For many couples, engagement and wedding rings represent a major investment. Even if you don’t spend two months salary on a big honking diamond, chances are that your engagement and wedding rings hold strong personal value to you, and replacing them would be important should they get lost, broken, or stolen. One option to protect these symbolic and financially valuable objects is to purchase ring insurance. Here’s all the basics you need to know if you’re considering purchasing engagement or wedding ring insurance.
Getting Ring Insurance:
Wedding and engagement ring insurance is typically purchased as an addition, also known as a “rider,” to an existing property insurance policy. If you already have renter’s or homeowner’s insurance, you can add a rider for specific valuable items, including your wedding rings. If you do not have an existing policy, it can be difficult to purchase one just for your rings, however you may still be able to buy an extended warranty through your jeweler to cover breakage, loss or theft.
If you are buying your rings new, you’ll need to bring the receipts to your insurance company. You may also need to have the ring appraised, especially if it is an antique or heirloom ring. An appraisal can be conducted by a certified gemologist; fine jewelry stores may offer this service or can serve as a resource on where to get an appraisal. Once the appraisal is obtained, your insurance company will use this information to determine the value of the ring, as well as the fee you must pay to obtain the rider.
Reading the Fine Print:
When purchasing a warranty or adding a ring insurance rider, be sure to find out exactly what coverage is provided. Some policies provide coverage if the ring is broken, but not if it is lost or stolen. Others may require police reports or other documentation before they will replace a stolen ring. Ideally, you’ll want a policy that covers the full value of the ring regardless of whether it’s been lost, broken, or stolen. You can also check to see if the policy covers repairs in case of damage that can be fixed by a jeweler, though this may diminish the value of your ring.
Watching out for Loose Ends:
If you buy ring insurance as a rider on a renter’s or homeowner’s insurance policy, it may be tied to the residence covered by the policy. This means that if you move, the rider may not immediately transfer over to your new address. Any time you move, contact your insurance provider to ensure that the coverage moves with you.