Almost every girl dreams of the day their special someone will pop the question, “Will you marry me?”. Wearing that big sentimental token of affection, aka a gorgeous diamond ring, can quickly begin to wear on a girl’s nerves. What if I lose it? What if I bang it and the diamond falls out? What if it gets stolen? We need to insure this thing quick! Now the question is who should insure the ring?
The person who insures an engagement ring ought to be the owner of the ring. Technically even though it is typically the man who purchases the ring, he gives the ring to his future bride as a symbol of his love and commitment. Therefore, it is the bride-to-be’s job to protect it and that includes insuring it.
Where to Insure a Diamond Engagement Ring
- Renter’s Policy
- Home Onwer’s Insurance Policy
Most all renter’s and home owner’s policies will automatically cover a ring for named perils such as fire or theft. In both cases a deductible would apply. To get the protection most future brides are looking for, the ring needs to be scheduled on the policy. Scheduling a ring means you have given the insurance company a copy of the ring appraisal and the ring is listed separately from the rest of your contents. It is then insured for any type of loss including mysterious disappearance, aka it gets lost. Another perk of scheduling a ring is if something happens to it, no deductible applies. Scheduling a ring does increase your insurance policy cost, but it is most definitely worth it to protect your new found love.
What if the future bride lives with her parents?
The insurance company should allow the ring to be scheduled on the bride’s parents’ home insurance policy as long as it is her permanent address. Once the bride moves out, it then needs to be removed and added to a new policy. It is best to fully disclose living arrangements with an insurance agent to make sure you are insured properly.
What if the bride-to-be lives with her fiance and the home insurance policy is only in his name?
More than likely, in this situation the bride-to-be does NOT have any coverage on her contents under her fiance’s policy. Unless you are married or blood relatives, home policies usually do not extend to other individuals other than the owner. The bride should get a renter’s policy for her contents while living in the home with her fiance. It might sound like insurance overkill, but you will be much happier in case of a claim. Image: Boykung / FreeDigitalPhotos.net