As joyous as it is to find "your person" and get engaged, planning a wedding and a life together can be overwhelming. Your proposal is just the first of many questions you'll face before your big day.
Just as you plan to protect the sacred vows you'll make, you should protect the engagement ring that symbolizes the promise of things to come. So if you're wondering whether or not you should insure your wedding ring, the answer to that question is an enthusiastic yes.
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Love is in the air. That universal symbol of romance, devotion and commitment known as an engagement ring just might be in your future. Whether that ring is still just an idea or it's already on someone's finger, it's a good time to think about protecting that investment.
Engagement rings can be a major expense amounting to hundreds if not thousands of dollars. If it's ever lost, stolen or damaged, your happily ever after might experience a painful pause.
That's why it really makes sense to protect your financial and emotional peace of mind with the right insurance coverage.
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If you've got a standard homeowners or renters insurance policy, it might include limited coverage for repairing or replacing a ring. If so, supplemental coverage like that offered by a USAA Valuable Personal Property policy could be the right choice for you.
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Ideally, the ring should have coverage from the moment you, or someone else, first takes possession of it. Accomplishing that may take some planning. Here's what you can do.
- Call your USAA insurance professional. They can help you determine if an existing policy you own offers enough coverage.
- Keep a copy of your proof of purchase in a safe place. You'll need that if you ever have to file a claim.
- Update your home inventory of valuable things to include the ring. That list can often help claims get processed faster.
- Get your ring appraised by a reputable industry professional, if necessary.
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One more thing: If you're in the military you've got even more reason to make sure your ring is protected. Whether you're stateside or deployed overseas, we can help you make sure you've got adequate coverage for all your valuable things.
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So, before you put a ring on it, review your coverage and let your happily ever after begin.
Description of visual information: [Membership eligibility and product restrictions apply and are subject to change. Valuable Personal Property insurance provided by United Services Automobile Association, USAA Casualty Insurance Company, USAA General Indemnity Company, and Garrison Property and Casualty Insurance Company, based in San Antonio, Texas; USAA Limited (UK) and USAA S.A. (Europe). Each company has sole financial responsibility for its own products. Coverages subject to the terms and conditions of the policy.] End of description.
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Is engagement ring insurance worth it?
The added protection of a USAA Valuable Personal Property, or VPP, policy may be well worth it for your financial and emotional peace of mind. When deciding whether to insure an engagement ring, here are some things to consider.
The costs of replacing your wedding rings
You and your partner both have financial and emotional attachments to your wedding rings. And with wedding expenses quickly adding up, it might be impossible to replace a missing or stolen ring at the last minute.
If you think your homeowners or renters insurance may not offer enough coverage for your engagement and wedding rings, you may want to consider protecting your investment with a supplemental policy. Rings made with metals or stones that are considered less precious may not need additional coverage. You should review your property policy to see if it offers enough coverage.
Most standard property policies have dollar limitations on certain categories of personal property such as:
- Jewelry
- Guns
- Silverware
- Furs
- Money
- Electronics
- Collectibles, like comic books, sports cards, etc.
- Fine art
Who should insure the engagement ring?
The ideal person to insure the engagement ring is the first one who takes possession of it. And the sooner the better. The last thing a prospective fiancé wants is to pick out and buy the perfect ring only to have it lost or stolen before the all-important question is even popped.
Other benefits of valuable personal property insurance
Aside from saving you the headache of telling your fiancé that the ring is gone, supplemental insurance, like a USAA Valuable Personal Property policy, can help save you the headache of coming up with the money to replace it. As you build your life together, supplemental insurance can also help protect other valuable personal property you add to the mix.
How to insure your engagement and wedding rings
There are a variety of tools available to help protect your personal items. These include a homeowners or renters policy, endorsements, riders or supplemental coverage.
Regardless of which option you and your insurance professional determine best fits your needs, the most important thing is timing. Making sure that the engagement ring is covered from the moment it leaves the store is the ultimate protection. If you didn't purchase the ring and it's an heirloom piece handed down to you, the same protection precautions apply.
Take these steps to help ensure you walk down the aisle with a smile.
Call your insurance professional right away.
Your licensed insurance professional can help you determine if you have adequate coverage from your standard homeowners or renters policy — or if the dollar amount allowable for your engagement ring will leave you short.
Ideally, you'll work with your insurance professional to evaluate your need for extra coverage before you walk into the jewelry store.
Send a copy of the ring receipt to your insurance professional.
Be sure to keep a copy of your receipt in a secure location, such as in a fire-proof lockbox or safe deposit box. Your insurance provider will need the store receipt as documentation of the current retail value of the engagement ring.
Have your ring appraised.
A jewelry appraisal is necessary to determine the dollar value of the engagement ring and the insurance coverage needed to help protect it.
To get an appraisal, you'll need to hire a credentialed, independent appraiser with expertise in jewelry. The appraisal must include a physical inspection of the items, since we don't accept virtual or online appraisals.
On their report, the appraiser needs to include:
- Date of the appraisal
- Appraiser's contact info
- Detailed description based upon the type of valuable and how much it's worth
Regardless of whether your policy requires it, you should always have an appraisal for valuable jewelry. We also recommend you update the appraisal every five years to ensure you have enough coverage. The value of your jewelry can change over time, and you might need to update your policy.
Update your home inventory to include the ring.
A home inventory is a valuable tool to help you get insurance claims processed quicker and easier in the event of theft, fire or another unfortunate situation. To create an inventory, go room by room and list your belongings. Include photos or videos of the important items.
If you're engaged but haven't yet mingled your living spaces, you may not have started a home inventory. Setting up your home as newlyweds is the perfect time to create your list together.
Rules of engagement rings in the military
Members of the military have specific rules to follow, and this includes the number and types of rings they are allowed to wear. Here are some answers to common questions.
Can you wear your engagement/wedding rings while on duty?
Yes. Military members may wear a total of two rings, provided they are simple, conservative and pose no safety risks. A wedding set counts as one ring. However, to make sure no harm comes to your ring, you may want to refrain from wearing it during intense training exercises or other physically demanding situations in which it could slip off your finger or get damaged. And take steps to protect your personal property in military base housing.
Where should you leave your ring while serving?
You might want to consider leaving your ring behind in a safe deposit box through your bank or credit union, or in safekeeping with your significant other, close relative or trusted friend if you don't want to risk losing it or having it damaged during basic training, on active duty or during deployment.
Is the ring insured if it's not in your possession during service?
The short answer is yes. If you have homeowners or renters insurance or a specialty items policy, it's likely that part or all of the assessed value of your engagement ring may be covered.
Should you also insure your wedding ring?
Absolutely. Your wedding ring is every bit as special as your engagement ring, so all the same measures of protection apply. With VPP insurance from USAA, you can insure an entire collection up to a total amount, also called a blanket policy. Or you can get a scheduled policy which covers a specific item or a specific collection up to the limits set in your policy.
Supplemental coverage like a USAA VPP policy can also help bridge the gap in coverage for jewelry that your homeowners or renters insurance may not adequately provide. It can also help ensure that other valuable personal items such as smartwatches, guns, cameras and musical instruments are sufficiently protected.
Explore coverage options for rings.
See how USAA can help protect your most prized possessions, whether you're overseas or here at home.