You have found each other and want nothing more than to make a lifetime commitment to one another. As you start down the path of making small and large financial decisions together, you wonder if you should carry insurance on her engagement ring and his wedding band. After all, your love and devotion are symbolized within the costly rings themselves and they can be stolen, damaged or lost. They are made of precious metals, diamonds, and stones. Should you look into ring insurance?
Is It Worth It To Get Wedding Band Insurance?
It most certainly is worth it. All of us have been in situations where rings have fallen off of our fingers while we are taking a dip in the pool, swimming in the ocean, or doing any rigorous sporting activity. Losing something so personal to you is not only an emotional blow, but also can hit you in the pocketbook as you will definitely want to replace them as soon as possible.
Are Your Wedding Bands Covered Under Home or Renters Insurance?
You will have to check with the company that handles your home insurance in Houston in order to find out if and how much of your wedding band will be covered. Most companies insure up to $1000 for an individual asset, with others insuring as much as $5000. With the average engagement ring worth $5500, you may look into obtaining an individual policy just for your wedding band set. All of these numbers considered, it is important to plan proactively instead of reacting to a heartbreaking event.
How Much Does Wedding Band Insurance Cost?
Many insurance companies will offer a "floater" policy on your individual jewelry items. It is best that you obtain an appraisal to ensure that you will be compensated for the full worth of the set. Finding a policy where you pay $1-$2 per $100 of the value of your ring set should be adequate. This will mean that a $4000 engagement ring will cost you approximately $80 per year to fully insure. Your choice in a lower deductible will certainly cost you less to replace any lost or stolen jewelry, but will cost you more in yearly payments.
How Do You Get Started?
Your first step will be to save all receipts of purchase for your rings, both paper copies and digitally. Taking pictures of your jewelry from all sides is also recommended to ensure accuracy from all vantage points. Providing your insurance agent with all this information will make sure that you get the policy that is right for you. After your appraisal, you can take all this information to your local Houston Insurance company and they can arrange a policy for you that best fits your needs.