Insuring Your Wedding Ring

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A wedding ring is one of the most expensive things you can have as a symbol of marriage. You probably have had this ring from the day your man proposed to you on that special night, maybe even Valentines day night. For sure you had an overwhelming reaction towards receiving this ring. Now all you have to think about is taking care of your ring, and as a rightful owner you will want to protect it by all means and keep it safe.

There are some things you can do in order to protect your ring. Here are some tips:

Check Your Renters or Homeowners Policy

If you do have home insurance, it is likely that they cover a limited amount for jewelry. Insurance policies usually limit jewelry to $500 or $1000. Limited coverage applies to all of your jewelry .

There are ways to buy more coverage than the home insurance policy officers. One is you can add an endorsement so it can cover the appraised value on all your jewels. This policy is called a jewelry floater. It's premium depends on a specific price per thousand. For example you want to insure an amount that is worth $3000 . At $2 -$5 per $100 of value you can expect to pay about $60 to a $150 per year. In a case that you have lost the ring the insurance agency will replace it once, accordingly to the price you had appraised. You should contact a certified jeweler to get an appraised value. This will be helpful in establishing the value of your ring in the event of a claim.

Handle with care

You can't insure your ring for daily "wear and tear." So be extra careful while cleaning or doing household chores. Harsh chemicals can damage precious stones and metals, especially platinum, and a good hit can easily dislodge a stone from its setting. A jeweler can polish and shine your wedding bands, for a charge of course, so try to avoid scratches and nicks when you can. And, it's a good idea to have a jeweler check your ring every year for loose prongs or stones. It costs little to replace a prong—and you'll avoid an insurance claim in the long run.

These tips may sound traditional but kidding aside it's a serious matter over the ring.

When taking off your beautiful ring always keep it in the same place such as a ring holder in order not to misplace it. Another thing is never place it on a counter near the sink when washing your hands. It could easily fall down the drain. Be careful when applying sunscreen in your hands when you're at the beach sun bathing or swimming in a pool, your ring could easily slip off and be lost forever. Lastly is to realize that an insurance policy can't provide you with a sentimental value of a wedding ring. It just gives you a sense of security on your valuables and make your investment protected for any unexpected circumstances.

Earl Simons has been in business since 1991 representing major insurance carriers such as the Farmers Insurance Group of companies. He has been awarded many company honors for production and service during that time. After starting as a sales representative at Power Insurance in Santa Fe Springs Ca, he made the move and opened the Simons Insurance Agency. Earl specializes in Commercial and Life insurance.