Is Insuring Your Wedding Ring Necessary?

A new wedding ring may be the perfect way to declare your love once you’ve finally found that person you want to spend the rest of your life with. However, should you purchase wedding ring insurance? Keeping expensive items in a jewelry box may not be enough to keep them safe.

Insurance companies sell policies to cover wedding rings against common losses, such as theft, damage, and mysterious disappearance. Our team at City Hall Wedding provides valuable resources for couples looking to marry, from protecting your wedding ring to common American wedding traditions. In this article, we’ll explain everything you need to know about insuring your wedding ring.

When Should You Get Wedding Ring Insurance?

Purchase insurance as soon as you buy the wedding ring, even before you pop the question. After proposing and swapping rings, you can transfer or add your spouse to the insurance policy. Insuring that your wedding ring helps protect your investment from mishaps.

How Much Does Wedding Ring Insurance Cost?

To avoid unnecessary heartache and expenses, you should protect your jewelry. An engagement ring insurance policy can be much more affordable than you imagine. A typical policy will cost you between 1 to 3% of the value of your wedding ring.

For example, if your wedding ring costs $4,000, you can expect to pay $40 to $120 per year for insurance. Other factors that influence insurance rates include the location (where you live), theft rates in the vicinity, and deductibles. A policy with zero or low deductibles will have higher premiums.

Get an Appraisal

To protect your wedding ring, you need to know its monetary value based on the cut, clarity, metal, and weight. A certified jeweler can appraise wedding rings, including new, vintage, or family heirlooms. Most insurance companies usually require an appraisal for wedding rings that cost over $5,000; for items of lower value, they may accept a receipt.

Select an appraiser who is reputable and has outstanding reviews. Most qualified appraisers are members of the national appraisal society and have a degree in gemology. Working with the right appraiser will ensure that you receive an accurate appraisal for insurance purposes.

Obtain a GIA Diamond Report

Certified jewelers usually provide diamond certificates and grading reports for half-a-carat or larger center stones. A Gemological Institute of America (GIA) grading provides the appraiser with all the measurements they need to determine the diamond’s value. If your diamond ever goes missing, the information in the report can make it easier to identify your wedding ring.

Insurance Coverage Options

Make sure the wedding ring policy you choose covers situations that could impact you the most. For example, basic wedding ring insurance may only provide coverage for loss or theft. Ask the insurance company about additional coverage, such as damage protection.

Question To Ask

Before signing up for wedding ring insurance, you should ask the following questions:

  • How does the company go about replacing your ring?
  • What proof is required to make a claim?
  • When and how will the ring be replaced?
  • Will the company look for a replacement ring?
  • Does the policy provide coverage when traveling abroad?
  • Do you have the option of opting for a check?

Before insuring your wedding ring, you should understand the policy. Review the policy to check that insurance covers components of your ring, such as lost or damaged diamonds. In most cases, insurance should provide a replacement or a check in two to three weeks.

Choose the Right Insurance Provider

You have two options to insure a wedding ring: homeowners insurance or an independent company. If you already have homeowners insurance, you can ask the company to add insurance for your wedding ring. However, a standard renters or homeowners policy only covers $1,500 worth of jewelry items, so it may not have enough coverage.

Consider stand-alone jewelry insurance if your engagement ring has significant monetary and sentimental value. An independent company specializing in jewelry insurance can be your best option if you don’t already have insurance. An independent jewelry company can also offer customized coverage options that suit your lifestyle.

In the event of a loss or theft, an independent jeweler can help you find a similar ring. In contrast, a homeowner’s insurance policy will result in you receiving a check to purchase a comparable ring.

What To Do After You’re Insured

Ensure that the documentation you receive from your insurance company includes all the policy details you have decided upon. Choose a safe and secure place to store all insurance-related documents. Keep any pictures, appraisal reports, GIA certificates, and ring receipts that may be useful during an insurance claim.

Reappraise Your Wedding Ring

Jewelry value increases over time, so you may consider having your ring appraised every two to three years. Keeping vintage, antique, and collectible rings appraised regularly is especially important. Bring older reports so your appraiser can work with the most recent appraisal.

How To Keep Your Wedding Ring Safe

Besides purchasing insurance, you can take steps to protect your wedding ring. If you don’t plan on wearing your ring, store the jewelry in an unlikely place. Thieves tend to look in jewelry boxes and other obvious places.

If possible, leave your wedding ring at home or store it in a safe at a hotel when traveling. Avoid wearing your ring in the pool or ocean, as cold water can cause your fingers to shrink. When in doubt, keep the wedding ring locked in a safe place.

Bottom Line on Wedding Ring Insurance

A wedding ring becomes an item of great value the moment it slips onto your finger. Don’t take any chances by insuring your wedding ring. Even though nothing can truly replace your ring, knowing that insurance will protect your prized possession can help give you peace of mind.

City Hall Wedding provides important information to make your wedding day special. Visit us to learn the common mistakes during weddings and how to avoid them. Contact us for any questions about organizing weddings at your local city hall or other venues.