Your engagement ring and wedding bands are probably something that not only have a lot of sentimental value to you, but also a lot of financial value as well. Just as you would any other asset (like a car or home) you?ll want to ensure that your jewelry is well insured to protect that value. Like other insurance products, getting your ring insured can also be kind of confusing. But fear not, because we have the low down on the must-know items surrounding wedding ring insurance here.
1. Average Insurance Cost
One of the top questions on your mind regarding ring insurance is likely, ?How much is this going to cost me"!? On average, the yearly cost of your jewelry insurance is one to two dollars per each hundred dollars that it would cost you to replace the ring outright. So, if your ring would cost $10,000 to replace, it would cost between $100-$200 a year to insure. There are other factors that play into this, such as the area you live and whether there are high rates of theft in that part of the country. 2. Lowering the Cost
One way to lower the cost of your insurance is to purchase and utilize a home vault or safe. Keeping your rings, appraisals, and other important paperwork in this vault and being able to provide proof of doing so to your insurance carrier can bring rates down.
3. What Types of Loss Are Covered"
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