The degree of sentimentality and emotions connected to the rings you and your partner chose as wedding rings, means that the thought of losing one is hard to even think about. However, if you think about it rationally and assess the multitude of ways that this could happen by accident (or even the fact that rings can be damaged) then choosing to take out wedding ring insurance just in case, will improve the situation.
This article identifies some frequently asked questions that are asked on jewellery forums in regards to wedding ring insurance.
How does wedding-ring insurance work?
Wedding ring insurance will either replace the original ring or provide you with the value that has been agreed upon by your insurer and yourself. These options will depend on what kind of coverage you have selected, and in both cases will require an evaluation from a professional gemmologist and providing evidence of purchase/receipts to the insurance agency.
I have rent/homeowners insurance, so I am all set, right?
Sort of, renters insurance and homeowners will provide coverage for the things in your home however only up to a particular cost. Therefore, it is often a necessity to take out an extension policy for valuable items, also called a “rider”, for private property coverage of higher values.Do I have to insure my wedding ring through my homeowner or tenants insurance?
No, you can also look at firms which specialise in jewellery insurance. By protecting your ring with a specialised jewellery insurance agency, the difference is the fact that you would likely receive an exact replica ring as opposed to the cash value of the ring. Many of the top wedding ring insurance agencies may also have unique jewellery coverage, so check out the alternatives with your existing suppliers.
Top-tip: In the event that you move, be certain that your insurance contract moves with you!
Before deciding upon coverage options, what can I ask?
Again, to stress the importance, it is essential to read the coverage clauses and requirements as outlined in the fine print. Understand precisely what is insured by the coverage and what is not! Some coverage might only cover a stolen ring rather than a lost ring. Also, you need to know exactly what may happen and what you need to do if the ring is stolen or lost.
In conclusion, receiving money from your insurer to buy another ring will surely recover the experience to some extent and may even lead to discovering a more beautiful replacement ring to treasure. We cannot warn you enough if you do not research the options and pay attention to the small print; unfortunately, there may be further disappointed in the future. So do the right thing for both you!
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