Whether you’re planning on proposing (exciting!), you’re recently engaged (also exciting), or you’ve been married for years (still exciting), your ring(s) are undoubtedly one of your most loved and valued possessions. As careful as you can be, sometimes things happen that are out of your control. A ring may be damaged, lost, or even stolen. Making sure your rings are insured means you can stay stress-free and can go out and show off that bling.
How ring insurance works
Home and renters’ insurance policies cover the contents in your home, but only up to a certain dollar value. This means high-value items such as engagement rings and wedding bands aren’t always covered for the full value. To ensure the full value of your jewellery is covered, a “jewellery rider” or personal articles rider can be purchased as an extension of your home or renters’ insurance policy. When adding a jewellery rider, your insurance provider will ask to see a bill of sale that’s less than three years old and in Canadian currency. If you don’t have a bill of sale, you will need to get an appraisal from a certified gemologist, which costs a small fee.
Planning to propose?
If you are planning to propose to that special someone, it’s a good idea to insure the ring on your own (or shared) home or renters’ policy before you pop the question. This is especially true if you’re travelling with the ring. A lot of couples get engaged while on vacation, so taking the proper steps to insure it means you can focus on the proposal. And remember to bring the ring with you in your carry-on and not your checked luggage.
If you are living separately before marriage and your engagement ring is insured under an individual insurance policy or a parent’s, and you move to another location after you’re married, you will need to add the ring rider to the new insurance policy.
If you’ve been married for a year or 40, chances are you and your spouse already have your wedding bands insured. However, “ring upgrades” have become increasingly popular, and it’s important to update your policy with the full value of the new ring.
What to do if your ring goes missing
If you do find your ring has gone missing or has been stolen, having the correct information handy will help you speed up the claims process. That’s why we created an easy-to-fill-out form that can be kept with your bill of sale or ring appraisal information should you ever need it.
Looking to insure a ring or upgrade your coverage?
Johnson Insurance can help you choose the right amount of coverage to meet your specific needs, so if something happens to your ring all you need to worry about is breaking it to your significant other. Call us to talk with one of our friendly representatives.
Questions to ask before you choose a policy:
- Is the ring covered if you lose it accidentally or only if it’s stolen?
- Are there any circumstances that aren’t covered?
- Is the full cost of the ring insured or a fraction of it?
- Will the ring be replaced with a cheque, or will you have to purchase a replacement through a specified jeweller?
- How does the coverage work if the jewellery is vintage?
- What information will you have to provide if the ring goes missing and you need to make a claim?