Reasons To Insure Your Wedding Rings

A lot of people think their personal jewellery, such as their wedding rings, are insured. Lamentably, when their jewellery suffers theft, damage or loss, they discover their jewellery wasn’t insured in the first place. This misunderstanding is a most costly, not to say unfortunate one. Just because you regard your wedding rings as part of the contents of your home, doesn’t mean they are covered by your home insurance.

Why You Should Insure Your Wedding Rings

Theft is a sad fact of life. Burglar alarms, gates, and fancy locks will deter the opportunistic thief, but professional burglars simply see these security measures as occupational irritations they are trained to overcome. Loss or damage through earthquakes or flooding can be suffered without warning and leave you needing to replace your valuables or foot a hefty bill for their repair. Mysterious loss is another thing which you should consider insuring against. This is when your wedding ring just goes missing. It could be down the drain of a washbasin, or it could just slip into old clothes or papers about to be discarded. It happens. Then there’s loss due to momentary inadvertence, like when you remove a ring at the beach, swimming pool, or public bathroom. It only takes a few seconds for a stranger to come across your ring and pocket it. There are three different ways you can insure your stunning white gold wedding rings, all offering different levels of cover.

Relying On Your Homeowner’s Or Renter’s Insurance Policy

You can have your wedding rings added to your existing home insurance. This will require proof of purchase and an up to date appraisal of your rings’ current values. Now, this sounds straightforward, and it is, but it only covers your ring against theft, and only if it is stolen from your house. This might also cover you against flood or earthquake damage. It is quite likely that there will be a monetary cap on how much you can claim which may only go a little way to helping you replace your wedding rings.

Adding A Rider To Your Existing Home Insurance

You can add a rider to your home insurance to give your wedding rings more extensive cover. This requires a little more drafting, but is still straightforward to arrange. However, the cover is still limited to theft, loss, and mysterious disappearance. Again, you may be lucky (lucky?) and find you are also covered against flood or earthquake damage. And again, your claim is likely to be limited. With both the above, your annual premium will rise if you make a claim.

Taking Out Specialised Jewellery Insurance

This is by far the most prudent option available to couples looking for wedding ring insurance. This kind of insurance is offered by companies who understand jewellery and the concerns of its owners. You will find policies which will insure you for the value of your ring even if it is antique, and will let you claim for preventive repair like mount tightening. You are advised to find out how claims can be made, and what form a payout takes – you may simply be given a sum of money, or the insurer may seek to find you equivalents for your wedding rings. This kind of cover is offered at an annual premium of between 2 and 3% of your jewellery’s value.

See to it that your precious rings are insured. It only takes a few steps to get the right type of insurance.