Ring Insurance: Protecting your Most Precious Possession

by Mike on December 21, 2014

Ring Insurance: Protecting your Most Precious Possession

As a symbol of shared love, a wedding ring not only has incalculable sentimental value, but can be significantly expensive. Generally, it’s the kind of item you only want to buy once, but what happens if your treasured token is lost or stolen from your home?

Unfortunately, typical home insurance policies provide only very limited coverage for jewellery and other fine articles.  You can read more about it at HBF. Standard policies often specifically exclude jewellery, gems and rare stones as well as other high-value items that you want to protect.  If these excluded valuables are lost, it is essential then to seek additional protection.  This holds especially true for a concerned spouse who wants to protect their wedding rings.

“Mysterious Disappearance”

One concept that almost ensures that your wedding ring will not be covered by your home insurance policy is if it is lost or stolen.  This is what insurers call “mysterious disappearance.” This is intended to describe any circumstance in which an item is deemed to be practically irretrievable, even if the location of the item is known to the owner.

Obviously, policies can vary somewhat from provider to provider, but most standard policies limit coverage of valuable items like jewellery to a $1,500 maximum in a mysterious disappearance. With even modest engagement rings easily exceeding this figure, it’s clear to see why a standard policy provides very little real protection against permanent loss of your wedding ring.

Upgrading Your Policy

For this reason, insurance providers frequently offer more comprehensive coverage designed specifically to protect the most valuable items in an average person’s home. Wedding rings in specific can be protected with an addendum known as a rider.  An insurance rider helps policy holders insures an item at an appraised value and pays out an equivalent amount if the item is lost or stolen.

Ring Insurance: Protecting your Most Precious PossessionInsurers will usually require a detailed description of the item as well as requesting a current independent appraisal of its value, and so anyone looking to add a rider to their home insurance to cover their wedding ring should have their jewellery professionally photographed and appraised beforehand to give the insurance company the most accurate possible idea of its market value.

Naturally, adding a rider to your policy for your wedding ring will add to your monthly premium, but the peace of mind such protection provides can make the extra expense well worth the investment.

A wedding ring is a symbol of eternity, but the unpredictability of every day can make its lifespan much shorter than intended. Standard home insurance policies provide little relief for married couples hit by these unfortunate circumstances, but luckily there are premium insurance options available for those whose best trait as a partner is being prepared in advance.

 

***Photos thanks toFrankWinkler and Olessya of Pixabay***

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