Saying 'Yes' on Valentine's? Make Sure Your Apartment Insurance Covers the Ring

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When Beyoncé sang “put a ring on it” she neglected to follow up with “and get it insured.”

There’s lots of sentiment attached to jewelry, and for many couples, an engagement ring is a significant asset.

So take these four steps to protect your new ring:

1. You’ve said “yes” — now find out whether that $5,000 ring will need additional insurance.

Most apartment insurance policies include coverage for items like jewelry — but only for $500 to $1,500.

Consider purchasing a floater or an endorsement policy. For an additional $35 to $45 per year per thousand dollars of appraised value, you’ll be covered if the ring slips off your finger, goes down the drain, or is lost in the ocean.

2. Get a store receipt.

It may be awkward, but after you’ve said “yes,” ask for the receipt. Then forward it to your broker — so they have a record of the current retail value of the ring — and keep a copy for your newly engaged self.

3. He gave you his grandmother’s engagement ring? Heirlooms should be appraised.

To make sure you’ve got the proper coverage for its dollar value, antique jewelry needs to be appraised. Gotham Brokerage can recommend a reputable appraiser.

4. Add the ring to your home inventory.

The best inventories are lists complemented by digital photos or receipts — no matter if it’s an engagement ring or a new flat screen TV.

You don’t have an inventory? Now is the time for new beginnings, so create one with your fiancée.

Get apartment insurance now at Gotham Brokerage. For as little as $125 a year, you can protect your ring, assets, and valuable engagement and wedding gifts.