Image courtesy of Amanda Summerlin Photography
While investigating insurance for your engagement and wedding rings probably isn’t top of your list of priorities, it’s one of those things you’ll be glad you’ve done if you ever need to use it. We hope you will never lose your precious jewel in the sea, the bin or down the kitchen sink, but accidents can happen and if you’re insured, you will be able to replace it.
When to insure
In sure as soon as possible! Grooms, if you’re planning on proposing with the engagement ring, insure it from the moment you leave the jewellers. At that point, it belongs to you and you will take full financial responsibility if it is lost.
Which insurance to choose
When it comes to insurance, you generally have two options. The first is to choose a stand alone engagement-ring insurance policy. This is a flexible choice covering jewellery up to a certain value, and generally includes worldwide cover for loss, theft or accidental damage. It’s a great idea if you are not yet living in your own home with house insurance.
The second option is to insure your engagement ring within your house insurance policy. If you are doing this, contact your insurer to discuss the value of your ring and make sure it is covered under the contents insurance. You will need to make sure it is covered by single item limits, and possibly list it as a higher value item. You’ll also need to ensure that your rings are covered when you are away from home.
How much, and who?
First things first - you need to know the value of your items, in order to know how to protect them. Many insurance companies will ask for an appraisal of your jewellery alongside a receipt or invoice.
As with all insurance, the premium you pay each month will depend on this value. The more your jewellery is worth, the more you will pay for cover. It’s time to do your homework, comparing different companies and their policies to find the one that best suits your needs.
Image Courtesy of Brightwood Photography
Checking the small print
When taking out any insurance policy, always read the small print. Make sure you know exactly what is covered in terms of value, and how the insurance company will settle any claim. Many companies will not offer cash or replacement jewellery but will instead give you a jewellery card to spend at chosen jewellers nationwide.
Ask any questions that might be important to you. Can you choose who repairs your ring if it needs mending? If your ring is lost, will you be able to replace it from the range of featured jewellers?
Protecting yourself for the future
Jewellery is generally an investment as the prices of silver, gold and previous stones inflate. You don’t want to be under-insured in years to come, so it is wise to keep an eye on your insurance and the value of your belongings.
While accidents are often unavoidable, there are a few steps you can take to minimise the chances of losing or damaging your engagement and wedding rings. If you take them off, always put them in a safe place. Some brides choose to remove their rings before going to bed each evening. Having a jewellery or ring box is a wise idea in this case. Consider removing your rings before swimming, and don’t wear them if you are decorating, gardening or doing other activities that could easily cause damage. Take care of your rock, insure it ‘just in case’ and after that… enjoy wearing it with pride!
Image courtesy of Still 55 Photography