important object that you carry around on a daily basis and probably the most expensive too.

Discussing the insurance of the engagement ring is by and far the most unromantic thing you can do straight after proposing but it is really worth considering. Losing an engagement ring can be a traumatic time and  they can be tough to replace on a financial level if the person that proposed has spent a lot of time saving up for the aforementioned ring.
Some Quick Engagement Ring Insurance Tips

  • Will the ring be covered on your home contents insurance – worth checking out
  • Are you going to take out specialist jewellery insurance – this is worth looking into if you have an expensive ring
  • Will the insurance of the ring cover both loss, damage and theft – all of these are possible so it is worth considering for an item like an engagement ring that hold much more than monetary value
  • How money will you receive back – it is worth looking at the fine print. If your ring is expensive for the kind of income you get you will want to know that you can replace with something that is the same, similar and equally impressive
  • Are you going to be required to replace the ring from a certain jeweller? – The style, cut and gems in the ring are all going to be particular to you. This is worth investigating because if you have to replace form a specific jeweller you will want to know that you are going to be able to get a ring that was a close to the original as possible

If you are the owner of a beautiful engagement ring you need to be thinking about the possibility of the ring getting lost and damaged and whether you would be able to replace or repair such an expensive item without insurance money. If you have recently proposed or are about to propose it would be worth carrying out all of this investigation prior to popping the question – it could save a lot of heartache in the future!

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