Should I Get Wedding Ring Insurance?
Congratulations! You’ve said ‘yes’ to the love of your life and have a beautiful symbol of your love adorning your left hand. You have just experienced the most romantic moment of your life, (save maybe for the BIG DAY!) And what’s a more romantic follow up than a long and thoughtful discussion about insurance?
Getting wedding ring insurance is completely up to you, but it’s certainly worth taking the time to consider your options.
Why Wedding Ring Insurance is Important
If your wedding ring and engagement ring have significant monetary value, it’s wise to insure them for their replacement cost. Not only is your diamond engagement ring beautiful, but it’s also your most important piece of jewelry. Make sure losing your rock doesn’t break your bank along with your heart.
So while no one wants to talk about insurance (except for insurance agents… maybe), insuring your engagement ring is an important consideration.
Your ring could slip off your finger while swimming, you could set it down in a moment of carelessness and lose it, or it could even be stolen.
You might think it could never happen to you, but studies show 1 in 4 newlyweds lose their wedding ring in the first 5 years of marriage!
Accidents happen. Insuring your ring will give you peace of mind and the ability to replace it upfront without digging into your savings.
Getting Wedding Ring Insurance
You have a couple of options when it comes to having your ring insured.
If you have renters or homeowners insurance, check if your ring falls under the coverage you already have. If not, you will need to purchase an insurance “rider”, which is an extension of your insurance that specifically covers your engagement ring, or whatever jewelry you are hoping to insure.
Your other option is seeking out a company that deals with jewelry insurance exclusively. Research insurers online first. There should be plenty of information and reviews from others who have dealt with the company already. You want to make sure they have a simple and smooth claims process so that you’re not stuck dealing with awful customer service while dealing with the loss of your ring.
Questions to Ask Your Insurance Provider
Make sure you find out what exactly the insurance covers. Does it cover a lost stone? Does it cover theft? Will they replace your ring or give you the monetary value of the ring? If the insurance company replaces it, ask them where you can get it replaced. If you have a custom ring designed with detail and care by a wedding ring specialist, you don’t want it replaced by a generic bargain jewelry store ring.
Wedding Ring Appraisals
Some insurance providers will require an appraisal in addition to your receipt or proof of purchase. Make sure to find out if an appraisal is required, and if one is, what guidelines the insurance provider has for appraisals. Carefully check the credentials of your appraiser, and only use certified gemologists, such as gemologists from the American Gem Society or Gemological Institute of America.
Adding in the price of an appraisal will increase the total cost to insure your ring. And remember that the cost of diamonds fluctuates over time, so getting your rock appraised every several years will ensure your losses are mitigated even 20 years down the line. Marriage is for life, so you’ll have your wedding rings for a long time!
How much Should You Expect to Pay for Wedding Ring Insurance?
The cost of insurance depends on the price of your ring. Generally, the price of insurance is 1-2% of the value of your jewelry or $1-2 for every $100 your ring is worth.
If your ring cost $5000, you might spend $50 – $100 per year on ring insurance.
If your ring cost $8000, you might spend $80 – $160 per year on ring insurance.
If your ring cost $15000, you might spend $150 – $300 per year on ring insurance.
You get the idea.
Considering the value of your ring, and the upfront cost to replace it, it’s really not that much money to spend on peace of mind. For the price of a few coffees a month, you’ll know you’re protected.
How to Avoid Ring Loss
The honeymoon, unfortunately, is a known culprit for lost wedding rings.
Think about it.
You’re not used having it on your finger. You’re exhausted from all of the wedding planning and celebrating on the big day, but now you finally get a chance away. Often this beautiful location away from home is filled with distractions. Your focus is only on each other and the beauty around you. Add in the beach, and a little bit of alcohol and you’ve just created the perfect scenario for losing a ring.
Now, I don’t want to put a damper on your honeymoon plans, but knowing the risks ahead of time and taking precautions can help make sure you never have to use your insurance policy.
Insured or not, you want to make sure you hold on to your rings for many, many years to come. Here are some tips to make sure you never have to use your wedding ring insurance.
Keep it in the same place
When you take your ring off, always keep it in the same place so you know where it is. That may sound obvious, but you don’t want to forget where that really safe spot was. We’re all human and we all forget things. Keeping your ring in the same (safe) spot will prevent you from becoming your own ring thief.
Make sure your ring fits
If your ring becomes too loose, make sure you get it resized. This can happen after weight loss from a new diet or exercise schedule, or because your fingers can change shape over the years.
A loose ring is much more likely to fall off. And a ring that’s fallen off without you noticing is so much more difficult to locate.
Avoid Bringing it to Common Ring Loss Locations
Some locations are known for wedding ring loss. If you’re the type of person that misplaces things easily, consider leaving your ring safe at home (in the same spot you always keep it) when you’re at these locations or completing the following tasks.
- Swimming pool
- The beach
- The gym
- Washing dishes
With or without insurance, make taking care of your rings a priority now and throughout your life.
Still Looking to Purchase Your Wedding Ring?
Vanessa Nicole Jewels crafts stunning, custom-made wedding rings and engagement rings for couples around the globe. Every ring we make is truly one of a kind, designed exclusively for each client. Contact Vanessa today to learn more about your options!