Should you insure your enagegment ring?

June 21st, 2007 by admin

It astounds me that men do not purchase insurance on their engagement rings right after they buy them.Insurance for your loose diamond, or diamond engagement ring, should be part of your budget for the ring in the first place; that is how important it is.

You wouldn’t think twice about driving your car without insurance, right, or do you?
Driving a car without insurance is illegal, whereas wearing a diamond ring without insurance is not, this is true.

Can you handle the what if?

I’m not talking about getting pulled over by a cop…I’m talking about protecting your investment!!

In many cases, your car doesn’t even cost as much as as your diamond engagement ring and is not nearly as easy to lose, or have stolen from you!

Your engagement ring is not only sentimental, it is also quite valuable. Now if your ring is less than $3000 this might not be as important to you.

Engagement rings get lost and stolen every single day.

An engagement ring can get lost or stolen just as easily when you are wearing it, as when you are not.

Unfortunately, people get mugged all of the time. People also lose their rings. My wife usually just loses them. Consider, you are at a fancy restaurant and you go to the sink to wash your hands. Many times you will take off the ring while you are washing up. If you would only know how many stories we have heard of ladies who had accidently left their rings behind on the sink counter after washing in a public place, only to return and find the ring lost/stolen.

A car might get lost/stolen when it is left parked in a garage or on the street (higher chance in downtown Miami). However, it is hardly a likely scenario when you are actually driving it.

Not so with an engagement ring, where it is possible for your diamond to pop out of the prongs (given the right knock on a hard surface..etc.) and be lost forever, even as you are wearing it.
An engagement ring is one of the most expensive, sentimental, valuable and memorable items you will ever own.
If you lose it, misplace it, or have it stolen, you and your spouse would be devastated.
In fact, I have (unfortunately) actually seen marriages suffer as a result of such an episode…and especially when there was no insurance coverage on the engagement ring. Happens more often in shallow marriages than marriages based on more than a ring.

This is one of the first things I instruct our clients to do after they purchase a diamond engagement ring from any company.


It is really not that difficult today to secure insurance on a diamond engagement ring.
Many people choose to add the coverage of the ring to their existing home owners insurance policy, as a rider or “addendum” to the plan. Others, choose to purchase a separate and entirely exclusive insurance plan for their jewelry and engagement rings. It is typically cheaper to just add it to your homeowners policy.
Either way, insurance rates today on diamonds and jewelry are very competitive and there are many really good insurance companies offering comprehensive insurance policies to protect your diamond ring investment.
Speak to your insurance broker or agent to find out which policy is right for you. The insurance policy will take into account the purchase or appraised value of your diamond engagement ring and ensure that you have adequate coverage in the event of loss or theft.
To all of you who have already purchased your diamond engagement rings and have procrastinated on getting the ring insured; thikn long and hard about how losing the ring would affect you.

Believe me, my wife knows the feeling of endorphines pumping through you when you first put that beautiful diamond engagement ring on your finger. It all surreal and all you wish to do is stare at that beauty all day long……. some women are just happy that the guy they love has finally gotten around to asking the big question.
The “boring” task of securing insurance for the engagement ring, suddenly becomes the last thing on your mind and you push it to the recesses of your consciousness as just another item on your “to do list”.

This could be a MISTAKE.
If your ring gets lost or stolen…(and it only has to happen once), you wife may blame herself for eternity.
Please take my advice and make this (insurance coverage) your second highest priority after securing your diamond engagement ring.

……..Your first priority is to fall in love with your wife and express appreciation to each other. Don’t forget about this token of your love and make sure you look at insurance when you are buying the ring.  Not after you lose it.

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