Jewelry and insurance experts provide their advice when it comes to insuring wedding rings! This may easily be one of your biggest investments next to purchasing a home. Read on to learn everything you need to know about protecting your BIG purchase.

6 Things You Need to Know About Getting Engagement Ring Insurance

1. Insure your engagement ring as soon as possible!

Once the engagement ring is purchased you can shop for insurance providers. You might not be thinking about anything happening to your precious token of love, but truth be told the sooner it's insured the sooner you'll be protected.

2. Choose a Coverage Provider

What's covered:

• Theft - If it's stolen out of your car, out of your home, gym bag or off your body.
• Damage - A broken link on a chain, chipped silver or loose prong or lost diamond. Whether this is partial or total damage, it will be covered.
• Loss and disappearance - If you loss your your engagement ring or other jewelry you have insured, it will be covered even if it's your own fault.

What's NOT covered:

• Wear and tear - Unfortunately, insurers won't replace jewelry that tarnishes or gets scratched over time. For example, a 30 year old gold wedding ring that is heavily scratched. Rather, something unexpected has to happen for it to be replaced.

The estimated costs to insure most rings on average is $1 to $2 for about every $100 your ring is worth. Generally, in that case you can expect a premium of $100 to $200 a year.

Which carrier should you choose?

3. Ask your Potential Policy Provider the Right Questions:

• Can you choose who repairs your ring?
• If you're insured for replacement (instead of a cash payout), where can you purchase a new ring.
• What happens if a suitable replacement cannot be found?
• How will you need to prove the ring vanished if you make a claim?
• Are there any circumstances that aren't covered?
• How will you need to prove the ring vanished if you make a claim?
• Will you continue to be insured when out of the country?
• Will the policy adjust according to inflation?

As you get answers to these questions, you'll have a better sense of which provider can offer the best ring insurance. Salvador Insurance offers over 25 different carriers including, Erie Insurance, Travelers, Nationwide and more, finding you the best options in coverage at the best rate.

4. Get an Appraisal

You can't protect the value of your ring if you don't know what it's worth. "A thorough appraisal will include the carat weight, cut, color, and clarity of all the diamonds, the carat weight and shape of any colored stones, the metal type and fineness or karat, as well as any identifying marks, hallmarks, or stamps," says Elizabeth Doyle, president and cofounder of Doyle & Doyle. Most insurance companies will require an appraisal for higher value pieces (for example, rings worth $5,000 or more) while an invoice or receipt suffices for less expensive items.

5. Is the fiancé or fiancée responsible for insuring it?

If you're living together- if you added your fiancé's (or fiancée's) name on your insurance policy (or if you share a policy), it's generally covered once you give the ring to them.

You're not living together- your fiancé or fiancée is responsible for insuring it. Your policy will no longer cover it at that time, and they need to add it to their policy.

If you're not on the same policy, your fiancé or fiancée is responsible for insuring the ring.

6. Reevaluate Your Overall Insurance Needs

There just might be more to think about than just how to insure engagement rings—there just might be other new items you need to insure. "In addition to engagement ring insurance, remember this is a time when you should be reevaluating all of your insurance needs as newlyweds," says Jeanne Salvatore, senior vice president of public affairs and consumer spokesperson for the Insurance Information Institute. You might even consider ramping up your insurance coverage to account for expensive or hard-to-replace wedding gifts.