Advice from a Wedding Planner: Remember to Insure that Bling!

Before you get entrenched into planning your dream wedding, consider getting some insurance on the fabulous bling your fiancé put on you! Recent research states that the average cost for an engagement ring is around $5000! That is a lot if you loose it, get it stolen, or accidentally dropping it in the sink and the garbage disposal eats it, yikes! 

What is wedding ring insurance, no one ever mentioned this to me? 

I'm so glad you asked!
In most cases most homeowners or renters insurance policies do not cover wedding rings if it's lost or stolen unless it was stolen inside the home during a burglary. Ask your insurer about a "rider" ring insurance that can be purchased as an extension to your existing renters' or homeowners' policy.  A better option is to research company's that specializes in jewelry insurance, they usually offer more coverage.  

Do I really need to purchase insurance for my ring, I promise never to take it off! Yes! It is always better to be safe than very sad and sorry you didn't. Take a little survey of some of your parents friends and ask them how many have lost or had their rings stolen, you may be surprised by the number (its higher than you think, especially if you ask them when their spouse is not around, LOL!) 
If you have a ring made of real mineral value of $500 or $50,000+, your insurance honor's all the sentiment it represents and it's financial value.  

Now that I'm convinced how does it all work?   
Make sure your fiancé has kept the receipts because you will need to provide proof. You will also need a professional appraisal from a certified gemologist. If it is an Heirloom Ring your gemologist appraisal is very important thing to obtain. Also make sure If you move after the wedding you are still covered! To have the full replacement cost of the ring covered you will need to obtain a floater or endorsement. They both typically offer coverage if you misplace the ring and don't have a deductible.
 

You mentioned having renters insurance or homeowners

insurance, we do not have either, what do we do?
You should then consider buying a stand-alone policy. The Jewelry Insurance Brokerage of North America and Jewelers Mutual Insurance Co. great stand alone policy's and can explain all of the details to you about what is covered. The price of additional coverage or separate policies depends on the type of policy, where you live and the value of the ring. Coverage for a $5,000 ring ranges from about $15 to $100 a year.

 

This is a lot of information, is there something you said that is the most important?

Sure, always when buying any kind of insurance read the fine print before you sign. Don't feel bad about taking an extra 15 minutes + of the insures time to actually read what you are agreeing too! Any great policy will cover all potentially ring-threatening situations from damage, and theft to accidentally dropping it in unmentionable places. HAPPY PLANNING!