Deciding who pays for engagement ring insurance can be confusing for some couples. Simplifying the matter, we've highlighted the essential points to remember when it comes to insuring your precious investment.
Typically, the person who purchases the engagement ring, often the one proposing, is in the best position to initially insure it. While there is flexibility in who can insure the ring, this approach guarantees immediate protection from the moment of purchase.
The ideal person to insure the engagement ring is the one who possesses it first. With modern technology, you can apply for jewelry insurance right from your phone before leaving the jeweler's store.
While unique hiding places for the ring can be fun, a safe-deposit box is the best option for secure storage. Most importantly, make sure the ring is documented on your jewelry insurance policy to guarantee protection.
If you're the one receiving the ring, it's important to inquire early on in the wedding planning process: "Is this ring insured?" Confirming that the ring has adequate insurance coverage offers peace of mind for both individuals in the relationship.
It's highly recommended to add the recipient of the ring as a co-owner on the insurance policy. This step ensures the jewelry is fully protected in case of loss, theft, or accidental damage.
Join Oyster today to learn how you can be properly protected from the unexpected things in life.