Insure Your Engagement Ring with a Personal Articles Floater

Insure Your Engagement Ring with a Personal Articles FloaterDid that special someone pop the big question this Valentine’s Day? Congratulations! Now, before you even begin to plan out your wedding day, take some time to research how you can protect your engagement ring with the right insurance coverage.

Odds are, thinking to insure your new ring won’t be the first thing to come to mind. However, it’s an important step that those couples who do take the time to purchase coverage will be thankful that they did.

Jewelry losses are highly ranked among the most frequent content-related claims for homeowners. Most standard homeowners and renters policies include protection for personal items such as jewelry, but this coverage is very limited and won’t cover accidental loss. According to The Knot, the average cost of an engagement ring is close to $6,000.

It’s unlikely that the coverage provided by your home or renters policy will be enough to cover the cost of your engagement ring. Follow these three easy steps to ensure you have enough protection for your new ring:

1. Contact an insurance professional immediately. Your trusted independent agent can better assess the need for additional coverage. A personal articles floater provides coverage for valuable items such as jewelry, furs, fine art, cameras, computers, china and silverware, coin collections, guns, and musical instruments.

2. Have your new ring appraised. Forward a copy of the receipt to your insurer so that your agent has a record of the current retail value of the ring, and be sure to keep a copy for your own records. Make sure you have the appraised value of the ring, within the last three years.

Also get an appraisal if the ring is considered a family heirloom. All antique jewelry should be appraised for its dollar value. Remember that an appraisal is just one person’s opinion of what an item is worth, so be sure to ask your independent agent to recommend a reputable professional.

3. Add the ring to your home inventory. An up-to-date inventory of your personal property can help you decide on how much coverage you need. A home inventory can also speed up the claims process in the event you experience a loss. To document all your belongings, download our home inventory guide here.

Although nothing can preserve the sentimental value of an engagement ring, making sure you have adequate insurance can give you Freedom from Worry® when you need it most.

For more information on personal articles floaters and helpful tips on properly insuring your valuables, contact McGrath Insurance Group at 508-347-6850 or visit

*This article is written for informational purposes only and should not be construed as providing legal advice.