Saying “I Do”? Insure the ring too!

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I’m still on Cloud Nine from my wedding day a couple weeks ago! I find myself looking down at my ring finger daily, not only because my rings are beautiful (if I do say so myself), but they are also very valuable to me (sentimental-wise and price-wise). And I’m not the only one – with approximately 2.2 million couples getting married in the United States each year, that’s a lot of engagement and wedding rings to swoon over!

But what if I looked at my hand one day to see the diamond missing from my engagement ring? Or what if I misplaced the entire ring? I’ve heard stories of women losing their ring in the ocean on their honeymoon. It would be devastating to damage or lose such a special piece of jewelry, so insuring your ring is a crucial step in protecting them!

Consider the following questions:

  1. What’s my ring worth? Get the facts! A jeweler can provide you with either a detailed sales receipt or an appraisal, a statement indicating important information about the piece of jewelry that declares its value. Make sure the “Four C’s” are included: cut, color, clarity, and carat weight. Also, the value of your jewelry can change over time, so it’s a good idea to get a new appraisal once every three years to make sure your item is insured for the current value.
  2. Does my ring come with a warranty? Some jewelers provide a warranty for manufacturing defects, but the majority of warranties have very limited coverage. These often expire soon after purchase and many have strict limitations. Insurance can provide comprehensive protection and allow you to feel secure in knowing your valuables can be repaired or replaced should they become damaged or lost.
  3. Do I need additional insurance for my jewelry? While insurance cannot replace the sentimental value of an item, it can replace the dollars and cents used to purchase the item. Could you afford to pay out-of-pocket to replace your lost ring? Check the details of your homeowner’s or renter’s policy to see if there’s any jewelry coverage included. If more coverage is needed, that’s when Scheduled Personal Property comes into play. Read more about it in this blog article or watch this video.

While insuring your engagement/wedding ring(s) is not as romantic as your big day, it certainly helps in maintaining peace of mind! Be sure to talk with your independent agent to ensure your valuables are fully protected.

The information above is of a general nature and your policy and coverages provided may differ from the examples provided. Please read your policy in its entirety to determine your actual coverage available.


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