Getting engaged can be one of the most memorable times of a couple’s life. Having a burglar break into your home and steal the engagement ring, however, can be devastating.
The good news is that with a little advance planning, your homeowners or renters insurance policy may help cover the cost of a stolen engagement ring or wedding ring, including the diamond.
How to Ensure an Engagement Ring
When thinking of insurance for an engagement or wedding ring, a primary question might be: Who should buy the insurance — the person who purchased the ring, or the recipient? The answer lies in the current ownership — if the couple isn’t living together, then the person who is currently holding onto the ring, whether on a finger or at home, is the person who should insure it.
So, let’s say John bought an engagement ring for Melissa, but has yet to present it to her. At this point, the ring is still John’s personal property. In this case, John needs to make sure the ring is covered under his homeowners, condo or renters insurance policy. Once John proposes and Melissa accepts the ring, Melissa owns the ring. It is now Melissa’s personal property. So Melissa needs to purchase coverage for her ring under her homeowners, condo or renters policy.
Written by Allstate