Engagement ring insurance (and wedding ring insurance, which you'll also need to consider shortly) is a type of personal insurance explicitly tailored to address your ring's most likely risk exposures, along with the necessary coverage limits for replacement costs. Suppose your ring is stolen, suffers damage, or just mysteriously disappears. In that case, you can rely on the support of your engagement ring insurance provider to supply the funds you need to replace or repair your valuable item.

For something with so much monetary and sentimental value, your engagement ring is physically tiny and probably goes everywhere with you. That means it's exposed to unique risks that don't apply to most of your other treasured possessions. If it's lost or stolen, you can't recover the sentimental value of that particular piece—but at least you and your intended spouse don't have to suffer financial loss as well if you have the proper engagement ring insurance protection in place. And you can ease the sting of the failure by getting insurance compensation from your insurance provider to replace it with an identical or similar piece that reminds you of your soon-to-be spouse's love just as much as the first one did.

When you get engaged, of course! You don't have to drop the champagne flute and ask your fiancé or fiancée to hold that thought while you call your insurance broker. But once the dust has settled and you've had some time to bask in the glow of your impending nuptials, it's a good idea to make sure your beautiful new treasure has the full insurance protection you need and deserve so you can rest easy and keep your mind on more important matters—like finding a wedding venue.

This is an excellent question when considering engagement ring insurance because typical renters or homeowners policies provide coverage for your property's "contents," or, in other words, your personal belongings. Naturally, your engagement ring is one of your personal belongings—so it's covered, right? It is, but not entirely. An all-risk, standard home insurance policy likely includes some coverage for your engagement ring. Still, the problem is that the standard policy limit is probably insufficient to meet the item's replacement cost. That means if something did happen to your ring, your insurance company would provide part of the replacement cost up to the limit on your policy, and you would be responsible for paying the rest out of pocket.

The best way to avoid that scenario and ensure you have engagement ring insurance for the total replacement cost of your ring is to schedule your engagement ring insurance on your existing policy with a personal article floater, also called an endorsement. The floater provides additional coverage for the total appraised value of your item, so you can replace it with one of equal value and won't have to strain your budget or take a financial loss in the event that something happens to your ring.

A great way to ensure you have the right amount of coverage is by creating a home inventory list. This list will itemize all the important items, including your engagement ring, so you have documented proof of the items and their value if a loss occurs. 

An appraisal is typically required for any high-value item that needs to be insured, and engagement ring insurance is no exception. You, your insurance broker, and your insurance provider need to know an accurate replacement cost to ensure that you'll be able to get the amount you need to purchase a replacement ring of the same or similar value. Your Morison Insurance broker can give you more information on where and how to get the appraisal, but it should be a relatively fast and straightforward process. If a diamond certificate or grading report from a gemological laboratory was included with the original appraisal when the ring was purchased, you could bring those along to the insurance appraisal so the appraiser can review the documents and confirm their accuracy.

It's pretty safe to say that, yes, if you have a comprehensive policy, your engagement ring insurance will include coverage for theft, as that's one of the most basic insured perils and a must-have for an item like a valuable ring. However, suppose you have a named perils policy. In that case, only the perils listed on your policy are included in the coverage, so it's best to check with your insurance broker at Morison Insurance. That way, you have peace of mind knowing you have the coverage you need.

If you've worn jewellery throughout your life, you've probably encountered a situation where a clasp broke, and your necklace or bracelet fell off, or maybe you lost a few pounds and didn't realize how loose your rings had become until one of them fell off your finger. Jewellery is small, so needless to say, there are plenty of opportunities to lose pieces when you're wearing them and when you're not—and most of the time, you don't have any way of knowing precisely what happened to it, or it wouldn't be lost.

In insurance terms, that type of loss is a mysterious disappearance. Maybe it fell off your finger; perhaps it was stolen; maybe you misplaced it; maybe the dog ate it—regardless, it's nowhere to be found and needs to be replaced. You might assume if you have a comprehensive, all-risk insurance policy, you may think that mysterious disappearances are covered since they're not explicitly excluded from your policy, and that may be the case. But many insurance providers implicitly exclude mysterious disappearances under the assumption that they occur due to error on the policyholder's part.

Whether or not you already have coverage for mysterious disappearances depends on your engagement ring insurance company, so it's best to speak with a licensed Morison Insurance broker to find out more about your particular coverage. If it needs to be more adequate for your needs, we'll work tirelessly to track down an option better suited to your lifestyle.

Generally speaking, you can expect all Ontario engagement ring insurance policies to exclude uninsurable perils such as war, invasion, terrorism, nuclear threats, etc. It will also exclude any items that are not legally acquired.