There is only one simply reason to justify why you would get wedding ring insurance, and that is to protect your ring. Wedding rings have once been a simple bond ring, maybe made of silver or gold. However, these days, wedding rings can be as glamorous as you want, with as much diamonds or rubies, or whatever, that you want.
So if you spend a lot on your rings, then you also need to protect it through insurance. Yes, the sentimental value of your wedding rings is priceless. But at least the ring can be replaced.
Check Your Homeowner’s Policy
If you already have a homeownerís insurance policy, then ask your insurance agent if that already covers your rings. Most of the time, it does but the coverage may also be not that comprehensive. If your homeowners insurance does not include your rings, you can get a jewelry rider. This is kind of just an extension to your homeownerís insurance.
Wedding Ring Insurance Costs
Wedding ring insurance will cost around a couple of dollars per year for every $100 of your ring value. Letís say your ring costs $5000, then your wedding ring insurance will be about $100 for a year. If you think about it, that is not really too much.
As mentioned, the coverage of your ring in your home insurance policy may not be that good. If thatís the case, you can still look for a stand-alone insurance for your ring. You can also ask your jeweler if they have ties with an insurance company.
Check The Coverage
When looking into wedding ring insurance, you must consider a couple of things to ensure you get the possible deal but not the highest price on the market. Check if the ring will still be covered if you lose the ring or only if it gets stolen. Ask what proof you must provide to support your claim. If they do replace your ring, will they give you a check or will they require you to choose a replacement from a jeweler of their choice. Will they be able to give you back the full value of the ring or just a part of that? What special circumstances are not going to be covered?
Make sure that you know everything there is to know in your wedding ring insurance policy, and in any other type of insurance for that matter.
Have your rings appraised regularly. The value of your rings may increase or decrease after some time so it would be helpful to have the most updated appraisal if you lose your ring. Take pictures of your ring as well. These documents will help a lot when you need to file a claim.
There are different types of wedding ring insurance that you can choose from. A replacement policy will allow you to purchase a ring of the same market value or of the same kind. A actual cash value policy allows you to get the actual value of your ring when you purchased it, even if itís market value already changed. A value at policy is appropriate if your ring is unique or even custom made. If it cannot be replaced because of itís uniqueness, you will be able to get a higher amount than what it is appraised for.