Insuring Your Wedding Ring

Your wedding ring is more than a fashion statement. It is a symbol of everlasting love and commitment. So it goes without saying that insurance is probably not the first thing that comes to mind when you glance down at the wedding ring on your finger. Insurance can never replace the sentimental value of a wedding ring, but it can give you some peace of mind in knowing that it would be covered if something ever happened to it.

Your renter’s or homeowner’s insurance probably offers coverage for the theft of jewelry. However, many policies have limitations and you should look into what your policy offers before purchasing insurance on your ring. Both will have a set limit for loss of jewelry. Your insurance coverage may or may not cover lost or damaged items. Be sure to read your policy cautiously and fully understand the coverage. You can always purchase extra coverage for your jewelry.

Here are some questions you will need to ask your agent about this type of coverage:

  1. Is there a deductible? If yes, how much? How does raising or lowering the
    deductible affect the cost of your policy?
  2. Is an appraisal required? Are there only certain types of appraisers whose reports
    are accepted?
  3. Are the items covered no matter where they are, such as during domestic and
    international travel?
  4. Are the items covered for full replacement cost? Must you replace them or can
    you get a cash settlement?
  5. Does the policy cover repairs to jewelry that is damaged?

There are many things you can do to prevent damage to your wedding ring. Be sure to have a jeweler periodically check your ring for loose prongs, worn mountings, etc. Periodic inspections are usually part of the stores warranty any way. so it will be inexpensive, if not free. Whenever you take off your ring, always put it in the same place. That way, you won’t ever forget where you put it. If you remove your ring to wash your hands, be careful not to leave it by the sink where it can accidentally fall down the drain. Be careful while cleaning or doing household chores. Harsh chemicals can damage precious stones and metals, and a rough blow can easily knock a stone from its setting. Be careful not to lose your ring when you go for a swim, especially if your fingers are already slippery from sunscreen.

You are ultimately responsible for protecting your fine jewelry. Treat your wedding rings like the treasures they are and take good care of them.

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