Wedding rings are a significant investment, and not just monetarily. The emotional commitment that is tied to the engagement and wedding rings is one that makes the value of a wedding ring increase infinitely beyond their monetary worth. As such, it is important to make sure such an investment is properly guarded.
Check Your Current Policy
Most people would be surprised to learn that their homeowner’s insurance policy doesn’t necessarily cover the loss of their precious jewelry. While the policy may cover theft from the home, the typical policy will cover about $1,000 in the case of theft. Renter’s insurance, however, usually covers even less, at only $500 for the average rental policy. With many people investing one to three months’ worth of salary on the engagement ring alone, $500-$1000 in replacement for theft only isn’t going to go very far in replacing a set of rings that were lost or stolen while away from home.
Before Shopping For Jewelry Insurance
Before you set out to find jewelry insurance for your engagement and wedding rings, always check with your current insurer to find out the exact limits of your existing policy. Once you know what you already have, you can better fill in the gaps left behind. Always check with your current insurance agent to see if they offer additional jewelry coverage.
Often you can receive a discount on your overall premiums for holding multiple policies with one company. If they do not provide additional insurance, they will likely be able to refer you to a reputable company or agent who does. They may also have partnering companies who can provide you with the insurance at a slight discount.
Things To Consider When Purchasing a Policy
The deductible is what you, the policy holder, will be liable for paying when you file a claim. Make sure you ask any potential insurance company what the deductible on the policy is. Some companies provide several options. Typically, the lower the deductible, the higher the premium you’ll pay.
Loss , Theft, or Damage
Some policies will only cover theft of jewelry if it is stolen from your home. Find out exactly what the additional policy will cover. Will it cover the loss of your ring while on vacation? What if the ring is stolen from your hotel room? Will it cover repairs for damage to the ring? Does the policy cover the piece of jewelry for both domestic and international travel? These are all questions you will want answered by your insurance agent, as well as whether or not the company only covers replacement of the item, or if you can receive a cash settlement instead.
Most jewelry insurance companies require an appraisal on the pieces of jewelry that are being insured. Some companies will require that you use an appraiser that meets certain standards, and hold various credentials. Because jewelry appraisals will cost you money, make sure you get the exact information and credentials from the insurance companies before you take your jewelry to be appraised. Additionally, find out what information the insurance company requires. Often, the insurer can provide you with their own appraisal form, which contains the necessary information. If you are unsure of where to look for an appraiser, check with the American Society of Appraisers or the International Society of Appraisers for more information on finding a reputable appraiser.
Purchasing engagement ring and wedding ring insurance may seem like an unnecessary step in wedding planning. But taking a few hours of time to ensure the monetary investment in the outward symbol of the commitment you have made with your new spouse is well taken care of provides both of you with peace of mind. In the sad event of loss or damage to your wedding ring, you can focus your energy on replacement, not having to worry about the extra expense.