Debating whether or not you need wedding ring insurance? Here’s why you do:

It sucks to lose something valuable. Make that valuable an engagement or wedding ring and it can be downright devastating!  Amoro Jewelry expert, Stephen Crane explains why you should and how to insure your precious wedding jewelry.

Do I Really Need Wedding Ring Insurance?

Yes! Your engagement ring is often the most valuable item in your jewelry collection and while you cannot insure any sentimental loss or the time and care it took you to pick it out and save to pay for it, you can and should insure against financial loss.

Purchasing engagement ring insurance will allow you to replace your ring if it is ever lost or stolen. A good place to start researching the cost of jewelry insurance is with your renters’ or home-owners’ insurance company, and add your engagement ring to your family policy (a “rider” policy). You can also add

If you received priceless pieces as an engagement present or an inheritance, it is a good idea to consider adding them to your policy, as well. The real pearls your dear aunt gave you as your “something old” to wear on your wedding day definitely fall into that category.

What Do You Need?

Your insurance company will ask for proof of value of your ring, such as a certified appraisal and/or purchase documentation (receipts, etc.). The cost of insurance is usually a percentage of the appraised items replacement value. If your engagement ring is a family heirloom, it’s a good idea to have it re appraised at today’s replacement value.

Buying insurance for your engagement ring will give you peace of mind, but be mindful of the fine print in your policy. Look for restrictions regarding where and how your engagement ring should be stored, and who wears it. This information will be extremely handy in the event that your ring one day does need to be replaced. Also, check your policy for details regarding compensation for your engagement ring and if you will receive a cheque or be required to purchase another ring and be reimbursed.

Wedding ring insurance can sound like it’s sapping all the romance out of the moment but trust us, you’ll never regret having it!