When our Private Event Coordinator Jessica recently was proposed to by her soon-to-be groom Ray, everyone at Pelham Split Rock was quite excited. Yet one question remained after the excitement and romance of the proposal quieted down a bit: were they going to insure the ring? The couple was somewhat notorious for misplacing items, and this ring was not something we wanted them to lose! Yet navigating the idea of ring insurance—even for those of us in the business—can be challenging. So we did a bit of research and wanted to share what we discovered with you! Hopefully this advice will help protect Jessica and all brides as they investigate whether ring insurance is right for them.

The Ring Rider: Is Your Ring Already Insured?

When a person purchases homeowner’s insurance, there are sometimes options to add on jewelry and valuables. Most of us do not take this option, especially if we feel that we don’t own enough “good” jewelry for the extra fee to be worth it. Yet you might want to check whether you’re already covered through this rider—your homeowner’s insurance can add an extension that covers your ring onto your policy for an additional fee to protect your engagement or wedding band from loss, theft, or damage up to a certain amount. Your ring is considered personal property. There are also specific insurance companies that offer just jewelry insurance that might be more comprehensive if you want extra insurance. These plans often include cash payments and better coverage. Check with your insurance company first before you think about outside insurance.

What Is Your Ring Worth?

If your ring is a family heirloom or you’re not quite sure of its market value, take your ring to a jewelry appraiser and have it checked out. Of course, most rings also have a large sentimental value which should also be considered—even if the ring isn’t worth much outright, you’d probably be upset if it were lost or stolen. However, getting your ring appraised will help you not under- or over-insure. If you are considering a separate jewelry insurance plan, remember that this also protects you if you move. If you are planning a move, don’t forget to take the ring rider off your old homeowner’s insurance policy and attach it to the new one. Also, check with your fiancé if he/she purchased the ring for you recently. Some jewelry stores not only appraise rings, but also offer their own insurance policies as well.

Some Questions to Consider When Considering Ring Insurance

• As you look at different policy options for your ring, consider the following questions:
•  What is the diamond’s cut and quality?
•  What would a stone replacement cost?
•  Are you insuring only your engagement ring, or also your wedding bands?
•  Is the whole ring covered, or only a percentage?
•  Is there a deductible?
•  Will purchasing ring insurance raise your overall homeowner’s insurance? If so, it might be best to go with a separate ring insurance policy.
•  Is there any other jewelry I have that I can insure at the same time?

Ring insurance is definitely something every bride and couple should consider during or soon after the wedding planning process. While you might currently never dream of removing your ring from your finger, accidents do happen. Sometimes it is as simple as placing the ring somewhere as you do dishes and either forgetting it there, or losing it down the drain. For only a few hundred dollars a year, you could purchase ease of mind and guarantee that your ring is protected. Whatever your choice—however, congratulations on your engagement! If you have any questions about ring insurance, or would like to know what our Private Event Coordinator ended up doing with her ring, contact us at Pelham Bay & Split Rock Golf Courses! Our Private Events team is here for you!