While a wedding ring has sentimental value well beyond its actual cost, rings are often expensive and are easy to lose, so it is a good idea for couples to consider purchasing a wedding ring insurance policy.
Many couples consider purchasing Wedding Ring Insurance. There are two methods to ensure that your valuable item is protected. The first way is to purchase a jewelry rider on the homeowners insurance or rental insurance policy. The cost required to insure a ring is mostly dependent on the cost to replace it. Items like jewelry, art, and other expensive products often won’t be covered under the homeowners policy without the rider because of their high value. Having this extension to your policy will cover these specialized items. The second option is to purchase jewelry insurance as a separate plan. Certain companies sell this type of insurance and it may be more extensive than the homeowners policy extension.
Follow the steps below to secure a policy today:
1) Have a jeweler appraise the ring. This should only take a few days and they will provide you with a formal document listing the ring’s value. This provides solid documentation for your individual insurance agent.
2) Call your insurer to verify whether or not your ring will be covered under your homeowners or renters insurance.
3) If your homeowners or renters policy won’t cover the ring, contact a jewelry insurance agent who can provide you with a quote and limitations and conditions of coverage. Read the fine print.
4) Once you have found the right policy for you, take photos of the ring. Make a copy for yourself and send another copy to the insurance company.
5) Have the ring re-appraised every few years to adjust the value to account for inflation.
The knot.com has some specific questions that you should ask your insurance agent before deciding on a policy, including:
- Will the ring be covered if it is stolen and/or lost?
- Will the insurance company pay you the replacement value of the ring, or require you to purchase another from a certain jeweler?
- How should I document the size and value of my ring?
- Is the full cost of the ring insured, or a fraction of it?
- How will you need to prove that the ring has been lost or stolen?
- What happens in other circumstances (like it falls of your hand while swimming in the ocean)?
Generally speaking, the cost for ring insurance is fairly inexpensive. It averages between $1-2 for every $100 of ring value per year. So, a $5,000 ring would cost $50 to $100 per year to insure.
Couples interested in making sure the symbol of their love and commitment is covered by insurance can contact a local independent insurance agent to figure out the best way to protect it.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
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