He proposed, you said, "Yes!" and then he slipped the most precious piece of jewelry you may ever own onto your left hand. You'll never take it off, right? Right! Which means it's also the most vulnerable piece of jewelry you may ever own. And while your ring may be priceless to you, replacing or repairing it comes with a price. Read on to see if you should consider insuring your ring.
The Risks To Your Ring
Of course you're going to take special care of your ring - but a lifetime is a long time for one piece of jewelry to remain in perfect condition. Just some of the misfortunes that can strike your ring include:
- Partial losses. Just putting your hand in the pocket of your jeans can snag a stone.
- Damage. Yes, even a diamond can chip from a sharp strike on a hard surface.
- Complete loss. A ring that slips off while swimming or snorkeling has dampened more than one honeymoon.
- Theft. And do you think your ring is safe in your hotel room while you are swimming and snorkeling? Don't bet on it!
The Pros of Insuring Jewelry
- Coverage. Your choice of coverage includes everything from theft to partial losses and damage.
- Flexibility. A rider on your homeowner's policy is one option, but what if you don't own a home? A separate jewelry policy isn't linked to anything other than the jewelry.
- Speed. No time to visit an agent? You can apply for a jewelry policy online.
- Ease. It's quick and easy to update as you acquire more pieces of jewelry over the years (think wedding band and anniversary rings).
The Cons of Insuring Jewelry
- Premiums. Even though rates are extremely reasonable, you may want to consider a deductible to lower the cost.
- Under Insuring. If you're not careful, you could get a policy that doesn't cover losing it or partial losses caused by damage. Read the policy carefully and upgrade to full coverage.