Wondering what happens if you don’t insure your engagement ring? We’ll tell you! Be sure to subscribe for the latest.
Emma here, and I debated telling you guys this story about my friend who lost her engagement ring, a mere two WEEKS after getting engaged. See, on one hand, you can learn from a mistake and see what happens when you don’t insure your engagement ring. On the other, I know she hates this story and would like to forget it. But I think it’s a good rule of thumb to remember, so here goes nothing. To protect her identity, let’s call her “Kate”.
Kate got engaged in one of the most romantic beach proposals ever. The beach was especially beautiful that evening, with a sunset and rolling waves and even these tiny little shells washed up on the beach where she and her fiancé walked before the surprise proposal.
She didn’t know it then, but a crowd of family and friends were already waiting for them on the other side of the beach, hidden from view, waiting for the big “yes”. He (we’ll call him Tom) got down on one knee, asked if she would marry him, and, after wiping tears from her eyes, she exclaimed, “YES!”
A gorgeous rose gold diamond ring slipped onto her finger. Partying began. Celebrating, champagne, the whole nine yards.
And two weeks later, I got a panicked phone call from Kate. She was washing her hands and had placed her ring on the edge of the sink… but the ring slid into some soapy bubbles and down, down, down it went. Right down the drain. Blip.
As you can imagine, for Kate — and obviously anyone this has or will happen to — losing her engagement ring was BIG. This was the worst thing that could happen to her beloved engagement ring. She lost her ring, two weeks after the engagement, and now she had no idea how to tell her fiancé.
Now, if you know a little bit about plumbing, you know that a piece of jewelry can sometimes be retrieved from a sink pipe. It takes a little know-how, a little plumbing action, and a few tools, but it’s (possibly) not lost forever. Thankfully, that’s exactly how they retrieved the ring (and it was a breeze for her fiancé, Tom, who knows a lot about home projects).
Long story short, Kate was (thankfully) able to retrieve it. She has it back on her finger and I can vouch that she hasn’t taken it off since. But she told me on the phone that day, “If I can’t get my ring back, what am I supposed to do?“. She was panicked, and understandably so; an engagement ring is one-of-a-kind, not to mention, expensive. How was she going to replace it?
Kate is one example of what happens when you don’t insure your engagement ring. Many people forget to get the engagement ring insured because they think the same thing: that won’t happen to me! Or, I never take off my ring, I couldn’t possibly lose it. No one thinks about what happens when you lose your engagement ring, and here’s the thing: nothing happens. You simply have NO ring. And unless you have money to completely replace the exact same ring, you are left without an engagement ring.
But you know what happens when you lose your engagement ring and have insurance? PEACE OF MIND! You can get your ring repaired and replaced! Happiness is restored. Your bank account isn’t hit by a huge withdrawal. You aren’t left trying to replace the ring with a less expensive option. Instead, YOUR engagement ring — as close to the very same value, style, color, cut, clarity — goes right back onto your finger if you ever need to file a claim. And thankfully, jewelry insurance costs wayyy less than you might expect.
Where to Insure Your Engagement Ring
Don’t be like Kate. Get your engagement ring insured in the case that the unthinkable happens! A leader in the jewelry insurance space is Jewelers Mutual Insurance Group. They’ve been exclusively insuring jewelry and only jewelry since 1913. They don’t focus on cars, houses, or apartments, rather have been an integral part of the jewelry industry for 105 years. They know a thing or two about protecting that new sparkler.
You can find out everything you need to know about jewelry insurance from Jeweler’s Mutual, like tips for traveling with jewelry, buying jewelry on vacation and even a homemade jewelry cleaner you should use. They even know how to properly care for your engagement ring. It helps to have someone looking out for your ring, so you can focus on the planning!
How Much Does It Cost to Insure Your Engagement Ring with Jewelers Mutual?
How much does it cost? Great question.
Typically, the cost to insure your engagement ring is about 1-2% (per year) of the ring’s value. As an example, a $5000 ring may cost as little as $50 per year to insure.
Using this example, you can imagine the difference: paying an estimated $50 a year to protect your ring, or handing over $5000 for a brand new ring. I know which one I’d choose!
Download the Insurance Guide
Here’s a complete guide to everything you need to know about jewelry insurance: download The Essential Buyer’s Guide to Buying Jewelry Insurance. It’s filled with helpful tips and information on frequently asked questions, such as deductibles and claims.
Hope it helps :) P.S. Kate should have also placed her ring on one of these, don’t you think?
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This is a sponsored post in collaboration with Jewelers Mutual.