Wedding rings have both monetary and sentimental value. A wedding ring is not only a symbol of your matrimonial union and true love but also a valuable piece of jewelry. So, what would you do if your wedding ring got stolen, lost, or damaged? Could you afford to replace your wedding ring? To replace your wedding ring with one that is similar would probably cost more than you paid for it as the value of precious metals is always going up. But there is a solution. For just a few dollars you can get your wedding ring insured. With jewelry insurance, the cost of repairing or replacing your wedding ring will be covered. You’ll be able to get a replacement ring of similar value, quality, and appearance using the insurance settlement. But how do you choose which company to use for wedding ring insurance and do you know how to insure wedding ring?
Choose an Insurance Company That Specializes in Jewelry Insurance
There are many insurance companies that can sell you a policy to cover your wedding ring. But wouldn’t you like to know you’re dealing with professionals that have experience specifically with jewelry insurance? There are a few insurance companies that specialize in jewelry insurance. Their policies cover the kind of risks jewelry can face. For example, a stand-alone wedding ring insurance policy from a jewelry insurance company will cover preventative maintenance – repair of broken, worn, or bent prongs of a ring setting. It will also cover the replacement of broken or chipped gems; loss, theft, accidental damage, and more. These policies cover the most common form of losing a ring – mysterious disappearance. When a ring goes missing and you’re not sure where or when it disappeared, it is called mysterious disappearance. With the best jewelry insurance companies, you’ll be able to work with your local jeweler to replace the ring in the event of a claim. Your wedding ring will have worldwide coverage. Not only that but the best jewelry insurance companies automatically update the value of your ring each year according to its changing value.
Get 125% Coverage of the Value of Your Wedding Ring
Instead of getting wedding ring insurance that covers the actual cash value of your ring, get insurance that offers replacement-cost coverage. Your ring might be appraised for $5,000, but it might have an engraving or be sandblasted, or it might be a bespoke ring. In this case, the replacement cost will be more than the actual value of the ring. Most jewelry insurance companies offer 100% of the appraised value of your jewelry. But the best companies offer 125% of the appraised value.
You’ll Want Jewelry Insurance Claims to Be Easy, and Fast
Choose a jewelry insurance company where you can get an instant quote for your wedding ring insurance. And where you start the process of buying a policy online and make a claim online. Of course, this won’t be the end of the process. You will also have to talk to a representative and maybe provide additional details. But if there is a comprehensive website with an online application form then you can at least get the ball rolling. And if you ever need to make a claim simply fill in the online claim form, upload relevant documents (police report, appraisal, etc.) and a representative will get back to you.
Get Full Coverage of All The Perils Wedding Rings May Encounter
Some people make the mistake of adding their wedding ring to their homeowners insurance. One of the problems with this is that homeowners insurance covers the perils that usually happen to real estate and not the risks that jewelry can encounter. For example, your homeowners insurance will cover things like a volcanic eruption and water damage, but your ring is much more likely to be left in the gym, or slip off while you’re swimming. Make sure you have stand-alone jewelry insurance that covers loss, theft, damage, and mysterious disappearance..
Don’t Get Jewelry Insurance With a DeductibleA deductible is an amount you pay towards the replacement or repair of your wedding ring, before the jewelry insurance kicks in. Your wedding ring insurance might be slightly cheaper if there is a deductible clause, but it means you’ll be paying out-of-pocket before you see any claim settlement. Choose an insurance company where the policy does not include a deductible. When you get your wedding ring insured by a top jewelry insurance company you’ll find it incredibly cost-effective and worth every cent.