While the topic of insuring your wedding ring isn’t nearly as fun as planning the honeymoon, it is still a necessary step to protecting your significant and emotional asset. When it comes to wedding jewelry and all jewelry, securing sufficient protection is just as important as any other wedding tasks.
The average sum spent on engagement rings varies, but is more than likely in the thousands. Not to mention the fact that we’re really talking about three separate pieces of jewelry – engagement, wedding and groom’s bands – and the cost of replacing them quickly rises above the $1,500 jewelry coverage that is the standard in Renters or Homeowners policies.
Are Wedding Rings Covered by Homeowners Insurance?
While your personal property, including jewelry, is included in your renters or homeowners policy, there is a limit where most policies will hit a ceiling. Not to mention exclusions and limitations, such as loss or damage like mysterious disappearance and the deductible that you would be subject to before receiving any reimbursement. Not to worry, there is a solution!
Engagement and wedding rings can be covered more comprehensively with the purchase of an extension to your current policy. Scheduled personal property surpasses the typical renters or homeowners policy so that the full value of your more pricey belongings or collectibles are covered in the event of a claim.
Wedding Ring Insurance: What to Know
When it comes to choosing a provider and policy for your jewelry insurance, the fine print matters. Here’s what to consider:
- Coverage. From burglary to damage to loss, a multitude of situations should be protected by a solid policy. Be extra aware of any instances that would not be covered.
- Replacement. When does the insurance company replace your ring? Are they going to try to find a suitable replacement for you? Would you be required to buy it from a certain jeweler? Can you just opt to be rewarded a check as compensation? Will it be covered for repair or partial loss? Evaluate the replacement policy against your financial and sentimental concerns.
- Assessment of value. How is the insurance company going to determine the significance of the reimbursement for your ring? Will the current appraisal value be used or will only the initial sale price be used?
- Documentation requirements. Be sure you know the documentation requirements in your policy. Should you need to file a claim, you’ll want to have these handy. These documents typically include receipts, photos, and up-to-date appraisals.
Ask the Right Questions
Being adequately informed is incredibly important in deciding which insurance option or provider is best suited to your needs.
- Can you choose who repairs your ring?
- If you’re insured for replacement, where can you purchase a new ring?
- What happens if a suitable replacement cannot be found?
- How will you need to prove the ring vanished if you make a claim?
- Are there any circumstances that aren’t covered?
- Will you continue to be insured when out of the country? (On a honeymoon, perhaps?)
- Are you covered for damage or just loss and theft?
- Will the policy adjust according to inflation?
- What types of repairs contribute to the deductible?
Questions? Want to learn more? Here’s 4 easy ways to reach us:
PS Here’s a few words from one couple that trusts Stromsoe Insurance Agency:
“SIA handles all of our insurance needs, business and personal. The claims service is great, they have many different companies for us to choose from, we’re very satisfied”
Sidney & Susan Kutchuk – Temecula, CA – Client Since 1989
PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!