Once you have the perfect wedding rings picked out, it’s important to make sure you protect your precious investment. According to The Knot's Real Weddings Study, Americans spend an average of $6,351 on an engagement ring. Here are some tips for adding your rings to your homeowners or renters insurance policy, along with other ideas for keeping them safe.
1. Find out the current value.
Your insurance company needs to know the current value of your wedding rings to provide sufficient coverage to repair or replace them. Keep the original purchase receipt on hand and make sure to inform your insurer with details about the gem’s four Cs — color, cut, clarity and carat size.
2. Have the ring appraised.
If your ring is an heirloom that has been passed down through generations in your family, find a jewelry store that has a certified gemologist or a quality appraiser on staff. Be prepared to pay up to a few hundred dollars for the appraisal and to drop your ring off for a week or so. When the appraisal is completed, you’ll receive an insurance replacement report that informs the retail replacement value of the ring. The insurance replacement document also will include information about the physical properties of the stone and metal. The gemstone will be described by characteristics such as shape, weight, clarity, color, polish, symmetry and fluorescence, which dictate the price of the ring.
Be sure to have your ring appraised every few years as the cost of precious metals and stones fluctuates. This step will ensure that you have the right amount of coverage because when the price goes up, you’ll be fully insured for the replacement value. And when the price goes down, you’ll save on premiums.
3. Stay organized.
Don’t toss that receipt! If you need to replace your ring, you’ll need to provide some paperwork for a speedy claims process: the original receipt, the appraisal certificate, any warrantees or coverage policies from the jeweler. Keep everything together in a file or folder so that it’s organized and easily accessible.
“First and foremost, always keep an up-to-date inventory of your possessions,” said Jane Li, Mercury’s senior product manager. “Be sure to take photos, provide descriptions, documentation to support what you paid for the item, and include the purchase date, serial numbers and copies of receipts when possible.”
At the same time, take stock of any other expensive jewelry or valuables you have on hand, and gather the receipts and certificates for those. When you get your ring insured, you can also get coverage for your other valuables, too.
4. Inquire about coverage options.
If you already have a homeowners insurance policy, call your insurer and ask about coverage options for your rings. Most homeowners policies provide minimal coverage for jewelry and high value collectibles, so you may need to purchase a “personal articles” or “floater” policy to provide protection for these items. This way, if you lose your wedding ring while scuba diving on vacation or damage the metal band while working, your insurance company will pay the cost to replace or repair the ring. There is an extra cost for these policies, however, and this cost will be determined based upon the value of the items you are insuring. Talk to you agent to learn more about these policies.
5. Keep your ring looking brand new.
If your ring is a family heirloom and you had it appraised, the gemologist or appraiser will let you know if there need to be any repairs. Some common repairs include fixing the prongs that hold the gemstone in place and cleaning the ring and stones. Also make sure that the ring fits snugly, so it doesn’t slip off during exercise or other activities.
Once you have your ring professionally cleaned, it’s a good idea to clean it on your own at least once a month by soaking it in a mixture of warm water and dishwashing soap for 30 minutes. Gently brush any diamonds or gems with a soft toothbrush and let the ring air dry to avoid scratching the metal.
When doing housework that involves harsh chemicals like bleach, avoid wearing your ring so you don’t damage the metal. Take off your ring while doing work with your hands, such as gardening or crafting, and put it someplace safe until you’re finished.
At home, invest in a safe for when you aren’t wearing your ring. When traveling, be sure to stow away your rings in the hotel room’s safe. While it’s good to know you have insurance in case something happens, you should always take precaution to protect your rings as best as possible.
Marissa Hermanson is a lifestyle and wedding expert whose work has been featured on The Knot, Southern Living and Cosmopolitan. She currently writes for Larson Jewelers, an online jeweler offering a wide variety of unique wedding rings.