The Ring

Congratulations on your engagement! Can't stop looking at that ring on your finger can you? You might start wondering. Should you insure it? What happens if you break up, do you get to keep it? What happens if it is an heirloom ring? 

 The ring should be insured immediately after it is purchased. Either get an addendum to your homeowner’s or renters’ policy or buy separate insurance from an independent jewelry insurer. The cost tends to be small, 1 to 2% of the value of the ring each year. Make sure you understand how to make a claim, whether you get a cash payment or a replacement ring and other provisions of the policy.Don’t forget the wedding bands! They too need to be insured.

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Check your homeowner’s or renters’ policy. Although it usually isn’t much, they often have a general amount of jewelry that can be claimed without including any special rider. How was the ring purchased? Certain credit cards provide buyer’s protection, and you may be able to get a refund or replacement

 Each state is different. Some consider  the  ring to be a "conditional gift", the condition being getting married. No matter who breaks it off, if the marriage doesn’t take place, the ring needs to be returned. Other states take the opposite view, it’s a gift and there’s no need to return it, no matter what!

Regardless of a states's laws regarding returning an engagement ring in the event of a break up before the wedding, often things are a little different if it is an heirloom ring. You might want to include a provision in a prenuptial agreement about what will happen in case of a breakup or divorce.