No matter how expensive your engagement ring was, it’s going to be one of the most important pieces of jewelry you ever own. While it may be priceless to you, you need to consider the pros and cons of insuring your ring before you sign any papers.

What Can Happen to My Ring? I’ll Never Take it Off!

While you may “never take it off,” your engagement ring can be damaged in a variety of ways. Something as simple as a loose thread in your sweater can snag on the ring and pop out a stone, break a prong, or any number of things. If you happen to strike your ring against a hard surface, a stone might become scratched or chipped, or your ring can fall off and become completely lost. Your ring can even be stolen if you DO happen to take it off and leave in unsecured.

Now that you know what potential harm can come to your ring, it’s time to understand what insuring your ring can do for you – and what it can’t.

The Pros

If you choose to insure your engagement ring, there are a number of pros to consider.

- Coverage

Many companies offer all types of coverage that include anything from partial damage to theft and everything in between. You can choose the type of coverage that works best for you.

- Convenience

Even if you don’t have time to rush to a store and apply for an insurance policy, many companies offer online applications so you can quickly apply for insurance from the comfort of your own home.

The Cons

- Cost

While most engagement ring insurance rates might seem reasonable, the premiums you have to pay can make the cost skyrocket. If you do decide to insure your ring, you might want to consider a plan with a deductible to help minimize the cost to you.

- Not Enough Insurance

When choosing coverage, it’s important to read the fine print. You want to choose an insurance policy that covers everything you need it to cover. It’s extremely easy to under-insure your ring, so read over your policy very carefully before you commit.

Insuring your engagement ring is a personal choice, and it’s not a decision that’s right for everyone. Consider all the points made in this article so you can make the decision that is right for you.

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