Engagement Ring Insurance
Your engagement ring. A symbol of love, unity and you and your partner joining your lives together. All these wonderful, meaningful, joyful feelings attached to one very important and most likely expensive piece of jewellery. Now what if something happens to that very important belonging?
We all know that awful feeling when you've misplaced something important. Luckily, when it comes to your engagement ring, you can plan accordingly and invest in insurance.
Is there such thing as engagement ring insurance?
Although the coverage is not specifically called out as engagement ring insurance, yes there is coverage for it. One option would fall under your contents insurance which includes your personal belongings that are insured as part of your home, condo or tenant insurance policy. A second option is insuring it individually (beyond what's included in your contents insurance). Let's look into some of the details and requirements.
How do I insure my engagement ring?
As we mentioned there are two options, here are some details on the first option. Every policy has a specific dollar limit on your personal belongings (called a blanket coverage limit). There are certain items that have special limits, like jewellery. At TD Insurance, the blanket coverage maximum value for jewellery is $20,000. An appraisal is not necessary for this type of insurance. If you have a home, condo, or tenant insurance policy with us and $20,000 in coverage is enough for your engagement ring, you're good to go. No extra steps are needed.
With option two, you insure the ring individually with additional, separate coverage. You have the choice with this type of coverage to set your deductible on this specific item.
For this option, different insurers have different requirements when it comes to appraisals, so it's best to check with your insurer. At TD Insurance, it depends on the cost of your ring. Here's what you will need:
- For anything under $5,000 no appraisal is necessary. But you will need a detailed description of your ring that must be obtained from the bill of sale (this is the receipt that describes the item purchased).
- If your ring is valued at greater than $5,000 and up to $50,000, before you add the ring to your policy, you'll have to get an appraisal from a certified gemologist.
- If your ring is valued at more than $20,000, before you add the ring to your policy, you'll need a photograph of the ring, plus an appraisal from a certified gemologist.
If you decide to go this route, just call a TD Insurance advisor to ensure your engagement ring is covered under your policy.
*Disclaimer: Some circumstances may require additional approval.
Are you a TD Insurance Private Client Advice customer?
If so, here's what you will need:
- If your engagement ring is valued up to $50,000, no appraisal is required but you will need a detailed description of your ring that must be obtained from the bill of sale.
- If your ring is valued at more than $50,000, before you add the ring to your policy, you'll need a photograph of the ring, plus an appraisal from a certified gemologist.
Once you have the right documentation, just call your TD Insurance Private Client Advice advisor to make sure it's accounted for in your policy.
What sort of scenarios will it cover?
Let's say you're doing dishes and your ring slips off down the drain, or your house gets broken into and it's stolen, your insurance will cover it. Same thing if you still have the ring but maybe a stone falls out, or it gets damaged. Your policy offers you financial protection in the case of your ring being lost, damaged or stolen.
When should I get engagement ring insurance?
As soon as possible. Though it's obviously not mandatory, you want protection for something of value to you right away.
I already have an engagement ring; can I insure it?
Of course, it's never too late. If you have an engagement ring already and want to have it insured, just contact your insurance provider to get it included on your policy.
I already have my engagement ring insured; how do I file a claim?
If you're a TD Insurance customer and something has happened to your ring; it's been lost, stolen or a stone has fallen out or been damaged, here's how to start an insurance claim.