Should You Consider Insuring Your Wedding Ring?

A wedding ring can cost thousands of dollars, which makes it one of the most valuable items that can be found in the home. As a result, losing it would be an enormous blow, which is why consumers need to make sure that their insurance will cover them in case of such an occurrence. However, it is important to remember that insurance comes at a cost, meaning that purchasing so much coverage is not worth it under certain circumstances.

Source: Wikimedia

Source: Wikimedia

You should begin your evaluation of whether you should have your wedding ring insured or not by having it appraised. Make sure to choose an appraiser certified by a trusted authority such as the American Gemological Society, but expect to pay somewhere between $50 and $150 per hour of their time.

Once you know how much your wedding ring is worth, you need to check your existing coverage. Make sure to find out how much your insurance will cover per piece of jewelry as well as how much your insurance will cover in total when it comes to jewelry. If the value of your wedding ring exceeds your existing coverage, you should probably consider purchasing additional coverage, barring cases where the difference is so small that it can’t justify increased spending on insurance.

Generally speaking, you can choose between jewelry insurance and extensions on your existing insurance. As always, carefully read through your contract to make sure that you understand exactly what you will be getting as well as when your coverage is and isn’t applicable. Once you have done so, you should get quotes so that you can start choosing between your insurance options.

If you are interested in learning more about insuring either your wedding ring or the rest of your jewelry, please contact us at your earliest convenience.

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About Schumacher Insurance Agency

Why trust us? What do we do different than every other insurance agency? Consider this an invitation to get to know us. We believe we are an exceptional team of protection specialists that work hard to do things the right way, to educate our clients on insurance, and make the experience effortless. We are excited to introduce a new insurance experience for our customers. We encourage you to speak with our team who can show you how different we are… from text messaging services for late payments to educational insurance concepts on Facebook. We will prove our innovative approaches to obtain the proper coverage’s for you, your family, your business. Insurance is likely not the most interesting affair for everyone, but it is most certainly ours! Yes, we are insurance geeks!

Posted on August 16, 2015, in Agency, Uncategorized. Bookmark the permalink. Leave a comment.

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