Here's what you should know about insuring an engagement ring
Katie Warren/Business Insideris often a big expense. By also purchasing insurance, you can be sure you don't pay out of pocket for repairs or to replace the ring if you lose it.
Insurance options include adding a personal property/jewelry rider to your home insurance or renter's insurance policy. If you don't have either of these, you can insure the piece separately through a reputable insurance agency or a company like Jeweler's Mutual.Though engagement rings can range in cost from hundreds to thousands of dollars, it's a good idea to purchase insurance as one of the first matters of business.
"Consumers should insure any piece of jewelry that they would not be able to replace on their own if it were lost or stolen. That amount differs from person to person, but can be as little as $1,000," says Oded Edelman, President and co-founder of"You also need to find out if the policy covers you fully if the item is damaged or lost outside of the United States," says Edelman.
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