Wedding Ring

How to Insure your Wedding Ring

How to Insure your Wedding Ring?

A wedding ring is perhaps the most important piece of jewellery you'll ever wear, as it is symbolic of the lifelong bond you've promised to share with your spouse. If everything goes as planned, you could be wearing your wedding ring for the rest of your life, however it doesn't take a divorce for a wedding ring to go missing.

With such a valuable item being carried around on the ring finger during nearly every waking moment, it is not surprising that many people find themselves in the unfortunate predicament of digging down the drain and in the couch cushions, retracing all of their steps in an effort to find a tiny piece of jewellery worth thousands of pounds.

Fortunately, by taking the following steps to insure your wedding ring you can avoid such a hassle and ensure that you're able to recover the monetary value of the ring if it is lost, stolen, or damaged.

Obtaining an Appraisal

The first step in insuring any type of wedding ring is obtaining an official appraisal from a professional jeweller.

It is important to note that an appraisal is not the same as a gem lab report, which are used to appraise the value of an unmounted diamond and can therefore not be used to visually indicate the value of wearable jewellery.

In order to maximize your chances of receiving full monetary protection and/or compensation it may be advisable, although not necessarily mandatory, to obtain several appraisals from various independent jewellers.

Be sure to obtain the appraisal in writing so that it can be shown to an insurance agent or company in order to secure adequate cover for the ring.

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Reviewing Existing Insurance Policies

Now that you know the value of your wedding ring you can begin insuring it. If you already have an insurance policy like homeowners or renters insurance, you may already have cover for your wedding ring and other jewellery items.

To find out, thoroughly review the terms of your existing insurance policies and note how much cover is specifically provided for jewellery and/or personal belongings.

How to Insure your Art

It is also important to review the terms and conditions of the deductible for your existing insurance policy, as many homeowners or renters insurance policies will allow you to continually insure a wedding ring without even paying a deductible.

If you are unsure about the terms and conditions of your current renters/homeowners insurance policy it would be best to contact the company and inquire about the possibility of covering your wedding ring with your current policy.

Purchasing a New Insurance Policy

If you do not have a homeowners or renters insurance policy for your ring, or if the ring is highly valuable, you may need to purchase an additional jewellery insurance policy to ensure that the ring has adequate cover. You may also want to take photos of the ring, as these may come in handy in the event that it is lost or stolen. It is important to note that the ring should be appraised on a regular basis (preferably at least once every two years) to reassess its value which fluctuates based on current economic and market conditions.

Having a recently conducted, accurate appraisal to show will maximise your chances of receiving adequate compensation in the event a claim needs to be filed. In many cases you can have the ring appraised and take out an insurance policy at the time of purchase with the same jeweller, as many jewellers advertise supplemental insurance policies for their products.

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