A wedding ring may be one of the most expensive things you end up owning throughout your life. A lot of you could not have anticipated that you might end up loving a piece of jewelry to this extent, just like the best wedding rings, but now that is close to being your most prized possession.
But love it as much as you may there always remains the looming possibility of losing it, damaging it or of it even getting stolen. But you owe too much financial investment and emotional attachment towards it to let any of that happen. So, in order to protect it from either or all of those possibilities, it is highly recommended to buy wedding ring insurance.
How to Insure Your Ring?
There are two ways to go about this.
- Through a Homeowner’s or Renter’s Insurance Policy: This policy allows you to add an extension to your already existing homeowner’s or renter’s policy and it essentially serves as a one-off item.
- Through Special Jewelry Insurance: In the event that you do not have homeowner’s or renter’s insurance with you, you can choose to insure your ring through jewelry insurance companies that offer additional protection and comprehensive plans.
The Benefits of It
The most obvious upside of insuring your wedding ring is that it protects your hard-earned financial investment. But there is actually a horde of other advantages associated with getting jewelry insurance that is sure to benefit you in the long run.
Protects Your Memories
Your wedding ring is so much more than just a beautiful piece of accessory on your finger. It also represents the cherished memories of one of the most important days of your life. Along with protecting the ring, it also makes sure you don’t have to part with the memories it has collected in the process.
Covers Damage and Repairs
Many people choose to wear their wedding rings on a daily basis instead of keeping them tucked in a drawer. But whenever you wear a piece of ornament on a daily basis for a prolonged period of time they tend to become bent or loose. Jewelry insurance policies are specially designed to cover the cost of repairs and such damage in addition to loss and replacement.
Light on Your Pockets
The good news is that while your ring may have been expensive, the insurance policy to protect it is not. Most jewelry insurance companies charge only about 1-2% of the ring’s total appraisal value. A lot of such companies also offer free online quotes so you can get a better idea of it.
Easy and Comprehensive
In reality, the process to get insurance for your wedding ring is neither complicated nor difficult. All it takes is adding an extension to your existing or additional policy, followed by a phone call to an insurer and you can actually be insured within a span of minutes.
You Will Have Peace of Mind
Any loss or damage to your wedding ring would be understandably devastating. You can choose to evade all that and any possible future devastation in case the unthinkable does happen. No matter how responsible a person you may be, it is always recommended to be overly cautious with something as precious and your wedding ring.
No matter the cost of your ring, insuring it against possible mishaps is the most important thing when it comes to honoring that investment and more importantly, what it means to you and your partner as a couple.
Getting it insured may not be on top of your mind, but it quite important. Especially because in the long run it can only help and not hurt in any way, even if you think you may not need it.