Should you get wedding ring insurance?
Insurance may be a hefty thing but it is just a small price to pay to secure a more valuable asset, may it be your houses, cars, health and even engagement rings. Maybe it’s time for that diamond ring that your husband’s family has owned for a very long time, to be insured. Wedding rings or engagement rings are not just adorned jewellery in the hand; they are symbols of love and fidelity that may have been passed from generation to generation. The ring’s sentimental value is still priceless regardless of its cost, thus, safeguarding your precious ring with insurance is a very practical and wise decision. But before you sign any insurance policy, you have to assess things that would fit the value of your ring/s and your budget.
- Look for accredited appraisers/gemmologist
Insurance companies would require you to bring your ring to an official gemmologist/appraiser. An appraisal is needed to recover the ring’s actual worth in case of loss.
You can ask for recommendations from friends and family for a trusted appraiser, or you can also search online. A gemmologist will appraise your ring by its carat weight, color, and cut of the stones, metal type and markings. After the assessment, the appraiser should give you a formal document that may be used as a requirement for the ring insurance. In addition to that, if your ring’s center stone is half a carat or larger, jewelers would provide a grading report from a laboratory like Gemmological Institute of America (GIA).
- Take photos
Always have a virtual copy of the ring by taking its picture and scanning the document. This may serve as a documentation that you may use in the future.
- Have options on insuring your ring–
There are 2 most popular ways on insuring your ring.
- “Ring Rider” – If you have an existing renters of homeowners policy you can purchase an extension that would cover your wedding and/or engagement ring.
- “Separate ring insurance policy” – This is done if your existing insurance cannot cover an extension for your ring, thus, opting for a separate one. This can also apply for other precious jewelry like bracelets and earrings. Then, contact a reputable jewelry insurance company with clean record and good reviews. In choosing, make sure to ask questions about the specifics of the insurance offered. Would it include accidental loss and damage or only theft? In case of theft, would you be paid the value of the ring or would you need to order a replacement? If replacement is needed, will you have the option to choose where to buy your replacement ring or will they require you to buy from their partner jewelry store? It’s always better to get more information.
- Reappraise your ring every 2 – 3 years
Even if you bought your ring from an affordable engagement ring store, always remember that every year that passes after you purchase the ring; its value likely goes up. Therefore reappraisal is need for insurance purposes. Reappraise your ring, if possible, to the same appraiser since most appraisers would retain a copy of the original appraisal and can make it a reference, or you could just bring your own copy if the store doesn’t keep documents that long.