Your Wedding and Engagement Ring Insurance
All kinds of scenarios can happen: for instance, rings can easily get lost or damaged while doing household chores, or stolen during a vacation. While nothing can bring back a lost or stolen ring, insurance can help you with finding a replacement or having the damage repaired.
Many couples overlook purchasing insurance for their rings as an extraneous, unnecessary element when planning their weddings. Not to mention, no one wants to think about what could go wrong. However, it will be a worthwhile investment if the unexpected does occur.
Ring insurance is usually best purchased as a rider, which means the policy will cover the full replacement of a ring with no extra deductible. This type of policy is usually added directly into your renter’s or homeowner’s insurance, but individual plans just for rings are also available.
When purchasing insurance, it is important to research different plans and use the Internet to “window shop.” Many jewelry stores offer their own policies or will recommend a company with whom they often work. Make sure to ask the insurance salesperson lots of questions before committing to anything.
The cost of insurance for your rings can vary greatly depending on the company and type of ring you choose. Generally, you can expect to pay one to two dollars for every hundred dollars for which the ring is valued. So, for example, a $2,500 ring would cost somewhere between 25 and 50 dollars per year to insure.
Because the insurance cost is so relative to the cost of the ring itself, it is crucial that you have an accurate, up-to-date appraisal.
When purchasing insurance for your ring, the first step is having the ring appraised by a certified gemologist. This will be an additional cost. You can usually find a gemologist at the jewelry store where the ring was purchased, or in other jewelry retail locations.
The appraisal will document the description, type of gem, special features, and the value of the ring. After the appraiser‘s inspection, which takes anywhere from 30 minutes to an hour, he or she will sign a legal appraisal document. You will also need to compile the receipts and assorted documentation from the ring purchase to provide to the ring insurance salesperson.
Besides keeping track of your paperwork, there are other things you can do to strengthen your policy and make it easier to receive a replacement in the event that you have to make a claim.
This includes photographing the ring, knowing its model and designer, and purchasing a small vault or safe to hold the ring when you are not wearing it. It’s also smart to keep the important paperwork associated with the ring(s) in the safe.
Having your ring appraised regularly [about every year] is also a good idea, since the value of precious metals and gemstones can constantly change over time. This way, you will have the most current information for the insurance company if you have to make a claim.
The insurance company will usually investigate the case by asking for details regarding when and where your ring was lost, stolen or damaged. You may have to provide police reports or other documentation to back up your claim. Once a claim has been approved, you will receive a check to purchase a new ring or repair the damaged one.
Be sure to read the fine print on your policy; all situations may not be covered
Your rings are precious tokens that symbolize your love and marriage for the rest of your life, and you put a large amount of time and effort into choosing the right engagement ring.
Having them insured can give you the peace of mind of knowing that if something were to happen, you could easily replace them instead of digging into an emergency fund, or scrambling to get money together to pay for a new ring or costly repairs. Consider this a wise investment if protecting your rings is important to you.
Lisa is a special needs teacher and a hugger. She always makes time for everyone and lightens up everybody’s lives with her presence. When she is not chasing her students around the yard, she finds time to write about what she truly loves, and you guessed it, its people and relationships.