Many people mistakenly think that homeowner’s insurance covers a lost or stolen wedding ring. The sad truth is that many home owners’ policies only cover $500 in jewelry. A separate rider is required to adequately insure individual pieces of jewelry. An insurance floater will provide a specific coverage amount for the ring based on the appraised value.

While a wedding insurance policy may cover wedding and engagement rings, it is important to see how long the coverage lasts. Wedding insurance companies usually write policies that cover the event, deposits and liability insurance for the day of the wedding. There are riders for wedding ring insurance, but that type of coverage may only last until just after the reception is over. It is important to always compare wedding insurance policies.

Types of Wedding Ring Insurance

There are a few different types of wedding ring insurance. Each type of policy offers differing options, and it is always a good idea to consult with your insurance agent to gain a full understanding of each option. A full appraisal will need to be done on the ring for insurance purposes.

Homeowner’s policies give the option of adding value to a ring beyond their normal limits for a fee. However, this type of insurance only protects against damages in relation to the home, such as fire or other damage. Since a wedding ring is worn outside the home, it makes sense to look at other options as well.

A replacement policy will cover a specific item of jewelry such as a wedding ring. This type of policy will replace the ring with an identical new ring at current market value.

An actual value policy will replace the ring at a value placed by an insurance adjuster at the time of loss. This actual value is determined by the original price of the ring with deductions taken for wear and tear and depreciation. Although this type of wedding ring insurance policy is cheaper, it also will not give the full replacement value of the ring, but rather the value of a used and worn ring which could be much, much less.

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