Ring Insurance: Protection For Your Symbol Of Love

Ring insurance is available that will help pad the blow if the unthinkable happens to your ring. Your engagement ring or wedding band is more than just symbols of your love; they are also expensive pieces of property that you should protect. Nothing will replace the sentimental value of your ring, but if it gets lost or stolen, having ring insurance will ensure that you can at least replace the ring itself or get reimbursed for the value.

How Ring Insurance Works

Ring insurance is exactly like car or home insurance. You pay a certain amount each month, and the insurance company will cover your property in case of damage or loss. Ring insurance generally costs one to two dollars a year for every $100 it would cost to replace the ring. For example, if your ring values at $1,000, you would pay $10 to $20 a year for insurance. Keep in mind, though, policies vary: some will only cover theft, and not loss due to other reasons. Similarly, some will not pay to repair damage, and some policies will not cover loss that occurs outside the home. Also, it is a good idea to ask whether your policy requires you to physically replace the ring, or whether you can get a cash settlement.

Appraisal

In order to get your ring insured, you will probably need to get it valued by an appraiser. You will then take the certificate to your insurance agent so the agent can calculate your rate. Not all insurance agencies require this, but it is a good idea to get the ring appraised anyway so you know the value.

Types of Ring Insurance

Many homeowner's insurance policies come with a jewelry policy built-in. Renter's insurance sometimes comes with this clause as well. If your homeowner's or renter's insurance does not come with jewelry coverage, you can get it added as a so-called floater. This is simply an addition to your existing policy; the ring insurance payment will be added on to your regular payment. Built-in jewelry insurance or a floater policy may not offer coverage for the full value of your ring, and may not be very comprehensive. However, you can also get ring insurance as a stand-alone policy from an insurance company that specializes in jewelry coverage. These policies usually cover the full value and are more comprehensive in terms of types of loss and damage covered.

 

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