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Insuring your Engagement Ring

Posted on March 13, 2017 in

You’re Engaged! Congratulations!

Putting an insurance policy on your engagement ring may sound unromantic, but nothing’s sweeter than peace of mind! The love and commitment your ring represents   just as valuable as its material worth, which is why insuring your engagement ring is so important.

Insuring My Ring
The most common way to insure your ring is to optimize your renter’s or homeowner’s policy. While most renter’s and homeowner’s policies cover items inside your home, they only do so up to a certain dollar value. Expensive or sentimental items, like engagement rings, art, and even electronics, are guaranteed through scheduled coverage—an insurance policy extension that covers specific items and can also provide worldwide coverage (ie, everywhere outside of the home).

Why You Need It
Any couple with jewellery that is expensive or has sentimental value. Whether your engagement ring is worth $300 or $30,000, the sentiment behind your ring is priceless, which is why ensuring you have the financial protection to repair or replace your jewellery in the unfortunate event that items are lost, damaged, or stolen is so important.
The Technicalities
Most insurers require jewellery receipts or valuations (which are typically provided to you by your jeweller upon purchase, or you can get an appraisal from a certified gemologist). If you move after the wedding, make sure your insurance is updated with your new home address. If you are creating a new policy, be prepared to consider your other valuable items like watches and laptops as well as the value of all of your belongings at home.
Key Questions To Ask:

  • Is the ring covered worldwide—or just inside the home?
  • Is the ring covered if you lose it accidentally—or only if it’s stolen?
  • How will the insurer replace the ring? With a cheque? Will they require you to purchase a replacement through a specified jeweller?
  • What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond—and that of a replacement if needed—be documented?
  • Is the ring insured to full cost or a fraction of it? What is the excess that will accompany a claim? Is it possible to pre-agree with the insurer on the value of the ring?
  • Are there any circumstances of loss or damage that aren’t covered? (What if your ring flies off at the circus and gets trampled by elephants, for example?)

At Expat Insurance, we offer free, no-obligation consultations for expats living in Singapore. Speak to us about the best mode of protection for your engagement ring.

Insure your Engagement Ring  |  Contact Us Today  |  Expat Insurance – Singapore’s Leading Insurance Broker for Expats

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