Originally Posted by rabidmonk
True, but when I bought the ring, I didn't have homeowners insurance since I didn't have a home and at the time was to stupid to have renter's insurance. All our property, jewelry, electronics, etc. is now covered. Hindsight is 20/20 and I'm a bit wiser than i was back then.
My main point was that if you're starting a life together, there are other considerations to take into account. A ring is a single, high value item with no functional value. It looks great and all, but when you're hungry you can't eat it and it may be a bit too small to live in.
I didn't mean for my post to sound condescending, I was just reminding people that it is better to take out insurance and not need it, than need it and wish you had taken it out. You are right, hindsight is always 20/20 and we all get wiser by the day - that is why I was just reminding the "youngins" to get it covered on their homeowners, or renters insurance. (Renters insurance is really cheap to get).
I also completely agree with you that an engagement/wedding ring has no functional value - and it should be purchased within your means (whatever that is....). I just cannot understand people who finance rings over long periods of time. IMHO if you can't pay for the ring right away (or quickly), you are probably looking at something to expensive, especially if you are planning a wedding (which is crazy expensive). If you don't just have the money laying around (and need to make payments), your money can definitely be spent better elsewhere (i.e. wedding, honeymoon, down payment on a house, savings, etc.).