How Do You Insure a Wedding Ring?

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You found the perfect ring, but now you have to take care of it. For every action, there’s an equal and opposite reaction, right? You got the perfect rock, but now you have to worry about it getting damaged or stolen. Hey, life’s imperfect. Luckily, with ring insurance, you can have peace of mind when you take those gold wedding rings out on the town.

Why Would You Insure a Ring?

Well, you’ve got insurance on other important things, right? Sure, you could take a calculated risk and not go for insurance. Some people have the wherewithal and the risk tolerance to get away with that. It’s not really recommended for most people, though. 

You could damage your ring, lose it or have it stolen. If you’ve thrown some serious coin at your ring only to have it chipped on the edge of your counter, you want that thing to have a policy to cover you, right? If nothing else, it’s peace of mind for a decent-sized investment.

How to Insure a Ring

Start Soon

The longer you wait, the more opportunities you have to need to file a claim but be out of luck. Start shopping for insurance providers ASAP and find one that fits your needs and budget.

Understand the Ins and Outs

Yeah, this is going to take a bit of research. Much like other insurance, certain plans will limit your claim amount, which providers can help you with, and other little things you don’t think about until you need to file a claim. Make sure, at a minimum, you know:

• Who is authorized to repair your ring? Can you choose?

• Will you get cash or a replacement ring in the event of a loss?

• Is your ring covered for loss and theft? What do you need to prove loss or theft? 

• Is this rate set or will it change year over year?

• What is your deductible?

• What won’t be covered?

Make sure you ask these questions to every provider you talk to. Yes, you want to start your coverage as soon as possible, but you don’t want second-rate coverage just because you can get it faster. If you get a provider that’s substandard, you’ll end up with more hassle in the long run than waiting a bit (and being very careful with your ring) to find a better one. 

Get an Appraisal

You wouldn’t insure a house without knowing its value. Take your sweet new men’s wedding band into an appraiser and get that dollar value in stone. Make sure it’s from an appraiser your insurance company will accept. While there’s, of course, a standard, it’s always good to double-check. There is a hierarchy of appraisers, so make sure the one you go to has the credentials and reputation to back up the amount appraised.

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Diamond Certificate

Your appraiser will often give you a diamond certificate (if your ring has a diamond, of course). This will go hand in hand with your appraisal, but it’s neat to know on its own as well. If you do get one of these, make sure to keep all the relevant information since it can help prove the ring is yours if it’s ever lost or stolen.

Reappraise and Reevaluate

When you first get your ring appraised, there’s no hurt in going to a few appraisers. Sure, one might appraise it at a higher price than its true value, but that’s actually only going to cost you more in insurance payments each year. A few appraisals will help you weed out outliers.

Beyond the initial appraisal, it’s good to get your ring reappraised every few years. If your ring has gone up in value, you may not get its true worth should you need to file a claim if you don’t reappraise. 

Source: shutterstock.com/Roma Likhvan

When you get your appraisals, make sure you keep all your documents in case you ever need them. Going with a digital and print copy of all insurance and appraisal documents is never a bad idea. We hope you never need to deal with insurance claims on your ring, but if you do, you’ll be prepared.