Your wedding ring is more than just the one piece of jewelry that you wear all the time. It’s a symbol of the love and commitment that exists between you and your partner. It may also be a family heirloom, or, together with your engagement ring, it may represent a sizeable financial investment. In any case, if it was to be stolen from your home, the loss would be devastating. This is why you should consider adding coverage for it to your insurance package.
Homeowners Insurance Doesn’t Cover It.
While your renters or homeowners insurance policy may cover your ring if it is stolen, there is no coverage if it is lost, but you should read your policy, because it may have a coverage limit for certain kinds of personal property, including jewelry, china, and art. If the limit is less than the value of your ring, or if you want to make sure you have coverage in case of loss, you have two options: a floater, or a stand-alone policy.
Stand-alone policies are insurance that is specifically intended to cover valuable possessions. It can be purchased from your homeowner’s insurance company, but you may have to pay a separate premium.
A floater is additional coverage that is appended to your existing policy, and designated for a special piece of personal property. It gives your insurer the option of either giving you cash up to the appraised value of your ring, or replacing the ring outright. Most insurance companies choose the latter.
Whether you select a floater or a stand-alone policy, you’ll be required to have your wedding ring appraised, and provide a certified copy of the appraisal to your insurance company. You may have to take your ring to a jewelry store for the appraisal, but you may be able to find an appraiser who will come to you as well. If so, this would be an excellent time to have any other valuable possessions like crystal, silver or china appraised as well, so that you know if you need to increase coverage on any of those items, also.
Be Pro-Active
Increasing your homeowners insurance coverage, or adding a floater, to protect your wedding ring is helpful if it is lost or stolen, but the best insurance is not to lose it in the first place. Here are some ways to minimize the likelihood of losing your wedding ring:
Be aware of your ring when you are swimming, and be careful that it doesn’t slip off your finger, especially if your hands are greasy from sun-block or tanning oil.
Wear gloves when you’re doing household chores, so that cleaning materials which contain harsh chemicals don’t come into contact with the metal or stone, and damage your ring.
If you take off your jewelry to wash your hands, be sure to put it back on before you leave, and use extreme caution so that you don’t knock it into the sink or drain.
When you do remove your ring (or any jewelry) at the end of the day, always leave it in the same place so that you know exactly where to find it.
Every so often, have a jeweler clean your ring, and check it for loose prongs or worn mountings.
Losing your wedding ring, or having it stolen, can be extremely upsetting, but if you have adequate insurance coverage, at least there won’t be a financial loss as well.
