Do You Need Wedding Ring Insurance? What You Should Know

wedding ring insurance

We’ve all seen those movies where the best men or someone else loses the wedding ring on his way to the big event. That could happen to you, too. Not to mention that your wedding ring may get stolen when you least expect it!

The average American spends over $7,700 on an engagement ring. If the ring gets lost or stolen, that’s money down the drain. This piece of jewelry is also a symbol of love, as well as an heirloom.

One way to mitigate these risks is to get wedding ring insurance. The sooner you do it, the better. This way, you’ll have peace of mind knowing that you don’t have to pay out of pocket to repair or replace your ring.

But how does wedding ring insurance work? Most importantly, do you really need it? Read on to find out!

What Is Wedding Ring Insurance?

Homeowners or renter’s insurance only likely offer limited coverage for jewelry. What happens if you damage or lose your beloved wedding ring?

Getting ring insurance probably isn’t the first thing that comes to mind when planning your wedding, but it’s quite important. Replacing or repairing this piece of jewelry could cost thousands. Wedding ring insurance covers these costs.

Contrary to popular belief, this type of coverage isn’t just for those who own expensive jewelry. Even a cheap ring could cost over $2,000 to replace, especially if it has a unique design. The risk of damaging or losing it is even greater for those who do manual work.

Accidents happen when you least expect it. You could lose your ring in the shower, at the beach, or on the street.

Buying wedding ring insurance is responsible and convenient. A piece of jewelry worth thousands of dollars could cost as little as $50 to insure annually.

How to Insure Your Wedding Ring

From purchasing wedding insurance to adding a floater to your existing policy, there are several ways to insure your ring.

If you’re in the midst of wedding preparations, now it might be a good time to buy insurance for your engagement ring.

One option to consider is wedding insurance. Depending on the amount of coverage, this policy will cover the loss of photos, rings, gifts, and deposits. General liability insurance will also cover any accidents that may occur on your big day.

Let’s say you notice that your wedding ring is missing right before the ceremony. If you have wedding insurance, you won’t have to pay out-of-pocket for a new ring. The insurance provider will cover the costs.

Another option is to add extra coverage for jewelry to your renter’s or homeowner’s policy. When you buy a floater, the insurance provider will fully cover the cost of your wedding ring in case of theft.

Those who don’t have a homeowner or renter’s policy can buy jewelry insurance as an individual policy. Ask your jeweler about it — he may recommend a local or national company you can trust. Ideally, your policy should cover theft, damage, and accidental loss.

Is Wedding Ring Insurance Worth It?

At the end of the day, wedding ring insurance is one of the best investments you can make. It’s affordable and could save you a fortune if something happens to your beloved ring.

Speaking of engagement rings, do you know what to look for when buying one? See our guide on how to choose the perfect engagement ring for your future bride!


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