Insuring Engagement and Wedding Rings

Once the wedding day is over and you’ve jetted off on your honeymoon, you may think that everything you need to organize for your big day is complete. One vital area of getting married however is often overlooked and that is insuring your engagement and wedding rings.

It’s important to take care of these valuable pieces of jewelry to safeguard against loss, theft or damage so here is a guide to giving you peace of mind for your new lives together.

Why rings should be insured

Research has revealed that very sadly one third of all brides will lose their wedding ring at some point. With this figure so high, it shows why arranging insurance as soon as the rings are purchased  should be on the ‘to do’ list. These valuable items are just as precious as other areas in our lives such as the car, pets or general home contents yet we often don’t realize the pain and inconvenience if lost or stolen. From the day you pick up your wedding rings in Houston or any other location in the world they were purchased from, it’s then the time to investigate what insurance you now require.

First steps

The first step is to have a look at your contents insurance policy and check out the wording. Read through to see what is already covered as most providers will clearly stipulate the rules for individual items of value and the maximum payout. It will also state whether your rings needed to be added as separate items before the policy starts or if you can add them in during the term of the cover. Knowing the small print means you’ll then be able to make a decision as to whether to remain with your current insurance company or to take out a new policy. It will also give you the details on their rules regarding loss or damage and whether this is even covered. Not taking the time to inform yourself could mean that if the unthinkable should occur then you may end up with no rings and no payout if it’s perhaps over the maximum value stated on the policy, the situation surrounding the claim or the fact it hasn’t been highlighted as an individual piece outside the general contents of the home itself.

Items of high value and antique rings

If your rings have especially high values or are treasured family heirloom pieces, a wise move is to obtain an official valuation. This will give you documented proof from an expert of the details and value of the jewelry should loss occur. Once you’ve done this though, don’t just pop the paperwork in a drawer and forget about it as you’ll need to ask for it to be reviewed every three years so you have a current price.

All policies are different

If you lose your jewelry – for example leaving it somewhere on holiday whilst you swim in the sea or put it somewhere at home whilst making bread, there are many insurance companies which will not make an automatic offer of compensation or offer to replace it. Accidental loss may need  supplementary cover so check this aspect out as soon as you can.

If your engagement ring or wedding ring is stolen, tell the police as soon as you realize and ask them for a crime number. You’ll need this for your insurance claim along with possibly a valuation report – again this will vary from insurer to insurer.

Damage is another area which can be very different depending on the company, so satisfy yourself that the wording has clarity that you will be recompensed if the items are damaged.