How To Insure Your Wedding Ring (And Should You?)

Many women get stressed from the thought of wearing something so pricey and dear every day. What if the ring gets stolen, lost, or damaged?

Wedding ring insurance brings you peace of mind, protecting your precious band against any perils. Of course, it won’t cover a heartbreak from sentimental loss, but cash payout for ring replacement is never extra.

And while insurance rates and policies may seem intimidating, in practice, protecting your ring is pretty straightforward if you know the rules.

Step by Step Guide

Before you head online searching for wedding ring insurance policies, check your current home insurance policy if you have one.

If your wedding ring is relatively inexpensive, it may be covered by your home insurance policy if it’s stolen or damaged inside the home.

Typically, the home insurance covers about $1,500 worth of jewelry. Note that this sum refers to all your jewelry rather than each item.

Finding out whether your wedding ring is backed by your home insurance is essential to avoid overpaying. You can’t claim for the same item twice, but you will have to pay the premium twice.

The home insurance doesn’t cover damages and losses occurring outside of your home, but you can ask your insurance provider to add personal possessions insurance.

Ensure that the possessions insurance includes travel insurance for when you are abroad.

If your ring’s price exceeds your home insurance policy’s single item coverage limit, you will need personal possessions insurance anyway.

Of course, you can find a different insurance provider to cover the ring. However, dealing with one company is easier than dealing with multiple – less paperwork, less headache.

Furthermore, you won’t have to collect personal documents again since the insurance provider already has you registered.

If you don’t have insurance, the first step is to get a wedding ring appraisal to find out its worth. Even if you’ve only purchased your ring recently and know its price, an assessment is necessary for the insurance company.

You can visit your local jeweler for valuation and request a formal document describing the ring’s value and how it was calculated.

The document typically includes the ring’s metal, size, weight, quality of precious stones, and a photograph.

An accurate appraisal is vital. If you under-insure your ring and lose it, you may not be able to replace it because the payout is too low. And if you over-insure it, you may end up paying too much in premium.

Once you have the wedding ring appraisal, find a coverage provider offering personal possessions insurance. Check what’s covered in the policy, the premium payment rate, and other essential details.

Comparing the policies of different insurance providers is always a good idea. After you find the one you’re satisfied with, sign a contract, and that’s it – your ring is now insured. All you need is to pay the premium on time.

Should You Insure Your Ring?

Wedding ring insurance is a must if you’re wearing your band daily. Rings are expensive, symbolically significant jewelry pieces that easily get lost or damaged.

The ring may slip off your finger, get damaged from chemicals or abrasion, or be stolen.

Insurance may be unnecessary if you don’t wear your ring often, store it safely in a jewelry box, and have a home security system, especially if your home insurance policy covers its value.

However, wedding ring insurance can be beneficial even if your home insurance policy covers your jewelry.

The problem is that any claim can affect your home insurance premium payments, and they tend to be much higher than personal possessions insurance premiums.

The average home insurance cost in the U.S. exceeds $1,400 for a $250,000 home, so you likely don’t want it to get even higher because of a wedding ring repair that has cost you a few hundred dollars.

Furthermore, the home insurance policy doesn’t typically cover travel perils. Sometimes, getting a separate wedding ring travel insurance is cheaper than personal possessions insurance.

What Does Wedding Ring Insurance Cover?

Unfortunately, there’s no universal answer to what does wedding ring insurance cover. The policies vary depending on the coverage provider.

When choosing your wedding ring insurance policy, ensure that it covers all contingencies, including theft, damage, and loss.

Many companies cover wedding rings and other personal possessions on an all-risk basis, meaning that the ring is protected against any peril unless the policy explicitly specifies it as an exception.

Some insurance policies are limited to a specific area and exclude travel perils.

Look for a policy that also covers any damages or losses occurring abroad because losing or having the ring stolen in a hotel room is way easier than at home.

Some insurance providers make cash payouts; others provide coverage on a replacement basis. The company may find the replacement for you or cover the check once you find a replacement yourself.

What’s Not Covered

Although every personal possession insurance policy differs, most are similar in the coverage exceptions. The insurance typically won’t cover normal ring wear and tear, so proper maintenance and regular cleaning are vital.

Most policies also exclude theft of a ring left unattended on display in a vehicle, on a café table, or in other public places. The insurance provider may consider such cases a result of the owner’s negligence.

Intentional damage and manufacturing defects also aren’t backed by insurance. Other exceptions may include war, nuclear fallout, and other disasters that, hopefully, will never be relevant.

Wedding Ring Insurance Cost

As a rule of thumb, insurance companies will charge you 1%-2% of your ring’s value annually for the coverage, or $1-$2 per each $100.

So, if your ring costs $3,000, you would have to pay about $30-$60 every year for insurance, which isn’t that bad.

However, the wedding ring insurance cost also depends on other factors, such as your location, risk assessment, coverage limits, and deductible. If your city has a high theft rate, expect the premium payments to be higher.

The premium payment rate is always higher for insurance policies with no deductible. A deductible is an amount you have to pay out of pocket before receiving any money from the insurance provider when you make a claim.

For instance, if the policy has a $1,000 deductible, you would have to pay $1,000 out of pocket if the ring needs a replacement, and the company will cover the remaining amount.

Paying a higher premium to avoid deductibles is often more beneficial, especially if you aren’t sure you’ll have the necessary sum out of pocket.

How to Bring the Insurance Cost Down?

The difference between a $30 and $60 annual premium payment isn’t that big, but it quickly adds up in the long term. The difference is more noticeable if your ring costs $20,000 and the premium rates range from $200 to $600.

Thankfully, you can always bring the wedding band insurance costs down. Many insurance providers lower the rates if you install a home security system or invest in a safe for your ring.

The rates may also be lower if you pay upfront annually rather than monthly installments. Most importantly, do our research. Compare the prices and policies of different providers to find the best deal.

How to Choose a Coverage Provider

The wedding ring insurance premium rate isn’t the only factor affecting your coverage provider choice. You should ask the right questions to choose the best wedding ring insurance provider.

Find out whether you can choose who repairs your ring if it’s damaged and where to buy a replacement if it’s lost or stolen.

You should also ask what happens if you can’t find a suitable replacement – some companies will make a cash payout, while others may pay for a custom ring.

An important point in any policy often neglected by people choosing the provider is – how you need to prove that a wedding ring was stolen or lost.

Sometimes, the conditions are so strict and tricky that getting a payout becomes almost impossible.

Ask whether your wedding ring insurance policy will be adjusted to inflation. You’re likely planning to wear your band for decades, and prices can change drastically. Ideally, you should get a new ring appraisal every 3-5 years.

Lastly, find out which factors affect the premium cost and how you can bring the price down. There’s no need to get a safe for your jewelry or install an alarm if it doesn’t affect your payments.

Additionally, ask which documents you need to get coverage and who should make the wedding ring valuation – any jeweler, a certified gemologist, or someone specified by the insurance provider.

Some insurance providers specialize in jewelry; others cover any kind of possessions. The former aren’t necessarily better because the niche is narrower – make the decision based on the policy and rates, not marketing.