Is the jewelry insurance I purchased before I proposed still active when I give them the ring?

This is a great question and will rely on a number of factors. The only way to truly know, is to ask your insurer directly (because all policies are different). But, as a general rule of thumb, the owner/wearer of the jewelry should should be the insured named on the policy. In other words, your new fiancé should get a new policy under their name and you should cancel yours.

Technically speaking, this transfer of coverage would produce the least amount of gray area for the insurer to work around. This is particularly true since, by definition, you are married yet, and not likely living together yet. And even that may not matter, depending on the type of insurance you are using to cover the jewelry.

To be safe, transfer the insurance coverage when you “transfer” the ring, and/or ask your insurer explicitly how they would handle a claim in this situation. Make sure you feel comfortable with their explanation and that it’s explicitly covered in the policy before you sign (if you are not going the transfer of coverage route).

It may be un-romantic, but it’s important to know if your engagement ring is still covered in your name after you propose

Who should be named on the jewelry insurance policy after you propose?

What we are discussing here is SPECIFICALLY standalone jewelry insurance — NOT renters or homeowners insurance. If you are assuming your jewelry is covered under your renters or homeowners policy because you live together, STOP RIGHT NOW, and check the specific jewelry exceptions on that policy. These policies typically cap jewelry coverage (~$1,000-$2,500), and they don’t always cover damage or loss. Check this now, because if you are automatically covered since you have homeowners or renters, you may be woefully under-insured on a high-dollar ring.

For standalone jewelry insurance, the coverage is typically more robust in terms of amount and events covered. However, through our research, we found a clause/section in every sample policy that leads us to believe you should change policy ownership once the proposal takes place. This clause/section is called the “No Benefit to Others” clause.

In summary, these clauses typically state something to the effect of the policy NOT benefiting or covering anyone else having custody of the covered jewelry. We read this to mean, the policy would not “benefit” or cover a fiancé, once you give them the ring to wear. So the moment you give your fiancé their ring, they should insure the ring under their name. Romantic, huh?

Each insurer may handle this transfer of coverage differently — ask them what their policy is, and make sure it is clearly stated in the policy you sign.

Since engagement rings are such a common reason to buy jewelry insurance, it’s likely that each insurer has a procedure in place for this transfer of coverage. Be sure to ask them, how they handle it. However, based on what we read in the policies, it seems that the new owner of the ring (your fiancé!) would not be covered by the insurance you purchased when you bought the ring. So in the sake of extreme caution, we would recommend that the owner/wearer of the ring is the same person that signs the insurance policy on the ring. You both can decide who ultimately pays the premium, but don’t delay on changing the names on the policy after you propose.

Regardless of our interpretation, however, it’s critical that you ask your insurer how they handle any situation you may be concerned about. Make sure you feel comfortable with their explanation, and more importantly, make sure that the explanation is described somewhere within the policy that you sign.

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