When it comes to big purchases in life, there is nothing as worrisome as thinking about what could happen to your purchase. Maybe it’s dropping your vintage guitar, a tree falling on your house or a stranger hitting your parked car and driving off. Another possibility? Your wedding ring flying off your finger when throwing a garbage bag into the dumpster.
WHOOSH. There goes your wedding ring, into the air, out of sight, gone forever.
Or maybe it’s losing your ring to a couple of young robbers, who were initially only out for your watch, but then saw the stellar ring wrapped around your finger.
Don’t be worried, though. If you have insurance, you’re protected. If not, well, let’s say you’re SOL.
You may be saying to yourself, “Wait, there’s such a thing as jewelry insurance?” There is! And it’s worth considering, especially when it comes to getting a high-quality wedding band.
But what do you look for in an insurer? And what do you want out of jewelry insurance? Here’s what you want to consider.
Why Get Jewelry Insurance?
When it comes to jewelry insurance, you’ll want to look for both a provider and policy that suits your needs. In particular, is it one that will effectively protect your wedding ring in the event of it getting lost or being stolen.
First, a good jewelry insurance policy should protect your ring against the basics of damage, theft and loss, whether that’s flying into a dumpster, slipping into the garbage disposal or being stolen while lifting at the gym.
You should make note of instances where your ring won’t be covered. For instance, some policies may protect against loss and theft, but they won’t cover accidents. You’ll want to consider this when finding your policy.
On top of that, what does their compensation policy look like? In the event that your ring goes missing, will they replace your ring as is or will they only cut you a check for a specific percentage of what you initially paid for it? If your ring has to be repaired, will they help cover the costs of it?
Get Your Ring Appraised
Along with that, you’re going to have to get your ring appraised. Does the insurer openly state how they do their appraisals? For instance, do they appraise your ring at the time of signing up for your insurance or do they appraise the ring based upon the price you purchased it for?
If they follow the latter, you’re going to need paperwork and receipts. They’re not going to take your word as is. You’ll need to present them with hard evidence of what you paid for the ring.
Now, your insurer may require more out of you. Some may require you to get an independent appraisal, while others will have an appraiser of their own come out to look into your ring. However, some jewelers can provide their own appraiser, if you happen to ask. And if not an appraiser, they’ll provide the essential paperwork you need to insure your ring for the future.
What Do You Want from Your Coverage
What is it you want out of your insurance?
For many people, beyond coverage, their decision is mostly guided by their premium and deductible. Insurance premiums are what you pay on a monthly basis – consider it your contribution to the insurer itself. That’s the benefit to both you and them. You pay a basic premium each month to have insurance, of which is contributed to the insurance company to be used for insurance payouts for others, when time comes.
Deductibles are different from premiums, though. Deductibles are the amount you have to pay before insurance payouts kick in. While deductibles are common for auto and health insurance, they’re not as common for jewelry insurance, although they still exist. If you don’t want to pay one when the time comes, look for a policy that doesn’t have it.
But what’s the usual premium on a jewelry insurance plan? On average, you can expect to pay (at minimum) $1 per year for every $100 in value of your wedding ring. So if your ring cost $2,200, you should expect to pay $220 or more each year.
What About Homeowners Insurance?
Here’s a consideration: What about homeowners insurance? Your jewelry may technically be covered under homeowners insurance. However, there are limits. For instance, your ring would be covered by homeowners insurance if it was stolen in a home break-in or damaged within the home. Any other conditions will not allow for coverage, though.
Although homeowners insurance may cover your ring, it will have its limitations, so it’s best to consider full jewelry insurance if you’re worried about your ring getting damaged or lost under any other conditions.
Once Your Insurance Is in Order
If you sign up to insure your men’s wedding band, your wedding ring is protected for the future. But that involves keeping your affairs in order. You’ll need to hold on to all of your paperwork and abide by the rules of your insurance policy. In the event of something happening, you’ll want to be sure that you have everything you need to keep your insurance in order.
After all, you want to make sure that your insurance actually pays out when you need it.