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.
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.