Is Wedding Ring Insurance Worth it?

Weddings are all about love, commitment, care, and bond. It’s the beginning of a new phase in your life. There is excitement hovering in everyone’s heart, be it the families or the couple itself. Love is at the peak. In almost all weddings, there is a tradition of wedding rings. The couple exchanges the wedding or engagement rings and wear them forever as the wedding ring symbolizes the couple’s love for each other and their unique bond. There is a vast significance of a wedding ring. Also, wedding rings come at a great expense. The bride and groom’s emotions are attached to their rings, and no one can afford to lose them. Consequently, people prefer to get wedding ring insurance for the same. But is it worth it?

Reasons to get wedding ring insurance

Sentiments are the one reason for getting the ring insurance, but if seen otherwise, there are also practical reasons.

Expensive-

The primary reason for getting your wedding ring insured is that it is expensive. Be it any metal, stone, or anything, every engagement ring comes at a great expense. It’s a considerable investment, and when one invests money on such a thing, one wants to have its worth. Moreover, a wedding ring is such that it has to be worn daily, consequently making the insurance point.

Can get damaged-

Secondly, you will wear your wedding ring daily as it is not to be removed according to the traditions. There is no such compulsion to wear other jewelry pieces like earrings or anything else, but a wedding ring has to be worn daily. Daily wearing it can lead to its damage or can ruin its shine and beauty. And if one goes for the maintenance, then that turns out to be costly. Consequently, to retain it as it was, the best option is to avail the ring insurance.

Uncertainties-

The third major reason is the growing uncertainties. Back in time, there was no such thing as burglary, theft, or something like that. But in the modern era, uncertainties have risen. You may have to pay a heavy price for such uncertainties. But ring insurance can save you from this as you can get a claim easily if you have the insurance.

Tips to get a wedding ring insurance
The first tip is to get wedding ring insurance as soon as you buy your ring. There are a lot of things at the wedding to take care of. There are chances that the wedding ring can get lost or can get damaged. So to avoid such situations, you should get ring insurance in advance only. The sooner you will get the insurance, the sooner your ring will be protected. Once you purchase the ring, start looking for the insurance providers as it might take a couple of days for the formalities.

Secondly, look for the best insurance providers in the industry. There are two options for getting your wedding ring insured. You can either have it in your homeowner’s policy only if you have it in place, or you can opt for separate insurance for your wedding ring. You can explore options available at your disposal and then decide what to do. Take a note of the coverage options your insurer provides.

Thirdly, always clear all your queries beforehand only. The insurance is new to you, so you must be having doubts regarding it. You must be informed about it. Usually, people have queries related to replacement options, premiums, coverage, type of repairs, and other things. Understanding your policy is very important when you are opting for wedding ring insurance.

The next important thing on the list is the jewelry appraisal. You can only get the insurance when you know it’s worth it. A jewelry appraisal will consider everything concerning your ring, like its cut, color, clarity, quality, worth, type of metal, and carat weight. After looking at all these things, the value of your ring gets indicated in the jewelry appraisal. Moreover, jewelry appraisal is a legal document, so no one can deny it and its value. Mostly, all insurance companies ask for the jewelry appraisal.

Then we have the certificate and grading report. Most people forget to get it at the time of buying their wedding ring. But it is vital and can serve your future purposes. Also, check for the certification that it should be from a reputed laboratory. It is also an assessment of your ring’s quality, which will help the insurance provider know the worth of your wedding ring.

Be it any jewelry; its value keeps on fluctuating from time to time. For this, you need to reappraise your wedding ring. Mostly, the value will increase only. Consequently, for insurance purposes, you need to reappraise it every two-three years.

Conclusion 

Before getting the wedding ring insurance, look at all the tips mentioned above and entirely understand the process. Do not risk your wedding ring and have insurance as soon as possible.