Should You Insure Your Wedding Rings?

This is not an idea that most people consider since it sounds less fun than planning the honeymoon. However, when it comes to wedding bands, engagement rings, and wedding jewelry, securing them is as essential as any other wedding-related task. The amount spent on insuring a ring varies depending on the type of metal, where you live, and the kind of gemstone used.

Does Homeowners Insurance cover Wedding Rings?

The answer to this question is Yes. Jewellery is included in the renter’s and homeowner’s insurance policies that cover the value of items in your home. Unfortunately, jewelry coverage can only go up to a specific dollar limit. Circumstances, for example, damage or loss, may not be included in the collective value of all items. In most cases, coverage is subject to a deductible before you get any reimbursement.

Hence, wedding and engagement rings can be covered comprehensively by extending your current policy or purchasing a rider or floater. This is also referred to as scheduling property. Scheduled personal property exceeds the typical renter’s or homeowner’s policy so that the total value of the designated, high-priced item will be covered in the event of a claim. You do not pay a deductible on a scheduled item in simple terms.

The easiest step would be adding a floater itemizing your rings to your existing policy. If the coverage offered through your current provider does not meet your needs, buy a separate policy for your rings. Ask your jeweler to recommend the best insurance company.

What To Look For In A Wedding Ring Insurance

1. Replacement

Before you sign up for coverage, you should consider the following questions and get answers; will repairs or partial losses be covered? How will the insurance company replace your rings? Can you choose to receive a check as compensation? and would you be required to get the rings at a particular jeweler? You must evaluate and understand the replacement policy against your sentimental and financial concerns.

2. Assessment Value

This is how the insurance provider will assess your ring’s value for reimbursement. Will they consider the original purchase price or use the current appraisal value? This is vital information before signing any documents.

3. Coverage

Cover all your bases with your wedding jewelry as you do with your home and vehicle. The best policy should cover all contingencies when it comes to your rings. This should include theft, loss, and damage from an accidental drop.

4. Consider Coverage Options

Compare the cost of one insurance provider to another and the relative cost to the comparable coverage. These are different and change from one provider to another, even from policy to policy.

5. Documents Required

Know all the needed paperwork for your policy and ensure everything is readily available if you are required to file a claim. These documents might include photos, receipts, and updated appraisals.

Once You’re Insured;

Keep all your insurance-related documents secure, safe, and dry. At this point, you need to be familiar enough with your policy details and know what documentation is required, e.g., ring receipts and gem certificates. Ensure that every policy detail you discuss with your provider is included in the paperwork and all promises are written down in documents.