Hey Barefoot!
My husband and I have had our first marital spat. Ironically, over whether to insure my engagement ring. He knows that I’m pretty hopeless with my belongings, but now after four years of not losing it I’ve made a case to reallocate the $550 annual insurance fee elsewhere. Please mediate and help us decide whether to insure or not to insure!
Sarah
Hi Sarah
You’re insuring a ring for $550 a year?
It must have so many carrots the Easter Bunny has put it on his wish list.
Now I’m sure you understand this, but you’re fighting about something that is purely emotional. It’s not logical to wear the price of a second-hand HiLux on your finger … but hey, no judgement.
Welcome to marriage!
Most home and contents insurance policies already cover your ring – but only up to a certain amount, often just $1,000. If your rock’s worth more (say, $10,000), you’ll need to specify it on your policy and cough up for the higher premium. That means getting a valuation certificate and jumping through a few hoops. It sounds like that’s what you’ve done.
Now, let’s get practical.
If you rarely take the ring off, and don’t live in Purf, there’s a very good chance you’ll never lose it.
However, let’s look at the worst case scenario and you do lose it.
You’ll feel terrible. Your husband will be angry (and he’ll very likely use it as ‘exhibit A’ in any future fights you have).
Will you rush out and buy the exact same ring?
Maybe.
Will replacing it make you feel better?
I don’t think so. That’s a sunk cost – both financial and emotional.
My advice?
Save the insurance money. Instead, each year spend that money on booking a cheeky Airbnb, share a bottle of red, and toast to a lab-grown diamond if the worst happens. Cheaper, shinier, and no ethical guilt. And remember: the size of the rock has nothing to do with the strength of your marriage. (But correctly stacking the dishwasher? That’s another story.)
Scott