He popped the question, and you said yes! What’s the next step? Today, together with our partner Jewelers Mutual®, we’re making a case for jewelry insurance.
(Lengthy posts not your thing? Click here to view an illustrated summary of today’s topic!)
Let’s face it, insurance is not a topic that comes up naturally when talking about engagement or wedding rings. Nevertheless, it is an important detail that requires your diligent attention. Anyone who’s had the misfortune of losing a ring (or knows somebody who did) knows the emotional roller-coaster ride that comes with it. First, a sick wave of panic engulfs you, then frustration kicks in, and finally, upon realizing that that precious piece of jewelry is gone — forever! — despair settles in. There’s always a bit (or a lot!) of regret thrown in, “why wasn’t I more careful?”
If the lost ring was not insured, you would also get a bonus combo of guilt and anger. Not only do you have to go through the process of buying a new wedding or engagement ring, you’ll have to spend good money for the replacement.
More than just a ring
Engagement rings and wedding bands are more than just metal and stone — each piece symbolizes your love and commitment and connects you to life’s special moments. Did you know that traditional belief established that Vena Amoris or “vein of love” ran directly from the heart to the fourth finger of the left hand, otherwise known as the ring finger?
Romantic notions aside, there is a very practical reason to why you would want your rings insured. Whether a piece of jewelry cost $500 or $50,000, the sentimental value attached to it is impossible to replace. However, if something unfortunate were to happen to your precious memento, a comprehensive insurance policy will at least cover the cost of having the item repaired or replaced.
Your Options for Protecting Your Jewelry
There are three main options for jewelry protection: a specialized jewelry insurance (like the one provided by Jewelers Mutual), homeowners/renters insurance or a jeweler’s warranty.
At the basic end of the spectrum is a jeweler’s warranty, which covers workmanship defects and minor damages. Typically, you’ll need to make an upfront payment for a “lifetime warranty.” Regular inspections are required for the guarantee to be in effect. Jewelry store warranty does not cover loss, theft and mysterious disappearance.
Most homeowners or renters policies will limit coverage for personal valuables. To ensure that your valuables are sufficiently covered, you will need a jewelry rider, which is an extension to your homeowners/renters insurance. In the event of a claim, you may have to work with the insurance company’s jeweler partner of choice to have a replacement made.
If you are serious about protecting your valuables, consider a specialized jewelry insurance. The key difference between a specialty jewelry insurance and a home owner policy with a rider is level of jewelry expertise. For a company like Jewelers Mutual, protecting jewelry is all that they do, meaning that they are able to provide a comprehensive jewelry coverage, one that goes beyond ordinary homeowners insurance. So on top of offering worldwide coverage for jewelry loss, damage, theft, and mysterious disappearance (unexplained lost), they offer additional jewelry-specific coverage like preventive repair coverage to help you avoid a larger loss.
For Jewelers Mutual, being in the business for so long (since 1913!) also means that they know more than a thing or two about a customer’s needs and wants, jewelry-wise. This includes the ability to work with your preferred jewelers and a flexible deductible option. Like-for-like replacement means that they’ll replace a lost ring with one of similar kind and quality — your new ring will be indistinguishable from the original.
What Do I Need to Prepare Before Getting A Jewelry Insurance Quote
Before applying for jewelry insurance, you’ll need the official jewelry store receipt and an appraisal from a certified gemologist (professional rates vary).
Some Questions to Ask When Considering Jewelry Insurance
As with any insurance commitments in life, you will have some questions that need will need to be answered. Some of the common questions are listed here:
What is the level of coverage provided? Does it cover damage, accidental loss or mysterious disappearance? Does the coverage apply worldwide?
How will the ring be replaced? Will I be sent a check? Do I have to work with a specific jeweler for the replacement? Can I work with my own preferred jeweler?
What portion of the cost of to get a ring replaced or repaired is included? 100% of its current value? Is there a deductible in the event of a claim, and if so, what would be my out of pocket expenses?
What is the claims process like? What kind of documents do I need to produce when making a claim?
What are the policy exclusions? Can you show me a sample of your policy wording?
How much do I need to pay yearly (premium)? Any other costs involved?
Remember: ask questions, read the fine print and make an informed choice.
How Much Does It Cost to Insure A Ring?
It typically costs 1-2% of the value of your ring per year to have it insured. This means that if your engagement ring cost $5000, expect to pay $50 to $100 (it costs more to get it insured in cities where risk of theft is higher) a year to get it covered.
Tips to Keep Your Ring Safe
Common sense tells you that the very act of regularly removing and putting a ring back on increases the odds for it to be misplaced or lost… but daily life gets in the way!
Avoid wearing rings during activities that would make your hands wet or slippery: swimming and other water-based sports, gardening, dish washing and other kitchen activities (yes, including stuffing a turkey). If your job involves a risk of ring slippage, it might be wise not to wear a ring when you go to work.
Be extra careful about removing jewelry in public areas. This includes while getting your nails done at a manicure, at a public shower or on the beach, and near sinks and washbasins.
Speaking of which, sinks in general are the Gollums of our world! Along with creams and lotions (right… you’re removing that ring just for one second), they seem to be part of the plot of most “I can’t believe I lost my ring” stories.
Personal admission: I used to think all the ring down the drain horror stories as reality TV style exaggeration until I almost lost my own!
As tough as diamonds are, they can chip if struck at the right angle. It is best to avoid wearing rings while at the gym or when using tools that may accidentally hit your rock.
When not in use, store properly. Never hang pearl necklaces (it causes them to stretch), and to prevent scratches, rings should not be stacked. Lay necklaces flat and store all jewelry items separately in a soft compartment or container. Keep valuables in bolted safe at home.
Going on vacations offer novel ways to lose jewelry: confounding airport security procedures! Tourist scams! Sketchy hotel security! The beach, plus all that sunscreen lotion!!! In fact, in a Jewelers Mutual survey of 600 married women, it was found that more than 25 percent have lost a piece of jewelry while vacationing! Yikes! The adage is, “you can’t lose something that wasn’t there in the first place”, so bring only the minimum amount of jewelry on your travels.
Check out more great tips for traveling with jewelry. We’ve also been sharing weekly jewelry tips here at Wedding Inspirasi. Follow our Pinterest board so that you don’t miss any!
Regular maintenance will keep your engagement ring and other jewelry sparkly for years to come. If you are cleaning your ring at home, be sure to do it away from any sinks, drains, grates or vents! It is good practice to get it professionally cleaned and inspected regularly. During inspection, an expert will be able to tell if a ring’s prong is loose or needs preventive repair. An appraisal from a certified gemologist will tell you the current market value of a jewelry item. An up-to-date appraisal certificate facilitates an insurance claim process.
Having said all that, one of the best ways to get peace of mind about the safety of your precious jewelry is to insure it! If you are interested in a specialized jewelry insurance, do check out Jewelers Mutual and get a free quote today.
For those of you considering a specialized jewelry insurance like the one provided by Jewelers Mutual, we have a handy infographic that illustrates the pertinent points of jewelry insurance and how it compares with a home owners insurance. Feel free to share this with your engaged or married friends, or anyone who's looking to insure his/her valuables!
This post was written by Wedding Inspirasi and sponsored by Jewelers Mutual Insurance Company.
