In most cases, insuring an engagement ring is much more affordable than you think. Which is great, since protecting your jewelry is one of the best things you can do to safeguard yourself from unnecessary heartache (and financial hardship).
So, how much does it cost to insure an engagement ring?
As I’m sure you’ve heard, the old adage advises an engagement ring should cost roughly the equivalent of two months’ salary. That out-of-date advice came from a De Beers marketing campaign to create buzz around diamonds.
If we were to do some quick math and look at national salary averages over the first quarter in 2020, the most recent data from the Bureau of Labor Statistics indicates that would equal $7,592 (based on 8 weeks.)
We know you’re most likely at home during this time and may be wondering how you can support local jewelers. One way you can support is by purchasing jewelry online. If you’re looking to buy online, or at least to begin your research before stepping inside a jewelry store, knowing what to look for may seem daunting. But it doesn’t have to be.