Several years ago while on vacation in the Bahamas, I lost my first wedding ring, which my husband had given to me on our wedding day back in ‘83. Naturally, I was absolutely gutted when it happened. And the first thing we realized was that the ring had not been insured. My husband immediately sparked to find a suitable replacement for it. This time, we were sure to have it insured against any future losses or theft.
Our story is not unique. Many people have lost their wedding or engagement rings and felt just as lost as we did. Here is how to insure yourself against it happening to you:
Choosing A Ring
If you are looking to insure a ring you already have, you do not need to consider this step. But if you have lost a ring that is particularly important to you, then you will need to put some thought into finding a replacement. Discuss this with your partner first and decide on a budget and potential options: Do you want a ring that looks the same or do you want to go for something new? Did the ring have any special engravings you would like to replicate?
Pick A Suitable Insurer
Once you have chosen a suitable ring, it is up to you to choose a suitable insurance company to insure your goods. Compare quotes from various competitors and see who offers you the best comprehensive cover for your money. Particularly valuable pieces can be insured on their own. If there is something you are not sure about when choosing your insurer, ask! The consultants are there to answer your questions.
Read The Terms And Conditions Carefully
Once you think you have a suitable company and insurance plan, make sure you read their terms and conditions carefully. Yes, including the fine print! You will want to pay special attention to the insurance conditions, the premium amount and how long the insurance has before it officially kicks in: Usually there is a period of a couple weeks or months before you can put in a claim with your insurer.
Describe The Ring Accurately
Your insurance company will usually ask you to describe the details of the ring in your insurance documents when noting it as an asset. This means taking detailed and high-quality pictures, scanning any certificates you have, and describing the ring as accurately as you can — including any unique details, such as an engraving. You will have to keep your insurance company in the loop if you decide to change the ring in any way after you have had it insured. Also note serial numbers and it helps if you have the receipt.
Most people lose their rings in those moments where they take them off: While doing the dishes, just before going swimming, getting in and out of the bath. Distraction is most often what leads to people losing things, so every time you are about to take off a piece of valuable jewelry or put your wallet down in public, pay attention! That way it will still be around if you ever need to sell your diamond ring to make money.
Invest In Security
Wedding rings are made to be worn, but sometimes you have to take it off. For these times, I would highly recommend that you keep your ring in a safe, secure place. Yes, sometimes this means a safe to which only you and your other half have the code. Proper security is often a requirement for getting cover from an insurance company and you will have some peace of mind in always knowing that your ring is safe when you are not wearing it.