How Much Does Insurance Cost On A Wedding Ring?
How Much Does Insurance Cost On A Wedding Ring?
Going through the motions of life means understanding that accidents do happen and things can go wrong. Having contingency plans are necessary, especially when the circumstance in question revolves around something or someone of value to you. Car, house, and even jewelry insurance–these are things that can help lessen the blow of major accidents. Living an active lifestyle may lead to accidental damage to your wedding ring, and you’d like to at least be able to not worry about it too much. But what comes with wedding ring insurance? How much would it cost to have your wedding ring insured? Our quick and informative guide on how much insurance costs on a wedding ring is here to help!
Wedding Ring Insurance: What Is It?
Just like any other kind of insurance, wedding ring insurance is simply a contractual form of risk management that guarantees compensation for damages, loss, or theft. Policies may differ depending on each company, but most jewelry insurance companies' coverage for jewelry commonly offer cost reimbursements, repairs, or even replacements.
Just like any other kind of insurance, wedding ring insurance is simply a contractual form of risk management that guarantees compensation for damages, loss, or theft. Policies may differ depending on each company, but most jewelry insurance companies' coverage for jewelry commonly offer cost reimbursements, repairs, or even replacements.
Should You Get Wedding Ring Insurance?
While jewelry insurance companies are unfortunately unable to replace the sentimental value on wedding rings and other important pieces of jewelry, there are a considerable amount of benefits to getting wedding ring insurance. Losing, damaging, or even breaking valuable jewelry like your wedding ring can be quite the source of emotional damage, and getting your wedding ring insured will help alleviate worries by covering costs for repairs or replacements. Considering that wedding rings are not always the cheapest, having your wedding ring insured is always going to be a sensible move. It is generally advised to insure items that are of significant value to you and there are affordable jewelry insurance that can be found around!
How Wedding Ring Insurance Works
When considering getting wedding ring insurance, you’re going to want to know how the whole ordeal works in the first place–especially if it's your first time! This is generally how wedding ring insurance works, and we’ve included some important tips you could use along the way!
Purchase A Wedding Ring Insurance Policy
First and foremost, you’re going to want to find and purchase a good insurance provider. This can be done either through your homeowners policies or renters insurance policy by purchasing an extension (or a rider) that covers jewelry. Alternatively, you may also find independent specialized jewelry insurance policy that can do the job just fine!
Regardless of what option you choose to take, a helpful and very important tip is to make sure that you read the fine print! Understanding your insurance policy is of utmost importance, and don’t forget to ask questions about what exactly the insurance coverage is! For instance, you may want to ask whether their policy adjusts according to inflation, or if you’ll remain insured even when out of the country; what are your coverage options and coverage limits–asking questions is extremely encouraged!
First and foremost, you’re going to want to find and purchase a good insurance provider. This can be done either through your homeowners policies or renters insurance policy by purchasing an extension (or a rider) that covers jewelry. Alternatively, you may also find independent specialized jewelry insurance policy that can do the job just fine!
Regardless of what option you choose to take, a helpful and very important tip is to make sure that you read the fine print! Understanding your insurance policy is of utmost importance, and don’t forget to ask questions about what exactly the insurance coverage is! For instance, you may want to ask whether their policy adjusts according to inflation, or if you’ll remain insured even when out of the country; what are your coverage options and coverage limits–asking questions is extremely encouraged!
Pay Your Monthly Or Annual Premiums
Depending on the kind of insurance you have, your premium costs may change. Renter's or homeowners insurance policy for instance may affect the amount you have to pay for your annual insurance premium, or change your policy altogether. Inflation is always another factor to take into consideration.
Some insurance policies also have deductibles. If you’re looking for a cheaper monthly premium, you may want to consider finding companies who offer this alternative in their policies!
Depending on the kind of insurance you have, your premium costs may change. Renter's or homeowners insurance policy for instance may affect the amount you have to pay for your annual insurance premium, or change your policy altogether. Inflation is always another factor to take into consideration.
Some insurance policies also have deductibles. If you’re looking for a cheaper monthly premium, you may want to consider finding companies who offer this alternative in their policies!
Depending on the kind of insurance you have, your premium costs may change. Renter's or homeowners insurance policy for instance may affect the amount you have to pay for your annual insurance premium, or change your policy altogether. Inflation is always another factor to take into consideration.
Some insurance policies also have deductibles. If you’re looking for a cheaper monthly premium, you may want to consider finding companies who offer this alternative in their policies!
File An Insurance Claim When Your Ring Is Lost, Stolen, or Damaged
Something has happened to your ring, but thank god your ring has insurance! It is important to note that some insurance companies have policies that offer insurance only for lost or stolen rings. Like we’ve said before, it is important to understand fully what your insurance would cover–especially damages. Considering that engagement and wedding rings are meant to be worn everyday, damages are inevitable, therefore it is highly encouraged to opt for a policy that covers exactly this!
Coordinate With The Insurance Company To Have Your Ring Replaced, Repaired, or Reimbursed
Pretty self-explanatory! Always know the claim reporting process. Once you’ve filed a claim, your insurance company will reach out to you to figure out how to go about compensating for your lost, stolen or damaged ring. They may offer to cover the costs of having your ring replaced or repaired, or in most cases, you will receive a reimbursement!
How Much Does Insurance Cost on a Wedding Ring?
Wedding ring insurance costs usually sit at around 1-2% of your own ring's value. A $3,000 ring may require you to pay $30-$60 annually, while obviously more expensive rings will require you to pay more! The average engagement ring cost is about $5,000, making the average annual insurance cost for a ring range from $55-$110 per year.
Before getting your ring insured, it is necessary to have your ring appraised! Knowing how much your ring is worth is important, and a detailed appraisal will certainly account for all the important elements of your ring–this includes carat, cut, color, clarity, weight and quantity! When choosing an appraiser, it is highly recommended to find one with reputable credentials, specifically ones who have a degree in gemology, as well as are properly recognized by the Gemological Institute of America (GIA) or any organization of that caliber in your country!
Patrick Adair Designs Lifetime Warranty
While our rings are made to last a lifetime, accidents do happen and we totally understand! Each ring purchased from Patrick Adair Designs comes with a lifetime warranty that pairs well with many, if not, most jewelry insurance companies, so do reach out to us should you ever need help bringing life back to your wedding ring, whether it be a custom ring or a ring from our many collections! While stolen or lost rings are unfortunately not covered by our warranty, we do offer damage repairs, size exchanges, and replacements for when your ring no longer fits! Have peace of mind when you order from Patrick Adair Designs!