Insuring Your Wedding and Engagment Rings

In last week’s blog post, we wrote about how to choose a wedding ring that you’ll be happy wear every day for the rest of your life. Your wedding and engagement rings are symbols of one of the most important and joyous decisions you’ll ever make, so it makes sense to choose rings that you can love forever. But, what if the unthinkable happens? What if something happens to your carefully-chosen and much-loved ring?

Many couples choose to insure their wedding and engagement rings. It’s a great way to secure peace of mind that, no matter what happens, you won’t be left without a cherished token of your marriage. It may be a possibility you’d prefer not to consider, but insuring your rings means that, in the event of loss, theft, or damage, they can be easily replaced. In this week’s blog post, we’d like to introduce you to the basics of insuring your rings.

Should I Insure My Ring?

While they represent something timeless and priceless, wedding rings themselves do have a significant material value, and that is often doubly true of engagement rings. If you’re nervous about having such small and expensive items on your person at all times, insurance is certainly something you may wish to consider. Regardless of the actual cost of your rings, taking out insurance may help you to feel a little more comfortable about wearing them every day.

How Does Insuring my Ring Work?

There are a number of different ways in which you can insure your rings. For example, you may be able to purchase an extension to your home insurance which covers expensive property such as jewellery. Alternatively, you may be able to find an insurance company that offers policies specifically intended to provide cover for expensive jewellery, and such policies may provide more extensive cover than your home insurance would. In either case, you’ll need to provide your receipts, as well as have the condition and the value of your rings assessed by a gemologist or jeweller. If adding your rings to your home insurance policy, make sure your rings continue to be covered if you move home or change policy.

What Should I Know About My Policy?

The most important thing to be aware of when choosing a policy is exactly what the extent of the coverage is. Does the policy cover loss, as well as theft? Does it provide for your ring to be replaced, or will it simply pay a pre-determined amount? Will the amount paid be the full value of the ring, or a fraction? What documentation or proof will be required for you to make a claim? Which circumstances are not covered? All of these are important questions which you should be asking yourself before you consider purchasing a policy.