Insurance For Wedding Rings


Though it may sound to be rather surprising, it is indeed important to have insurance for engagement rings. This is because after you have invested in a large amount of money for the engagement ring, you have to have protection in case the ring gets lost or stolen. You never know when the ring may slip into the drain when washing hands or when the diamond falls from the setting. It is in such scenarios that you wish you had insurance for engagement rings.

Insurance For Wedding Rings
Insurance For Wedding Rings

There is not only a single type of insurance policy for jewelry; there are numerous options for you to choose after investigating each policy thoroughly. Different insurance policies vary in annual costs and procedures for reimbursements. Most people think that homeowner’s or renter’s insurance provides sufficient coverage for a jewelry mishap.

However, on the contrary, not all forms of home owner’s or renters insurance provide coverage for lost or stolen diamond. Check out your policy to find out what is covered, and what isn’t. Usually home and rental policies provide coverage for $500 – $1,000 jewelry theft. However this does not provide coverage for the loss or damage of engagement rings that take place in places other than home.

If you have a replacement insurance policy, it generally refunds the cost of replacing the ring with an identical ring of comparable diamond size, metal and setting, at the current value. However consumers generally prefer actual value insurance policies as they are the most affordable option for them. With this policy, when making a claim, the cash value of the engagement ring is replaced only after subtracting depreciation.

An uncommon and expensive insurance option is valued at policies where you get to set the value of the ring. Sometimes the value may be more than the appraised value, when factors like emotional sentiments are taken into consideration. And when anything happens to the ring, this insurance for engagement rings reimburses you for the value you had declared for the ring.

To help you decide on the best insurance for engagement rings, you could ask the jewelry where you had bought the ring, for recommendations. This is because they usually have insurance contacts, and may also be able to get you a discount. You could also surf the internet to find out what deals you have. However whichever insurance company you approach for your insurance, make sure you find out about the reputation of the company through the Better Business Bureau.

Hello! My name is Anna and I am the editor of this site, wedding designer, artist. I love life as it is, and I also keep my wedding blog.