Marriage on Your Mind? What you need to know about insuring jewelry.

Mar 11, 2019

In the exciting times of embarking upon matrimonial bliss, one of the main focuses is often the ring.  If you have heard an engagement ring should cost two month’s salary, you aren’t alone. A ‘guideline’ dreamt up by a jewelry company to try and get you to spend more on this iconic wearable, the ‘two months income’ idea might not be too far off from what you will actually spend, however.  A study done in 2015 determined that on average, couples will spend around $4000 on an engagement ring, which doesn’t include the actual cost of the wedding ring itself.

In some circumstances, the engagement and wedding ring combo are nearly priceless for the couple if it is an heirloom handed down through the generations.  Regardless, the jewelry aspect of a wedding is an investment that is worthy of protection. That is why it is important you discuss the addition of this jewelry into your household with your insurance advisor.  

There is space in any home policy for special valuables, but it is important that you check to see just how much that section accounts for.   It is possible that the policy will only cover up to a certain amount for items like electronics, furs, and jewelry, so in the event of an incident wedding jewelry may be inadequately covered.  

You can insure the rings separately, independent of the rest of your policy.  Some insurance companies will charge between one and two percent of any scheduled jewelry appraised value.  If the rings house diamonds (and they usually do, as they are a girl’s best friend), then their value will be constantly changing. The good news is that diamond jewelry will go up in value as time goes on and value trends continue increase.  You may need to get your ring appraised every five years or more depending on its nature and the nature of your policy. This could mean you might be spending an additional $50 or more per year to insure its value. At the end of the day, it is up to you if that money is worth it against the actual cost of the jewelry itself.

What exactly is covered on your wedding rings?  In the event of a break in or fire or any other insurable home incident, of course your rings would be covered within a special limit Ex: Wawanesa has a limit of $10,000.  But what about other events? We have all heard horror stories of people who have had jewelry stolen whilst traveling, or lost down a drain or at the swimming pool. If the ring is ‘scheduled’ to your policy, then yes, it is covered (within your special limit)!  The most common claim, however, when it comes to wedding rings, is when a stone falls out. It happens, and it happens frequently. That alone might be worth the cost of your insurance. A major plus to scheduling jewelry is that it can be added without a deductible and is fully covered. If the jewelry is not scheduled, it may still be covered under the policy but the deductible will apply. Ex: if a homeowner has a minimum $1,000 deductible and the ring was valued at $4,000, they would only get $3,000 back.

At the end of the day, though, nothing can replace the sentimental value associated with the ring that symbolizes your connection with the one you love.  So get your wedding jewelry insured for piece of mind and in the event of an unforeseen circumstance, but ultimately, take good care of it and keep it close to your heart.  

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