The purpose of jewelry insurance is to protect your engagement ring and wedding bands in the event that they are lost, stolen, or damaged. Similar to other types of insurance, you will pay an annual (or monthly, depending on how your insurance is billed) premium for the insurance.
As we mentioned earlier, it’s unlikely (and unsafe) that you’re driving a car or living in an apartment or home without respective insurance policies. They’re designed to keep you safe, and jewelry insurance serves the same purpose for your rings.
While you’re planning your wedding and on the day of your celebration, you will have wedding insurance to protect you, your guests, and your soiree. So, have you purchased a policy for your engagement and wedding rings?
Jewelry insurance typically costs as little as “$1 per month for every $100 your ring is worth,” as noted by Brides. Worth is important because the value of your ring will not be determined by the price that was paid for it.