Wedding Rings

Insuring Your Wedding Rings

You’ve waited for those beautiful trinkets your whole life. They not only hold a value of sentiment about the love and commitment they represent, but they also hold real financial value that you should be considering. Insurance for your ring will usually cost between 1-3 percent of the rings value per year. If your ring would cost $5,000 to replace, you can expect to pay around $50-150 each year to have it insured.

Why Should I Get My Rings Insured?

Having them insured will give you peace of mind that in the event they are lost or stolen, they can be replaced. The cost of an insurance policy is small in comparison to the cost to replace what may have required years of saving to purchase in the first place.

How Do I Get Them Insured?

There are multiple ways and policies you can choose to cover insuring your ring. Some homeowners’ and renters’ insurance policies allow you to add your rings to the overall coverage. However, many of these policies only cover up to a specific dollar amount. You can also opt for a personal property policy that covers just your rings, or other specific high value items such as expensive jewelry, electronics or collectibles. Most companies will require a jeweler appraisal. When getting your appraisal, talk to the appraiser about how they address the issue of inflation. It is also a good idea to take good photos of your rings, not only to offer additional proof to the insurance company, but also to help the jeweler to be able to recreate what you have lost.

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The Ring Metal Glossary

Choosing the metal for your engagement and wedding bands is just as important as the diamond it will hold. You want to find something that will stand the test of time and suit your lifestyle.

Gold

Gold is prized for its rarity and luster. Each Karat represents a percentage of purity of the metal.

White Gold

White gold combines multiple metals with pure gold. It is durable and tarnishresistant but often requires plating around the jewelry.

Rose Gold

This alloy combines gold with copper to create a pink-tinted hue. The more copper added, the deeper shades of red you will find.

Silver

This precious metal goes well with all skin tones. Silver is lustrous and will most likely outshine gold over time.

Platinum

This rare white metal is known for its strength and purity, making it the most expensive option for a ring.

Palladium

This luxurious metal is white and lightweight, and one of the rarest precious metals.

Stainless Steel

With its industrial style and look, stainless steel is great for both men and women.

Titanium

Titanium is the hardest natural element in the world – yet still very lightweight.

Tungsten

This metal is harder than gold alloys, making it durable and scratchresistant.

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What to ask your insurance provider?

• What is covered exactly?

• Will the ring be replaced if it is stolen, broken, or lost?

• How will the ring be replaced?

• Will you be given a certain dollar amount?

• Will you be required to purchase it through a specified jeweler?

• What documentation do you need to provide to ensure you will receive a replacement exactly like the ring you own?

• How will the value be determined? Clarify how unique or vintage rings will be appraised and replaced considering they may be one of a kind.

• What documentation is required to prove that the ring is lost, stolen or broken and needs to be replaced?

• How much will it cost?