Insuring Your Wedding Ring

Regardless of cost, the amount of emotional and sentimental weight that wedding rings carry make them nothing short of opulent. Couples should consider the best methods to protect these small treasures, so that in the event of an unfortunate loss, the damage is minimized as much as possible.

While there are individual companies who may specialize in detailed insurance policies for jewelry, it is far more common to get insurance for wedding rings through an existing renter’s or homeowner’s policy. “Riders” are specifically insured items that can be added to these broader property insurance policies for an additional fee. If neither of these are available, check with your jeweler for his or her recommended means of protection.

Typically, wedding ring insurance is not very expensive. Though living in an area with a high risk of theft might garner larger premiums, on average, annual ring insurance costs less than 2 percent of the rings’ value.

Though most polices are similar, covering replacement costs for loss from things like theft or fire, it is still important to carefully examine the terms of the policy and make certain the coverage is adequate for your needs. Since the purpose of such insurance is peace of mind, it would be useless to buy any coverage that can’t address all your major concerns.

With the exception of very high worth rings, most insurance programs are non-specific about the type of rings they will cover. To establish adequate coverage and prevent over-priced premiums, it is helpful to know the purchase price of the rings when getting insurance. If the ring is an heirloom or is of unknown value, have it appraised by a professional jeweler. In many cases, rings climb in value from generation to generation, making them all the more important to protect from theft or loss.

Not everyone thinks about ring insurance, but for an essential item that is so small and expensive, risks are ever-present. The financial cost of replacing a lost wedding ring is salt in an emotional wound. Even if a replacement can never truly replace the original, the protection offered by this insurance is worthy of consideration.