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When he asks, “Will you marry me?” this Valentine’s Day, the smart fiancée-to-be might respond, “Not unless you insure the ring.”

That’s because an ever-increasing number of engagement rings are costing more than homeowner’s insurance policies will pay to replace stolen, lost or damaged jewelry.

Taking out extra insurance to cover the ring may sound a little unromantic at first—but a policy covering the expensive jewelry could be worth its weight in diamonds.

When you consider that more and more of today’s engagement ring shoppers are purchasing diamond rings that range in size from two to three carats, the cost of replacing a lost or stolen gemstone alone could cost more than $10,000.

Check your policy

Take a look at your current policy—if you have one—because odds are that your renter’s or homeowner’s insurance does not cover the full value of an engagement ring valued at more than $1,000, and it probably doesn’t cover a claim at all if the ring is lost or damaged.

Renter’s and homeowner’s insurance policies generally set limits for reimbursing the loss of certain categories of personal property, including jewelry. Homeowner’s policies typically pay a maximum of $1,000 per item with a $2,500 limit for jewelry theft. A renter’s insurance policy might even have a lower limit for jewelry loss—a common maximum payout is $500.

Additional Jewelry Insurance

You can usually purchase additional insurance for your fine jewelry, but be sure to ask the right questions:

• Is an appraisal required to obtain insurance?
• Are my items covered wherever an incident could take place?
• Are items covered for full replacement cost?
• Will I have to replace the item, or can I obtain a cash settlement?
• Does the policy cover repairs to damaged jewelry?
• Is the ring covered if I lose it accidentally, or only if it’s stolen?
• What if it’s a vintage ring or other unique piece?
• How will the quality and size of my diamond—and the quality and size of a replacement be documented?
• How will I need to prove the ring vanished if I file a claim?
• Are there any circumstances that aren’t covered? (Like, what if my ring flies off while I’m skydiving or golfing?)

Average Cost

The yearly cost to insure your ring is generally $10 for every $1000 that it would cost to replace it. So, if your ring would cost $8,000 to replace, you might expect to pay about $80 to insure it—or slightly more in cities where the risk of theft is higher.

To Insure, or Not to Insure?

Sometimes things just get stolen. And only you know how risky your behavior is as it relates to the chances of losing or damaging your engagement ring.

But for the price, the cost of taking out some insurance to cover your engagement ring may just be worth it to both insure your fine jewelry and ensure your peace of mind.

Looking For Jewelry Insurance? Take a look here.