If you are preparing to tie the knot, happy days are hopefully coming your way. This is an event that has probably been many years in the making. You have been dreaming about it since you were a child. Naturally, one of the major components of a wedding is the ring. You will want to get a ring for each other that signifies the love and devotion you both have. It is a representation of your desire to spend your lives together. At the same time, it is quite an investment. Rings are not immune to theft, damage, or loss. These are just a few of the many things that can happen to them. You do not want to lose your investment, so you might be wondering if purchasing an insurance policy on them is in your best interest.

Check Out This Financial Information

The average amount of money spent on wedding rings has topped $8,000. This is quite the sum of money. This does not even take into account the wedding bands that you will buy and any additional jewelry that you will add on top of it. You will easily go over $10,000 if you are the average couple. While you cannot put a price tag on love, the reality is that is a big price to pay for something that should be insured. You might think that your homeowner’s or renter’s insurance will cover the rings. This is just not true in most cases, as the limit on jewelry is typically no more than $2,500.

Look At Your Current Policy

Just to be sure, you will want to check the current policy that you have for your homeowner’s or renter’s insurance. Your policy will cover certain items that you have in your home, but there will be a dollar limit attached to each. This includes jewelry. The first thing that you will want to check is if jewelry is covered at all. If it is, then you will want to look at the fine print. You will likely find that there is a collective limit for all of the jewelry in your home. Most couples have more than just their wedding ring. That means that your one policy will have to be sufficient for all of your items. That just will not do.

Look For a Specific Policy

You might be wondering what your options are if you do want to insure your wedding ring. Since your homeowner’s policy is not going to be suitable, you will want to consider a policy that specifically covers a wedding ring. However, you will want to make sure you check all of the terms and conditions before deciding on the right policy for you.

Make Sure What Is Covered

You want to get the best policy possible. This means that any of a number of different situations should be covered. This includes theft, damage, accidents, and much more.

How Do You Get Your Rings Replaced?

Rings are special. They are meant to stay with you for as long as you are married. So, you will want to check the policy to determine how they will be replaced if something happens. Will the company find a replacement for you, or will they send you a check for the insured amount?

These are just a few of the many things you want to consider when insuring a wedding ring. At the end of the day, it is up to you to consider if it is a policy worth pursuing. If you are making a substantial investment, insurance is likely the way that you want to go.