Jewelry Insurance for your Engagement and Wedding Rings

July 23, 2012

Jewelry Insurance for your Engagement and Wedding RingsJewelry Insurance — Peace of mind for your most cherished possessions!

You said ‘yes’ after being presented with the perfect symbol of your love and commitment to one another – an engagement ring that signifies the bond between the two of you and your future together.

As you begin wedding preparations, protecting your engagement ring should be one of your top priorities. Unlike homeowner’s and rental insurance policies (which can impose limits on the value of the jewelry covered or exclude damage and loss), jewelry insurance offers more comprehensive coverage for your most prized possessions in the event of theft, damage or loss.

Fortunately, obtaining jewelry insurance is a fairly simple process with a big payback: peace of mind knowing that your ring can be replaced should the unthinkable occur. There are several insurers out there, but do your research. You can ask friends and family members for recommendations, or the jeweler from whom you purchased the ring. Oftentimes jewelers have applications for such insurance policies in store. Since you’ll need to get your ring appraised anyway, this is a convenient way of going about the process.

An appraisal or evaluation provides a complete description of a particular piece of jewelry, as well as the current retail replacement value. During the appraisal, a jeweler looks for damage and wear and tear like loose stones or worn prongs. Indicators such as the four Cs (cut, color, clarity and carat), the size of the stone and the setting will also be noted. The jeweler will typically take a photograph of the jewelry to have on file, and present you with his assessment. You’ll need to submit a copy of the appraisal with your application to the insurer. (You should also periodically have your jewelry inspected to identify potential problems like loose prongs or stones, to maintain current values and adequate jewelry protection.)

The value of a piece of jewelry is determined by retail rates to replace an item and historical data on losses in the state or county where the jewelry owner lives. Typical costs are $1 or $2 per every $100 it would cost to replace it. You can choose a policy without a deductible (a portion of a covered loss that is not paid by the insurance company), but taking a deductible means a lower monthly premium.

Finally, don’t forget to insure your wedding ring and any other valuable pieces of jewelry you or your spouse will acquire in the future. You’ll want these symbols of your love and life together protected as well.

Visit our website for a complete list of Northeast Wisconsin Jewelers.