Think about it. You wouldn’t leave your car uninsured. You would leave your fine art uninsured. You wouldn’t even leave your cell phone uninsured. So why would you want to leave your wedding band without some form of insurance? It might sound crazy at first, but when you consider how important insurance can be for something as valuable as your wedding rings, it makes sense. If you’re confused about the entire process, we’ve come up with a few tips to help you find the best insurance, how much to expect, and what the insurance does to help you.
The Low Down
Insuring your wedding band or engagement ring is like protecting your sentimental items or even your electronics. Since it is expensive, and priceless to you, insurance is something worth looking into if only for your peace of mind. Insurance companies, specifically those that deal with policies for jewelry, are ideal for making sure that if your ring is lost, stolen, or even broken, you can get it replaced without having to pay the full price of the ring again. If you aren’t sure if you need an insurance policy, you should consider the price of your ring. If it exceeds your budget, you might want to invest in an insurance policy.
Choosing a Policy
Now that your interest has peaked, you might be wondering how to choose the right policy. Luckily, you can ask yourself a few questions about the policy and the company to see if they are a right fit for you and your needs. Will the company replace your ring should it be stolen or lost? Will they require you to purchase your ring from only specified retailers? Is the entire cost of the ring covered, or only part of the cost? Are vintage pieces included in the policy? Much like looking for a good car insurance policy, you need to think of the worst-case scenarios and even the weirdest things that could happen. In this case, you can decide which company and which policy best fits your needs.
How Much Does it Cost?
The cost of your policy is going to depend solely on the company, where you live, and how much your ring costs. The average yearly cost is around 1 to 2 dollars for every $100 needed to replace your ring. What that means is that you might be paying around $90 to $180 a year to insure your wedding ring that cost about $9,000 initially. This yearly cost might rise or fall depending on the theft and crime rate in your area.
Conclusion
When looking for an insurance policy for your priceless wedding band or engagement ring, remember to read all the fine print. Most companies use that fine print to hook you into a plan that might not even cover you if your ring is stolen, but you want to be prepared. Make sure the company will cover the basics, and always compare companies and policies before making a final decision. You don’t want to be stuck without your ring or be stuck having to purchase another $9,000 ring. Instead, you should give jewelry insurance a shot, to give yourself the peace of mind you seek.
