There is no ring to rule them all, but there are two that hold powerful significance to the people who own them—the engagement ring and the wedding ring. There’s plenty of them in jewelry stores, in all shapes and sizes, but every ring is unique for those who give and receive it.
No one wants to lose the things they cherish, most especially an engagement ring and a wedding ring. The value of both rings can’t be seen in their size. These rings are both financial and sentimental investments.
A wedding band can cost at least $1,000 while an engagement ring can cost twice as much, depending on the metal and the gemstone. But the emotional value of both rings is priceless. That’s why many jewelers advice to have them insured as soon as possible.
Why Insure Your Engagement and Wedding Rings?
Losing or damaging these rings can be devastating to their owners. You can get an inexpensive wedding ring set and discount engagement ring, but they will still be more precious to you than any other impressive yet meaningless jewelry.
Unfortunately, you can’t fully guard your precious belongings from accidents and theft. The best thing you can do is to be prepared for the worst-case scenario. Getting your engagement and wedding rings insured can help protect them, as well as the value they hold.
When you’re preparing for a family or running a household, it won’t be so easy to replace a lost or stolen engagement or wedding ring. You’d rather reserve your money to pay the bills, buy groceries, or take a trip with your family than buy a replacement.
The same goes for damages. Most couples would rather endure a less-than-pristine ring for more practical expenses. But you don’t have to worry about these if you get your rings insured.
An insurance policy can completely or partially cover the replacement and/or repair of your lost, stolen, or damaged engagement and wedding rings.
How to Insure Your Rings
To get your ring insured, you need to secure an appraisal from a certified gemologist. An jewelry appraisal is different from a diamond grading. The purpose of the appraisal is to determine the monetary value of a jewelry for a specific purpose, like getting an insurance.
On the other hand, diamond grading evaluates the four Cs (cut, color, clarity, and carat) of a diamond without assigning a price on the gemstone. However, a diamond grading can be used for appraising a piece of jewelry.
Make sure that you find a reputable gemologist who can give the real value of your rings. Aside from the appraisal report, you may be asked to submit other necessary documents, such as the purchase receipt and photos.
Just like when you were looking for a trustworthy jeweler, you also have to look around for a good insurer, which can provide the protection you want for your rings. Inquire about adding your engagement and wedding rings to your existing homeowner or rental insurance policy. If you don’t have any or are not satisfied with the coverage, you need to look for a separate policy.
Ask your insurer questions before purchasing a policy, and ensure that you get the coverage you want. For example, will their policy cover theft or loss? Will they cover the full cost of replacement? Can you choose the who will repair your ring in case of damage? What documents will they need for proof of loss? Where can you get a replacement?
It’s better to clarify everything with your insurer before you purchase a policy. Your goal is to find the best policy and provider for your rings, but you also want to get an affordable insurance.
The price of a jewelry insurance will depend on factors like the provider, the coverage, and the appraisal. If you can’t get an expensive premium insurance, select the best policy and provider within your budget.
As two of your most important possessions, your engagement ring and your wedding band deserve to be protected so they can serve you for long with your partner. Getting an insurance may add an extra cost to your yearly expenditures, but it will be worth it if something happens to your rings. These pieces are more than just expensive jewelry; they hold are important symbols of your and your partner’s commitment and love.