Getting engagement is one of the many great milestones of life. Your engagement ring serves as a symbol of that milestone and that you’ve found the person that you want to build a life with.

As with any big financial investment, having insurance for such an investment is a smart decision to make. We all know how life can throw us curveballs when we least expect it. You could be doing something as simple as washing dishes in the kitchen sink when your ring suddenly slips off of your finger and down the kitchen sink drain.

Do not fret because there are ways to protect yourself should such an unfortunate occurrence come to pass.

A more common reason for filing an insurance claim is physically losing the ring or having one of the stones fall out from the setting. Having routine inspections of your ring may be a way to prevent this from happening.

Loose prongs are a leading cause for the loss of gemstones. Sometimes, a ring may become caught on an article of clothing which can bend the metal that holds the gem in its place. Again, routine inspections can help prevent this from becoming a major problem.

Losing a piece of jewelry at the gym is common.

Whether for sentimental reasons or practical ones, some of us may be reluctant to remove our jewelry before a workout.

You shouldn’t have to choose to between losing weight or losing your jewelry. Be proactive and set yourself a reminder to remove your jewelry and store it in a familiar, secure place before your complete your workout.

If you ever find yourself in a situation where you can’t keep your jewelry at home i.e. if you go to the gym after work, store it in a secure locker.

In most cases, a typical homeowners insurance policy can cover an engagement ring, but it does depend on how much the engagement ring is worth. Considering the fact that - as of 2022 - the average couple spent $6,000 on an engagement ring, it’s probably a smarter decision to have that engagement ring insurance by itself. To do that, you schedule that piece of jewelry. This means that you are insuring the ring based on its appraised value, rather than limiting coverage to the sublimit that is associated with a homeowners or renters policy.

Typically, insurance for rings costs $1 to $2 per every $100 that your ring is worth. So, if your ring is valued at $5,000, the cost to insurance it might range somewhere between $50 and $100 per year.