Don’t undermine the importance of jewellery insurance. It is one of the best decisions you will make, second to purchasing your token of love. Your wedding ring marks the beginning of your future with your partner and is a valuable asset not only because of its price tag but also because of the sentimental value attached to it.
Having insurance for wedding band or ring will cover the cost if something unfortunate happens to it. Below, we’ve covered everything you need to know about wedding ring insurance.
What is Wedding Ring Insurance?
Wedding ring insurance is similar to a home or car insurance. It is a contract between you and the insurer that protects your wedding ring against potential loss, theft or damage. In the unlikely event of the occurrence of the earlier-mentioned instances, the insurance company will compensate you for the repair or replacement of the ring. The best wedding ring insurance also covers your ring when you’re traveling.
Why You Need Wedding Ring Insurance
If you’re worried about losing or damaging your ring, it’s time to consider getting it insured. Insurance for wedding ring covers the cost of getting your ring repaired or replaced in case of loss, theft or damage. It’s best to get your ring insured as soon as you purchase it.
Read: Lost Your Wedding Ring? Here’s What You Need to Do
How Much Does Wedding Ring Insurance Cost?
Now that we’ve established the importance of wedding ring insurance, the next question is how much does it cost to insure a wedding ring?
Generally, to insure jewellery pieces like your wedding ring, it would cost around 1% to 2% percent of the ring’s current value. So if your ring costs $10,000, you can anticipate paying a premium of $100 to $200 each year. But this price can be affected by several factors such as:
- Your location.
- The value of your ring.
- The deductible (for policies with low or no deductibles, premiums will always be higher).
If you have a security box or a home security system, some insurance companies might offer to lower your premium.
How to Insure Wedding Ring
So, how do you insure a wedding ring? Here are some steps you can follow:
1. Choose a Provider
Do your research and choose a jewellery insurance provider that offers the best coverage. While most policies cover theft, accidental loss, and damage, some companies also insure heirloom or difficult-to-replace jewellery pieces at a mutually agreed amount. So pick one that suits your needs.
2. Find the Right Insurance Company
Here are some questions you can ask the insurance company to know if they’re right for you:
- Does the policy cover damages or just stolen/lost rings?
- Does the policy apply when you’re out of the country?
- Can you choose the jeweller who repairs your ring?
- If the insurance offers ring replacement; can you purchase a new ring from a jeweller of your choosing?
- If your ring gets lost, how can you prove it to make a claim?
- Do repairs contribute to the deductible and which ones?
- Does the policy adjust based on inflation?
- Are there any circumstances you’re not covered?
- How do you renew your insurance annually?
3. Appraise Your Ring
Get your ring appraised by a reputable appraiser to know its worth. This will account for the stone’s cut, colour, carat and clarity as well as your ring’s metal and weight. Most insurance companies require an appraisal for pieces with higher value.
4. Reappraise Your Ring
For insurance purposes, it’s important to get your ring reappraised every 2 to 3 years because the jewellery’s value may have increased.
5. Keep Your Documents Safe
From the moment you get your ring, keep the certifications and reports safe as these will be required when applying for insurance. After you insure your ring, keep other documents, like a copy of the appraiser’s report and your insurance documents safely.
Now that you have all you need to get your wedding ring insured, head to Angara.com to shop wedding bands and traditional wedding rings that your partner will cherish for a lifetime.
FAQs
1. What are my options for insuring my wedding ring?
You can add a rider to your standard homeowner’s or renter’s insurance that itemizes the ring and covers it for certain losses and up to a certain limit. A standalone jewellery insurance on the other hand protects your ring from accidental damage, theft, accidental loss and natural calamities like lighting, flood, etc.
2. How much does wedding ring insurance cost?
Wedding ring insurance costs around 1% to 2% of the ring value. However, this can vary depending on the policy, your location, and the deductible.
3. What does wedding ring insurance typically cover?
Wedding ring insurance typically covers loss, theft and damage caused to the ring by compensating you for the repair or replacement.
4. What should I do if my wedding ring is lost or stolen?
If you have your wedding ring insured, then immediately file a claim by calling the toll-free number provided by the insurance provider. Also, send a written report (via email) to the company to alert them.
