So, he popped the question and you said YES! You're engaged and now you've got a sparkly little somethin' on your left hand. Everything is just peachy! But have you ever considered the following scenarios:
- You take your ring off while washing your hands at a restaurant and leave it on the bathroom counter.
- Someone breaks into your home and steals your belongings, including your shiny new rock
- Your ring falls off and sinks to the bottom of the ocean while on vacation
If you lose your engagement and/or wedding ring, chances are you’re probably not covered.
Many Jeweler Warranties are Limited
Many included jeweler’s warranties only cover chipping / cracking and loss of the diamond from the mounting (as long as you have your rings inspected every six months.) They also usually cover unintentional damage to the ring and loss of any smaller diamonds. Many just have a lot of legalese language and they basically only cover manufacturer’s defects (whatever that means- amiright?)
Some jewelers offer these warranties for free, while others charge for them. While all warranties differ on what they actually cover, none of these jewelry warranties cover some of the most common problems that pop up after such a significant jewelry purchase. It's lame because most buyers feel that their purchase is protected due to the fact that most jewelers will boast about how great their warranty is. And let's face it, when you're all caught up in the excitement of making that purchase and getting engaged and planning the wedding… it's not surprising that you'd space on this detail.
Don't Let It Happen to You
According to Jewelers Mutual Insurance Company– one of the most common reasons a policyholder makes an engagement/wedding ring claim is due to accidental loss or mysterious disappearance. In fact, almost 40% of their 2009 claims are because of these very reasons. Since a diamond ring is so small, there are hundreds, if not thousands of ways to misplace or lose it. Other reasons for loss near the top of Jeweler Mutuals’s list include burglary and robbery, occurrences that are not covered by any jeweler’s warranty. The problem is that we’re talking about a ring that likely cost thousands of dollars. Not to mention, the emotional loss of something so meaningful; this by itself is irreplaceable.
Sadly, it’s a rude awakening when a couple finds that they are not covered for their loss by their jewelers warranty or often even their homeowner’s policy. Did you know that many homeowner’s insurance policies specifically exclude any single item of over $1,000 to $1500 in value? Unless you add a specific jewelry policy to your account, you won't be covered and your treasured ring will be gone forever– you will be forced to pay to replace it yourself. Devastating and expensive!
Protect Yourself- Insure Your Rings!
So here's my advice, check out your jewelers and homeowners’ policy and find out what is covered. Get your engagement/wedding ring (and any other good jewelry) appraised and insured. And do it ASAP- you don't want to find yourself in a sad situation because you didn't take the time to get it taken care of. Obviously you should compare rates and coverage with your own personal insurance agent– just make sure that your engagement ring, wedding ring or other valuable items are adequately covered. You can get personal jewelry insurance through Jewelers Mutual- just visit PerfectCircleInsurance.com to get a quote or to insure your personal jewelry items.