Engagement and Wedding Ring Insurance
Life happens. Things break, they get lost, or even stolen. Unfortunately, your wedding and engagement rings are not immune to these tragedies. These things are unpleasant to consider during such a happy and exciting time, but you can give yourself peace of mind by setting up an insurance policy for your rings.
Get an appraisal first
- Before any policy can be put in place, you'll need a qualified gemologist to do an appraisal. A receipt will not work!
- The appraiser should produce documentation testifying to the ring's value and authenticity.
- Look at your current renter or homeowner policy. Your insurance company may offer coverage for your wedding and engagement rings within your current policy. Call your insurance agent to find out if you are or can be covered. Remember there are two of you and you may have two policies, so check out both.
- Specialty jewelry insurance companies focus solely on the protection of fine jewelry. They may offer coverage that is more extensive than your homeowners insurance.
Questions to ask your insurance company
- What are we covered for? Theft, disaster (if so, what kind?), damage?
- How are we compensated if something happens to the ring(s)? Will we receive the entire or partial value?
- How do we prove loss or damage?
- How much will the insurance cost? Generally, you want to only pay up to two dollars for every hundred the company offers in replacement value.