Proposing on Valentine’s Day? Get Insurance for That Ring and You’ll Be a Cut above the Rest

Nothing is more romantic than a marriage proposal on Valentine’s Day! The first step after giving a valuable engagement ring—well, maybe the second, after the “Yes!”—should be a practical one: call your insurance agent.

While you can’t insure the sentimental value of such a gift, having the right amount of insurance will provide financial protection.

Jewelry losses are among the most frequent of all homeowners insurance claims. Taking these four steps will ensure adequate protection for your new ring:

1. Contact your insurance agent immediately.

Find out whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal property such as jewelry; however, many limit the dollar amount on jewelry to $1,000 to $2,000. With the average engagement ring costing nearly $6,000, according to The Knot, that’s unlikely to be enough.   

To properly insure jewelry, consider purchasing a floater or an endorsement policy. In most cases, these add-ons to a homeowners or renters policy would also cover you for “mysterious disappearance.” This means that if a ring falls off a finger, is flushed down a drain, or is lost, you would be financially protected. And, unlike a homeowners policy, floaters and endorsements carry no deductibles, so there is no out-of-pocket expense to replace the item.

2. Obtain a copy of the store receipt.

Forward a copy of the receipt to your insurer—so your company has a record of the ring’s current retail value —and keep a copy for your own records. It’s also a good idea to get a copy of the item’s appraised value.

3. If you received an heirloom piece, have it appraised.

Antique jewelry will need to be appraised for its dollar value. You can ask your insurance agent to recommend a reputable appraiser.

4. Create a home inventory list

A home inventory is a list detailing information about personal property and items like jewelry. An up-to-date inventory can speed up the claims process in the event of loss.

For jewelry, we recommend including the following information in your list:

  • Item description (include metal type, stones, carats etc.)
  • Evaluations and appraisal information
  • Date of purchase
  • Location of purchase

More information on homeowners coverage: What is covered by standard homeowners insurance?