A wedding is a big event that is both very emotional and expensive. Every couple wants their wedding day to go smoothly, but unfortunately there is no guarantee this will be the case. This is why some couples are investing in wedding insurance to help safeguard their investment and at least get some protection.
Protecting your jewelry with engagement ring insurance has been common for a long time now, but more people are now looking into wedding insurance as well. This type of insurance is more common for larger weddings and formal weddings. If you are planning a small, casual event in your backyard you probably don’t need this type of protection, but with a larger wedding that involves a venue, more people and more vendors this type of coverage can be more beneficial.
Wedding insurance can help provide coverage for things like cancellations, damage, theft or vendor no shows. Cancellation coverage typically includes cancellations by either you or a vendor. If you need to reschedule the wedding date due to unforeseen circumstances or if your caterer suddenly needs to cancel you will be covered and you won’t be out your deposits if you have wedding insurance.
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When it comes to diamond ring insurance one of the first places you may want to start is with your homeowner’s or renter’s insurance carrier. In most cases you can add what is called a rider to your homeowner’s policy to cover your engagement or wedding ring. Even if you don’t add the coverage to your homeowner’s policy, you may be able to get a discount by using the same company to insure your home, car and other valuables in separate policies. If you are able to add jewelry insurance to your homeowner’s policy make sure the engagement ring insurance coverage moves with you if you move into a new home after you get married.
As with most insurance you hope you won’t need to use it, but if you do you will want to know exactly how the ring will be covered? What types of situations will be covered, what won’t be covered, and to what degree. Here are some good questions to get started:
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While it may not be a romantic part of the experience, buying engagement ring insurance might be something you want to consider when you find that perfect ring. After all, not only is an engagement ring or any engagement jewelry a significant purchase, it is also a sentimental one.
Just as we commonly insure other expensive purchases, diamond ring insurance makes sense because an engagement or wedding ring is something that is worn every day; it is exposed to a lot of wear and tear, which can loosen the stone. But it is also something small enough that can easily be lost if it is taken off briefly to wash hands or play sports.
The diamond itself is very strong, but the diamond can become loose in the setting from wear and tear. A diamond ring may also become loose if it is accidentally knocked against a hard object, for example if you bump your ring against the counter top, table or something else. If you don’t realize it is loose it may be dislodged and lost. And we’ve all seen the shows where the wedding ring fell into the sink or toilet. Unfortunately unexpected things like this really do happen all the time so it is important to have diamond ring insurance to protect this valuable piece of jewelry.
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