A wedding can end up being quite expensive, especially if you want to make it memorable with exclusive wedding jewelry. While you will get warranties against defective workmanship from all leading jewelers, you should not confuse it with the need for getting your wedding rings insured against inadvertent loss, damage, or theft. Even if there’s nothing that can replace the sentimental value of your wedding ring, an insurance policy gives you the comfort of being able to replace it should it get lost or damaged.
The Need for Wedding Ring Insurance
Strangely, most people do not think about insuring their wedding jewelry even though its cost can be substantial. The average cost of a wedding ring, according to The Knot, is $5,500 though it varies a lot depending on many factors like level of income, region, and family traditions. When you give it some thought, it will be clear why you need insurance for your wedding ring. Compared to the other valuable things you own, wedding rings carry a higher level of risk. It is because they are relatively easy to lose or damage and represent an easy target for thieves and burglars, given their small size and high value.
How to Keep Your Wedding Band Safe
Typically, you should not wear rings when playing a contact sport, swimming in the pool or at the seaside, or engaging in manual work like gardening and household cleaning. Never leave your ring in unattended bags while in a gym, swimming pool, or sports facility since many rings get stolen. While it is a good idea to remove the ring from your finger while doing the dishes or washing your hands, you should never leave it on the countertop, as you are liable to forget to put it back on, or it may disappear down the drain. Make it a habit to check the ring periodically to see if the prongs are coming loose as the stone may fall out unnoticed, recommends a sales consultant at Epic Wedding Bands, a leading online store for exclusive wedding rings.
Deciding On the Cover
If you have household insurance, you may be tempted to skip taking out a separate cover for your jewelry. However, you must examine the coverage properly since commonly these policies over jewelry only for modest amounts, typically less than $2,000, which may not be adequate for you. When buying a policy, make sure that it covers damage as well as accidental loss and theft. It is better to take out the policy after having the ring appraised, as you can provide a more accurate report regarding its value.
When you buy an insurance policy for your wedding ring, find out if it is flexible and allows the addition of more pieces later on. Make it a point to read the fine print of the policy to ensure you know the terms of the coverage. You must also understand the difference between insurance and a warranty. By shopping around, you can get a better deal; however, you should also ask your current insurer of your home as they may give you a handsome discount.