It's more than just a fashion statement. A wedding ring is a symbol of everlasting
love and commitment. So it goes without saying that insurance is probably not
the first thing that comes to mind when you glance down at the wedding ring
on your finger. But while insurance can never replace the sentimental value
of a wedding ring, it can give you some peace of mind in knowing that it would
be covered if something ever happened to it.
Making sure you have proper coverage
Your homeowners/renters insurance policy won't cover your wedding ring if it
is lost. However, it will probably cover your wedding ring to some extent if
it is stolen. Keep in mind that you'll need to check your policy, since a coverage
limit may apply for certain types of personal property (in this case, your ring).
If you want to make sure that your wedding ring is covered for loss, or if the
value of your wedding ring exceeds the coverage limits on your homeowners/renters
insurance policy, you may want to look into purchasing either a floater or a
stand-alone policy.
A floater provides you with a specific amount of coverage for your ring based
on its appraised value. With a floater, the insurance company has the option
of paying the appraised amount or replacing the ring. Keep in mind that more
often than not, your insurer will replace the ring.
A stand-alone policy is a type of insurance that is specially designed to protect
valuable items. If you purchase a floater or stand-alone policy, however, your
insurance company will probably require you to have your ring appraised by a
certified jeweler.
Finally, while you're at it, now may be a good time to review the adequacy
of your insurance coverage for all of your valuable items (e.g., your engagement
ring, china, silver, or crystal). If you need help finding out if your valuables
are properly insured, contact your insurance agent or insurance company for
more information.
Keeping your ring safe
- Have a jeweler periodically check your ring for loose prongs, worn mountings,
etc.
- Whenever you take off your ring, always put it in the same place. That way,
you won't ever forget where you put it!
- If you remove your ring when you wash your hands, be careful not to leave
it by the sink where it can accidentally fall down the drain.
- Be careful while cleaning or doing household chores. Harsh chemicals can
damage precious stones and metals, and a rough blow can easily dislodge a
stone from its setting.
- Be careful not to lose your ring when you go for a swim, especially if your
fingers are slippery from tanning lotion or sunscreen.
Please note that this description/explanation is intended only
as a guideline.