ring insurance

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Ring Insurance: Is It For You?

 By Mary Ferguson, December 19, 2007

While wedding rings and engagement rings usually aren't high-maintenance, we've all heard (or experienced) stories of rings left in restaurant bathrooms, lost down drains or toilets, or bereft of their jewels in accidents. Life happens, to paraphrase a popular saying. However, there's a tried-and-true way you can limit the pain associated with such happenings: get ring insurance. It's simple, relatively cheap, and you don't have to call up Lloyd's of London to get it -- though they'll happily whip up a personalized ring insurance policy, right before offering you their latest policy protecting against UFO abduction. (Sadly, we're not making this up.)

The options

Some rings, especially those cool Titanium wedding rings that have become so popular, practically cry out for insurance. The easiest (and probably least satisfying) way to insure your ring is through your homeowner's or renter's insurance. You don't really have to do anything until it comes time to make the claim. But keep in mind that your rings will be covered only in the case of theft or some traumatic event, such as fire or hurricane, that leaves your home extensively damaged. Leaving your engagement ring in your jeans pocket when you throw them in the wash doesn't count; nor does losing your wedding ring at the beach. However, having the small amount of protection that homeowner's insurance offers is nothing to sneeze at. After all, stolen rings are how some pawnshops stay in business.

Your friendly neighborhood jeweler or insurance broker can usually hook you up with an affordable insurance policy for your valuable rings. Interestingly, one option is a policy covering the sentimental value of the ring -- that is, how much you value it. Otherwise, you can insure yourself for the actual purchase price of the ring, but the best way to go about it is to insure it for the replacement value. You'd be surprised how much the value of a ring can go up in just a few years, especially if the ring metal is one of those that fluctuates wildly in value, like gold, or the stone is of a kind or cut that's suddenly popular. It would be a pain to get paid $1,000 for a ring that's now worth $2,000, wouldn't it?

Insurers to the Stars

Jeweler's Mutual and the Chubb Group are the most popular ring insurers. They offer policies of all three of the types listed above, and you don't need to worry about a deductible. It doesn't matter if you leave your ring at roadside rest stop or it falls into the lava at Mt. Kilauea when you sneak a little too close on your Hawaiian vacation -- you're fully covered. The premiums aren't too bad, either; you'll rarely have to pay more than $30-40 per thousand dollars of the ring's value, and you only do that once a year. Isn't it about time you proved to your wife that you aren't really a cheapskate, and purchased insurance for those matching diamond wedding rings you bought at a two-for-one sale in the mall? It might just save you a lot of needless heartache and expense later on.

Published with permission (FCDMInc)

Summary: Although it may sound a little gimmicky at first glance, ring insurance is no joke. If you were to pay thousands of dollars for an engagement ring, how would you feel if it were lost or broken -- or worse yet, stolen! In this article, we'll introduce you to the concept of insurance for your important rings.

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What women want: Diamond Engagement rings with personality and sparkle

NEW YORK - Once upon a time, when a man proposed, he gave a woman a shiny solitaire diamond engagement ring. It was the standard. It's probably what her friends had and she was eager to join the club.

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