What is engagement ring insurance, and what does it cover?

After disembarking in Los Angeles after a flight from New York City, singer Toni Braxton discovered that she had left one of her bags on board. (Celebrities: they’re just like us!) Fortunately for her, the case was soon found; unfortunately, her engagement ring was missing. Like anyone in her position, Braxton was distraught, tweeting, “Hey everyone, @delta located my LV Train Case! Yay! Unfortunately most of my jewelry items are missing…including MY ENGAGEMENT RING! Whoever BORROWED it…PLEEEASE return it!!!! I promise, no questions asked!” 

If, like Braxton, the thought of losing, damaging, or having your engagement ring stolen fills you with despair, you might want to consider insuring that bling. (And if you’re nervous something might happen in the run-up to your proposal, rest easy: a ring can be insured as soon as it has been purchased.) As with other forms of insurance, a policy’s cost is determined by a variety of factors, which may include the value of the ring itself, as well as crime rates in the area in which you live. 

The insurance can come in the form of a rider attached to your homeowner or renters policy. But be forewarned: if you make a jewelry claim, it could affect your entire homeowner or renters premium. That's why it can be cheaper to get a policy from a company that specializes in jewelry. Not sure where to look? Might we suggest Jewelers Mutual, which is both a preferred Marble partner and has over a century of experience protecting jewelry and watches?

Whatever you decide, you'll want to get the ring appraised before purchasing coverage, so you know how much it’s worth. (Some insurance companies require an appraisal for high value pieces.) For the best protection, you’ll want your policy to be as accurate as possible, so remember to get the ring reappraised regularly — especially if you upgrade or modify the design. 

Things are a little trickier if the ring is one-of-a-kind or a family heirloom, since it may not be replaceable if stolen or damaged. In that case, your policy may offer you a cash payout, but you’ll need to speak with your provider in advance to determine what is available to you. 

With no word on its recovery (Un-break Our Hearts!), we can only hope that Toni had engagement ring insurance. So to sleep more soundly, we encourage you to look at the options to protect your jewelry. And once you’ve figured out which policy works best for you, you can always add it to your Marble wallet, where you can easily keep your coverage organized and earn rewards on your insurance.