No matter where you are in the wedding planning process, it would be worth considering adding jewelry insurance to the list of things of things to set aside a budget for. While there is already so much to think about when it comes to the wedding band and the engagement ring, getting these pieces insured would give you a lot more peace of mind, especially since you know you’ll be covered in case of major disasters or everyday accidents. To help you figure out how to get the right jewelry insurance plan for your needs, we’ve put together these answers to your wedding band and engagement ring insurance questions.

 

Should I extend my homeowner’s insurance plan or should I take out a separate plan?

This decision is dependent on the value of the ring or rings that you want to insure and on your own personal preference. If you choose to extend your renter’s or homeowner’s insurance plan by purchasing a “ring rider,” it could be very convenient to have your monthly expenses rolled into one charge. This could also be the better option if your rings are not very expensive.

If, however, they are worth a lot of money, you would be better off taking out a separate plan with a company that specializes in jewelry insurance. This way, you can make sure that the ceiling on the value of the ring you want to insure is much higher. In addition to that, if the ring is lost or stolen, a jewelry insurance company could simply replace the ring rather than refunding you the cash and leaving the hunt for a replacement up to you. Keep in mind, though, that if your ring gets lost or damaged and your premium goes up after the fact, it could affect your entire homeowner’s insurance policy if you went for a ring rider. The benefit of a single plan is that, in the event of such an accident, nothing else is affected

 

How much will it cost?

Of course, the cost will depend on how comprehensive your plan is and how much of a deductible you’re willing to pay for a claim. In general, however, insurance will cost between 1% and 3% of the ring’s total value per year. Or, in other words, it costs $1-$3 for every $100 that it would cost to pay for your ring. If, for example, your ring costs $9,000 in total, it would cost you between $90 and $270 per year to insure it. The cost of insurance is also affected by the city that you live in: your jewelry is more likely to be stolen from you in some cities rather than others, and that can drive up the insurance price.

 

How do I go about actually getting my rings insured?

The first step is to have the piece appraised. If you’re using vintage rings in your ceremony, this would be a good time to have them repaired and restored, as well. To do this, you need to find a reputable jeweler who will not only restore your pieces to peak appearance, but they will also give you a fair and accurate appraisal, complete with certification papers. (If you need help finding a good jeweler, we have some tips for you here!)

After that, you simply consult the insurance company of your choice about adding a ring rider to your plan or taking out a new one, bring them your appraisal, and choose a plan!

 

What kind of questions should I be asking the insurance company representative?

Dealing with insurance representatives can be a little nerve-wracking, so here are some suggestions to make sure that you’re getting the best plan for the right price:

• Is the ring insured to its full cost, or only part of it?
• Which jewelers can I go to to replace or repair my lost or damaged jewelry?
• What proof do I need to justify claims?
• If my item is irreplaceable, can we agree on a value that I will receive in the event of loss?
• Will I have the choice between cash and a replacement/repair service?
• Am I still covered if I lose it accidentally? What about if it gets lost/stolen/damaged in someone else’s possession?
• Is depreciation taken into account during payout/replacements?
• How often should I have my appraisal updated?

 

What does an insurance plan cover?

Jewelry insurance plans tend to be very comprehensive and often cover most types of loss and damage. In general, plans will only exclude coverage of loss or damages incurred intentionally, through civil authorities (like if your piece was confiscated by police), nuclear hazard (yeah, these people plan for everything), vermin or insects (like a moth infestation in the attic that might have ruined your grandmother’s ring), and other very specific and limited situations. Be sure to check the coverage and exclusions provided by the plan you sign up for so you know exactly what you’re covered for.

 

Can I get other pieces of jewelry covered by the same plan?

Sure! If the other pieces fall under the maximum value capacity allowed by your insurance company, then it might be better and more convenient for you to choose to insure all your important pieces of jewelry at once. For more information about jewelry insurance in general, consult our beginner’s guide here.