Safeguard Your Wedding Ring with the Right Insurance
Wearing a wedding ring is a tradition that dates back centuries. According to The Knot.com, the custom began with the Romans, who believed that “the vein of love" in the fourth finger of the left hand traveled directly to the heart.
Today, couples still exchange rings as a symbol of love. Because your wedding ring has such deep sentimental value, you want to do all you can to take care of it. Here are some tips from DiamondHelpers.com:
- Protect the setting: Take your diamond off and put it in a safe place when washing dishes. Never put it near the sink because it can accidentally fall down the drain. Avoid wearing your diamond when gardening or during household repairs, since these activities might scratch the setting or damage the prongs that keep the stone secure.
- Avoid exposing your diamond to household chemicals: Chlorine and hairspray can accumulate on the surface of a diamond and dull it. Periodic cleanings are crucial if you want to keep your diamond brilliant and prismatic.
- Clean your diamond: Gently scrub it with a soft-bristle brush in a solution of plain alcohol diluted in warm water. Periodic ultrasonic cleanings by your local jeweler are also recommended to clean hard-to-reach areas under the settings.
- Check the prongs: Be sure to occasionally take your diamond ring to a trusted local jeweler to check for loose prongs. They can weaken or break, even with normal wear.
Another important way to protect your wedding ring is to have adequate insurance should it be lost or stolen. Start by examining your homeowners or renters insurance. Although this policy may cover your ring if it is stolen, there may be no coverage if it is lost. Read your policy carefully, as it may have a coverage limit for certain kinds of personal property, such as your wedding ring. If the value of your ring exceeds the policy limit, or if you want to ensure that you have coverage if the ring is lost, consider purchasing a rider.
A rider is an endorsement to a homeowners or renters insurance policy that provides coverage for a particular piece of personal property. Items such as jewelry or furs whose full value is not covered under standard policies are typically covered by riders.
Typically, the additional premium required to insure a wedding ring would be less than a dollar per $100 of appraised value. For example, a ring appraised for $10,000 would cost about $75-100 per year to insure.
To request coverage, Meemic requires a current appraisal – within the last six years – under certain circumstances. Some experts recommend an appraisal every two years to make sure costs are up to date. It can get complicated, so talk to your agent about updating your policy to make sure you’re fully covered.
Subject to underwriting eligibility requirements. Insurance underwritten by Meemic Insurance Company, 1685 N. Opdyke Rd., Auburn Hills, MI 48326.