Who pays for engagement ring insurance?

knottie44bd4436f5da6b01

Hey all,

Seeking feedback on how married couples handle engagement ring/wedding band insurance payment responsibility. We are a couple who both share a joint bank account, as well as hold our own separate bank accounts.

Do you believe the groom be responsible for the cost for the entire duration of the marriage, since he is the one who gifted the ring? Or should the bride cover it since she is the one who wears it? Or do you believe it should it be an expense paid for with the shared bank account?

Shared bank account makes the most sense to me, but curious how other couples do it.

Thanks!

climbingsingle

My jewelry is covered by our homeowner's insurance. That comes out of our joint account, so technically be both pay for it. 

charlotte989875

climbingwife said:

My jewelry is covered by our homeowner's insurance. That comes out of our joint account, so technically be both pay for it. 

Ours is the same. Our insurance through the jeweler was a one-time cost & covers if a diamond falls out/prongs are broken/etc but insurance of the ring itself against theft is covered under our homeowners policy. 

short+sassy

I think it should be a joint expense.  But homeowner's or renter's insurance will cover it.  However, check the limits with your policy.  There is usually a specific "max" amount for all jewelry that, at least in my experience, isn't very high.  Artwork is the same way.  Though you can pay a little more to boost up your jewelry coverage, if you feel your current policy is not adequate.

charlotte989875

short+sassy said:

I think it should be a joint expense.  But homeowner's or renter's insurance will cover it.  However, check the limits with your policy.  There is usually a specific "max" amount for all jewelry that, at least in my experience, isn't very high.  Artwork is the same way.  Though you can pay a little more to boost up your jewelry coverage, if you feel your current policy is not adequate.

That’s what we did, too so it covered the other jewelry I own. The increase in our monthly payment was minimal and everything we have is covered. 

banana468

It's part of the HO Ins as a rider.   It's a joint expense.

Then again, while we have somewhat separate accounts there are joint expenses that still affect how we live.  It's all a joint expense unless it's specific to an employment related expense. 

maine7mob

This and other financial questions should be part of a larger discussion with your fiance. And that discussion should address whether yours is to be a contractual or covenantal marriage.

In a contractual marriage, you are party to a legally binding arrangement with mutually agreed upon terms. Most non-religious couples view marriage this way. If you do, you need to decide in advance how you will approach your finances, so that you have a template in place for expenses that come up after you're married.

In a covenantal marriage, a view that many religious couples take, you are part of each other, and take on each other's debt and income. It is not split 50-50, because you view yourselves as part of one entity.

In practical terms, the money fights are likely the same. But I do think it's important to know which view you embrace going into marriage. There is support for both types on the internet, so read about them if you're interested.

And to answer your question, you buy an insurance rider as part of your homeowner's insurance yo cover your ring and other valuables, like coins or antiques or art. But you still need to decide the first part of my post. It will make future decisions like this much more straightforward.

SoonToBeSmith0512

When my husband bought my ring we weren't yet on the same renters policy so he put it on his - mostly because he got it insured right away when I didn't even know it had been purchased, ha! As a side note, even though we lived together at the time the insurance company said we needed two renters policies since technically only "his" things were covered on his policy and mine on my policy. That might be different in different areas though, just a watch out.

Once we got married and were on the same policy we just paid for the total policy, including the rider for extra insurance on our rings, out of our joint account so technically we both pay for it. 

forevermarriedbrainshadia

I think it should be payed like you pay rent.