Let’s face it; wedding rings are usually not cheap. Many couples want to splurge out on wedding rings since getting married is a pivotal moment in both of their lives, and a high-quality ring is one way to symbolize it. Besides the cost factor, these wearables already contain sentimental value to it. The moment you say “I do,” you’ll be displaying a sparkly accessory on your left hand. It’s an eye-catcher, for sure.
Now, the thought of losing your wedding ring or getting stolen is worrisome enough to cause a heart attack. This is why many couples choose to have their wedding rings insured. But is getting insurance for a wedding ring necessary?
In this quick read, you’ll find out the cost of getting a wedding ring insurance, as well as the different benefits that come with it. If you’re second-guessing getting insurance for your wedding ring, then keep reading ahead to make a more sound decision.
Why You Should Get Insurance For Your Wedding Ring
You’ve already spent a hefty amount on your wedding rings, and now you’re going to spend even more to have them insured? You might be doing a double take since the ring itself is already expensive.
But, you have to consider insurance, especially if you’re going to buy an expensive wedding ring. What happens if it gets lost or stolen? Just the thought of something terrible happening to the ring is enough to make you feel sick to the stomach, which is all the more reason why you have to get it insured.
Knowing your prized possession is insured is one way to soften the blow if ever something unfortunate happens.
While expecting your wedding ring to get lost or stolen may sound like a morbid thought, it’s better to at least be prepared just in case it does happen.
The Cost of Wedding Ring Insurance
The cost of wedding ring insurance is going to depend on numerous factors, such as the ring’s value, the theft rates in your area, and the type of coverage you plan on getting. However, the insurance policies for wedding rings would generally cost about 1-3% of the value of the insured jewelry.
Where to Get Wedding Ring Insurance
Many insurance companies offer wedding ring insurance, but the coverage doesn’t specifically call it that. Wedding rings are expensive jewelry; therefore, they will fall under renters’ and homeowners’ insurance policies.
Be sure to read the fine print to completely understand the policy and what it covers.
Final Thoughts
As soon as the rings are in your possession, it’s best to get them insured as quickly as possible. At first glance, the thought of getting insurance for your wedding ring may sound outrageous, but in actuality, it’s needed and worthwhile.