Getting engaged is likely the best and biggest milestones and there is a lot that will go into it, which starts with purchasing the engagement ring. As you undergo the process, you’ll learn more than necessary about designers and diamonds, but there is one final step many couples oftentimes forget—engagement ring insurance.
In addition to choosing a good Pittsburgh wedding photography company, insuring your engagement ring is easier than you might think, and we have the low-down on finding the proper insurance policy.
Who Should Get Engagement Ring Insurance?
Any couple with a meaningful and valuable piece of jewelry must strongly consider it. The annual expense of engagement ring insurance directly ties to the value of the ring. Therefore, if it is a lower-value jewelry piece, it will not cost much to insure it, and if it is a higher-value jewelry piece, investing more to protect your major purchase is well worth it.
Ways to Insure your Engagement Ring
There are a couple of ways to invest in ring insurance. It’s possible to add it on as a “rider” to your homeowners or renter’s policy or go through a company specializing in jewelry insurance.
Either way, our wedding photography company recommends that you give the engagement ring special attention. A renter’s or homeowner’s policy without a rider usually only insures a ring in case of theft. It doesn’t generally insure against damage, loss, floods, or mysterious disappearance.
How Much Will It Cost to Insure My Engagement Ring?
It varies from one city to another (we know it sounds crazy, yet some cities have greater theft rates than other ones!), yet engagement ring insurance usually costs 1 – 2% of the value of the ring. In other words, that is $1 to $2 for every $100 that it’d cost to replace your ring. Therefore, if the price to replace it is $8,000, you are looking at $80 – $160 a year (or $7 – $13 per month, that is a meal for two people at a fast food restaurant each month).
It is important to consider your values and lifestyle as you select an engagement ring policy. For instance, if you travel a lot, you will want to ensure that your policy extends around the world.
For more information on Pittsburgh wedding photographers, please feel free to contact Amber Marie Photography right away at (412) 657-3968.