Peace of Mind for Your Precious Jewels
Show how much you really love your new rings by protecting them with jewelry insurance.
It may be hard to imagine now, but someday you may lose—or even worse get robbed of—your precious engagement and wedding rings. That’s when jewelry insurance comes in handy. In short, it is a policy that protects your gems and will pay you the cost of the items so they can be replaced.
Of course, there are some misconceptions about how insurance works and how specifically it can protect your jewelry. Read on for the nuts-and-bolts of getting priceless peace of mind.
“My homeowner’s or renter’s insurance policy already safeguards my jewelry.”
False: Typically, any ring that costs more than $500 needs its own protection. The average homeowner’s or renter’s policy won’t cover the cost of your wedding jewels. Instead, you must get a rider, also called a floater or extension, added to your existing policy that addresses the additional pieces that need insurance.
“My engagement ring wasn’t expensive. I can skip it.”
False. Even low-cost rings with high sentimental value deserve to be protected.
“But we don’t own a homeowner’s or renter’s policy already. We can’t insure them.”
False. Some policies exist (through your jeweler, for example) solely to insure individual pieces. These jewelry insurance specialty companies have what is called “standalone personal jewelry insurance.” Companies like Chubb Group, Jeweler's Mutual and Perfect Circle can offer policies that insure your jewelry as well cover repairs and replacements. Just clarify the manner in which they pay out if you have bad luck. Some policies will only replace your jewelry and will not cut you a check to purchase a replacement piece on your own.