Wedding rings can be some of the most expensive things we own – all the more reason to get them insured! Here, a quick guide to tackling the process.
First things first – before your ring can be insured, you need to have it valued. Insurers require an independent and up-to-date valuation before they can offer a policy. There also may be a requirement under the policy to get a valuation done every year, so make sure you know exactly what you are signing up for.
Once you have your valuation in hand, here’s what to watch out for when you’re choosing an insurance policy:
What if I take my ring off?
Some insurance companies will have policies stating that the ring is only insured if it was being worn, or locked in a safe. Make sure you read the fine print of your policy and if it says you’re only covered if the ring is on, consider another policy.
How do I prove I own it?
You need to be able to prove ownership by providing original receipts, colour photographs or detailed descriptions – if you can’t prove you owned it your claim is likely to be declined. Keep photos, videos and proof of purchase for your jewellery stashed in a safe place.
I’m a bit forgetful
Most policies will cover you for a random lapse in memory. But if you ignore what a reasonable person would see as a significant and obvious risk, such as leaving your ring in your car – then your policy is likely to be void.
But I’ve already got home and contents insurance
Don’t assume your jewellery is automatically covered by your home and contents insurance. It costs extra to insure special items of jewellery and your insurer may not spell this out to you. For example, a standard contents policy might be capped at $15,000 in total and $2500 for each item of jewellery. You would need to separately insure your ring as a special item of jewellery if its monetary value is higher than the cap of the policy on offer.
What if I have a bespoke ring?
Before you choose your policy, find out what replacement or compensation your insurer will offer you after a loss. If you have a one-of-a-kind ring, you’ll be devastated if you lose it and your insurer offers you a token remake from a chain store. And if you don’t want that, they’ll likely offer you cash for the market value – which can mean something similar to the rate you’d get if you took it down to your local pawnbroker.
Is my ring safe if I’m selling or renovating my home?
If you’re planning to put your house on the market, or start home renovations, make sure you keep your jewellery in a safe place. Both tradespeople and people attending open homes are classified as being invited into your own home – so if they steal something, you’re not covered.