Congratulations on your engagement. Oh my gosh, what an exciting time!!!
You are probably wondering what to do next. Well first things first…insure your ring. Imagine yourself cooking dinner and you have laid your most prized possession on the sink to keep from getting it all gunked up by the homemade guacamole. Now fast forward and its bedtime. You realize you never put your ring back on and the panic sets in. You go to the kitchen and nada. Where in the world could it be? Your fiancé takes the sink apart on the slim hope that it has fallen down the drain. Little do you know that it inadvertently got tossed with the guacamole scraps. Now your beautiful ring is nowhere to be found. Admittedly, this is probably the worst case scenario -- aside from it being stolen (which would be an absolute nightmare) but if the ring is insured all is not lost. Sure, its replacement will not have the sentimental value that the original had but your fiancé can always recreate that moment and give it to you all over again. But, if it’s not insured, you may have just lost your treasured ring without a means to replace it. Check with your insurance carrier to see if a policy can be created for your ring (before its lost or stolen). Many times the policy can be added to your homeowner’s or renters policies and often, they are not overly expensive. The piece of mind that the insurance policy provides is well worth its weight in gold (or platinum). According to the Knot "the yearly cost to insure your ring is $1 to $2 for every $100 that it would cost to replace. In plain English, this means that if your ring would cost $9,000 to replace, you might expect to pay between $90 and $180 per year to insure it—or slightly more in cities where the risk of theft is higher."
So don't hesitate. Now you've said yes and you’ve shown it off to everyone who will pause long enough to look, call your agent! Why are you still sitting here? You have a phone call to make.
Love and Cheers! Taynia
The Knot. https://www.theknot.com/content/engagement-ring-insurance-101