Did you know that 43 percent of engagements occur between November and January? Specifically, the most popular days are Christmas Eve, Christmas Day, and New Year’s Eve. With an average of 2.3 million couples who get married in the United States each year, that’s a lot of engagement rings!

Engagement rings can develop sentimental value and even become family heirlooms. It can be devastating to damage or lose such a special piece of jewelry. Even partial losses can be expensive to repair: a chipped or cracked stone, a missing side stone, and regular wear and tear can loosen the setting causing the center stone to fall out. So while it may not be as glamorous as the gold and diamonds used to create these beautiful baubles, insuring your expensive jewelry is a crucial step in protecting them! Be sure to consider the following questions:

1. What’s my ring worth? Get the facts! A jeweler can provide you with either a detailed sales receipt or an appraisal, a statement indicating important information about the piece of jewelry that declares its value. Make sure the “Four C’s” are included: cut, color, clarity and carat weight. Also, the value of your jewelry can change over time so it’s a good idea to get a new appraisal once every three years to make sure your item is insured for the current value.
2. Does my ring come with a warranty? Some jewelers may provide a warranty for manufacturing defects, but the majority of warranties have very limited coverage. These often expire soon after purchase and most have strict limitations. Insurance can provide comprehensive protection and allow you to feel secure in knowing your valuables can be repaired or replaced should they become damaged or lost.
3. Do I need additional insurance for my jewelry? While insurance cannot replace the sentimental value of an item, it can replace the dollars and cents used to purchase the item. Could you afford to pay out-of-pocket to replace a lost ring? Check the details of your homeowner’s or renter’s policy to see if there may be any jewelry coverage included, and if so, what exactly is covered such as: perils, deductible, and dollar limitation.  You may need to purchase a separate policy to fully insure your jewelry.

While insuring your engagement ring is not as romantic as planning your big day, it certainly helps in maintaining peace of mind! Be sure to talk with your independent agent to ensure your valuables are fully protected.