How to Insure a Wedding Ring
Yes, it might sound a little less than romantic, but discovering how to insure a wedding ring should be at the top of your to-do list when you get married. After all, your wedding ring is laden with value, both in money spent and in memories gained. To have something happen that damages it or causes you to lose it somehow, is not just a heavy hit to your wallet, but an emotional hit too. It only makes sense to protect such an important investment as best as you can. Though insurance can’t technically “replace” something that’s irreplaceable, it can cushion the blow, protect your fiscal investment, and allow you to make repairs or purchase a new ring if necessary.
Ring Valuation and Insurance Costs
You should have your wedding ring appraised before attempting to insure it. Then you will have documentation to provide to the insurer so that you can get the coverage you need. You can’t really protect something if you don’t know it’s value. Just make sure your appraiser is reputable. Look for appraisers who are members of some kind of national appraisal society and that has a grad degree in gemology. You want to make sure your ring is accurately appraised because undervaluing is bad, and so is overvaluing. You could wind up paying more in premiums if you overvalue your ring and ultimately lose money.
Some insurers will accept a purchase receipt as proof of value, just ask what their requirements are, although we recommend going the appraisal route if possible. If your ring has diamonds, you can also get a grading report or diamond certificate from an independent gemological lab. The information provided helps your appraiser to make an accurate value determination.
Your chosen insurer will use different factors to determine your insurance costs, including the ring’s value, your geographic location, and whether you opt for zero deductible. Like any other type of insurance, policies with no deductibles have higher premiums than policies with a deductible. You have to decide what makes the most sense for you. On average, you can expect to pay 1-2% of the value of your jewelry to insure it. So, if you spent two grand on your wedding ring, a year’s worth of insurance might cost you anywhere from $20 to $40.
Choose an Insurance Provider
There are a couple of different ways to go about insuring a wedding ring. Some couples opt to insure their rings using an existing insurance policy. This can fall under renters or homeowners’ insurance. However, you have to make sure you look at the fine print because there are personal property limitations with many policies, often referred to as limits of liability.
If you go this route, you should ask about adding a rider or endorsement (also sometimes called an extension) to your policy. By adding a rider, you can obtain more coverage for specific high-value items that wouldn’t be covered under your regular policy, such as wedding rings or other fine jewelry items. It’s important to keep in mind that even with a rider, many rental or homeowner insurance policies still impose limits on how much they will pay for repairs or replacements. Make sure if you go this route, your ring is fully covered and don’t be afraid to ask questions if you’re unsure about something.
Other couples prefer to obtain insurance for their wedding rings through companies that specialize in offering jewelry protection, especially if their renters or homeowners’ insurance doesn’t adequately meet their needs. One of the most well-known is Jeweler’s Mutual, a company that only insures jewelry. We highly recommend Jeweler’s Mutual Insurance here at His Ring Shop. Going with this option means if you do end up having to file an insurance claim on your wedding ring, your insurance costs for other things like your home and auto won’t go up with it, which is ideal. Nothing like adding insult to injury by having to file a claim on a lost or stolen wedding ring, only to find you’re also paying more on your house and car.
What Wedding Ring Insurance Covers
The most common coverages include protecting your wedding ring if there is damage done, such as damage fires or windstorms and other natural disasters. Protection from theft is also a common coverage. Some policies offer coverage for accidental loss, but keep in mind there may be limits to that coverage. Loss claims are also often treated as claims for theft. Every insurer is different, and every policy is different, so it’s important that whomever you go through to insure your wedding ring, you ask plenty of questions so that you understand exactly what’s covered and what isn’t. You want to protect your wedding ring as much as possible.
Questions to Ask Your Insurer
Once you’ve found a possible insurance company provider, start asking questions! Here are some ideas to get you started:
- What does the policy cover?
- Does the policy cover theft only, or does it also cover damages due to disasters?
- Does the policy cover accidental loss, and are there special caps for that?
- Are there any scenarios where the loss or damage to your ring would not be covered?
- Is your wedding ring fully covered, or only partially covered?
- What happens if you leave the country, are you still insured?
- Does your policy adjust for things like inflation?
- What’s the process of proving the loss of the ring?
- If your ring requires repairs, do you get to choose the provider?
- If your ring requires replacement, do you have to go through a certain jeweler?
- What’s the process if you can’t find a replacement?
- What kind of documentation is required for filing a claim?
- And finally, how does filing claims work?
Some insurers may cut you a check for the actual cash value of your ring, while others may require you to replace your ring from a particular store with an identical ring or a ring that is similar in style and foot the replacement costs. Ideally, you should have your insurance company offer you replacement cost because it takes into account how much your ring would be worth today. Cash value only offers you what your ring was worth with you bought it, minus depreciation. This difference is extremely important if you’re insuring a ring with diamonds.
One last question to ask if you opt to insure your ring through homeowners or renters insurance, is how would moving impact your policy? You need to know ahead of time, the steps to take to keep your ring protected, because sometimes moving requires policy changes.
Reappraise and Reevaluate
It’s a good idea to periodically reassess your insurance needs. You might find you qualify for lower premiums or you might discover something else that needs insuring that you want to add to your policy. A regular reappraisal of your wedding ring is also an excellent idea, as values may go up. Your wedding ring is a long-term investment and should be treated as such. You should aim for a reappraisal every two to three years and if possible, use the same appraiser. Sometimes your appraiser may even cut you a deal on reappraisal costs based on a good relationship you’ve built over time. If that’s not possible, make sure you keep meticulous records.
Speaking of those records, be sure to keep all documentation related to your wedding ring in a folder somewhere you can access easily. Your insurer may require it to file a claim. That means keep all your updated appraisal reports, receipts, and photos in one place. You never know what your insurance company may ask for, so it’s important to be prepared.
Safeguard Your Wedding Ring
It’s not realistic to expect you to never remove your wedding ring. When you do, especially if it’s a high-priced item, keep in locked up in a safe or deposit box and be extremely careful when cleaning your wedding ring. You can also keep all your important documentation there, too. It’s a good idea to keep several copies of your receipt for your ring, both paper and digital in the event you have to file a claim because that helps expedite the process. Take pictures of your ring periodically and keep both paper and digital copies of those as well. You should also avoid packing your wedding ring in checked luggage if you travel often and consider leaving your ring safely at home if you find yourself taking an unexpected flight somewhere.
There’s nothing quite like peace of mind, especially when it comes to protecting your valuables. Go for trusted insurers like Jeweler’s Mutual Insurance. Taking some time to learn how to insure a wedding ring properly and then putting what you learn into action can help protect your investment and your memories. That’s pretty priceless.