Is your engagement ring insured?

The most common way to insure your ring is to optimise your renter’s or homeowner’s policy. Expensive or sentimental items like engagement rings are guaranteed through scheduled coverage – an insurance policy extension that covers specific items. Here are the questions to ask, if you’re unsure: Is the ring covered worldwide or just inside my home? Is the ring covered if I lose it accidentally, or only if it’s stolen? How will the insurer replace the ring? With a cheque? Will they require me to purchase a replacement through a specified jeweller? What if it’s a vintage ring or other unique piece? How will the quality and size of the diamond – and that of a replacement if needed – be documented? Is the ring insured to full cost, or only to a fraction of it? What is the excess payable by me? Is it possible to pre-agree with the insurer on the value of the ring? Are there any circumstances of loss or damage that aren’t covered? (What if your ring flies off at the circus and gets trampled by elephants, for example?)