Wedding and engagement rings are some of our most treasured possessions. Often these are extremely expensive, or hold sentimental value having been handed down from previous generations. Losing or damaging these can be emotionally stressful.
This is why wedding ring insurance can make sure that your most valued possessions are covered if the worst happens.
How to insurance your wedding ring
Insuring your wedding ring is simple. That’s because most wedding insurance policies including wedding ring cover.
So when you’re comparing wedding insurance policies, it’s important to consider a few things:
How much your rings are worth
What else you want the policy to cover
Whether your rings are already covered
Does wedding insurance cover engagement rings?
Wedding insurance usually only covers rings exchanged at the wedding ceremony. If you want to insure your engagement ring, you should consider contents insurance.
How to find out how much your rings are worth
When insuring your wedding ring it’s important to make sure to insure them for their most current market value. This is especially true, if you’ve been married for a while. That’s because the value of precious metals like gold, or stones like diamonds can increase over time.
Most experts recommend that you have your rings valued every few years so you always know the current value of your jewellry.
Does your home insurance cover your wedding ring?
Whether your contents insurance policy covers your wedding or engagement ring depends on how much your rings our worth. Often insurance providers set a limit on what you can claim for a single item. So it's possible you may have to list your rings on your contents insurance policy to make sure they're covered.
Many insurance providers also don't cover items that you regularly take outside your home as part of your contents insurance. Some may cover them as an optional add-on known as personal possession insurance.