Panic sets in. Breathing becomes difficult. Your mind racing a million miles an hour. Wait a minute... you ask yourself, "do I have jewelry insurance?"
Jewelry insurance. You don't think you'll ever need it. Or maybe you thought it was too expensive.
Consider this: Whether your wedding and engagement rings cost $500 or
$5000, an insurance policy is a way of honoring not just their financial
value but the memories they represent. Not to mention the energy and
time that went into finding your perfect wedding set.
they're insured - the rings themselves can be replaced. If
they're not insured, then your loss is even greater. Not only will you
be without your precious wedding ring, but now you're also out the cash to purchase a replacement for it. If you can.
When Your Wedding Rings are Stolen
It's terrible, but unfortunately theft happens. We're busy working,
shopping, talking - living our lives. And when you least expect it, it
happens. Somebody breaks into your home and steals your jewelry, maybe
even your cherished wedding rings. It hurts. You feel violated. But
you'd feel ten times worse if you didn't have the money to replace them.
What If You Lose Your Rings?
How many times have we misplaced or lost something in that familiar
black hole - also known as our home? Here are some common scenarios that could happen to you:
Your ring goes down the sink or garbage disposal.
Jewelry gets sucked into the vacuum cleaner - and you don't realize it until the bag has been emptied.
You leave your diamond earrings on the nightstand and somehow they've disappeared next time we look.
Sad to say, jewelry is particularly prone to this kind of "mysterious
disappearance." And mysterious disappearance is
not covered by a home owner's or renter's insurance policy. Then,
there's an entirely different scenario we may encounter. When we know
exactly how our ring went missing.
"It Will Never Happen Me"
We never imagine that we're going to be the one it actually happens to.
Ask anyone who has ever lost or had their rings stolen. They'll tell
you. They felt the same way. We may reason that we never take our rings
off. So how could we lose them? But it happens. Sometimes in some pretty
crazy ways. Other times just plain heartbreaking. It can happen to us
too in the blink of an eye. And by the time we realize it, our rings are
gone. Once in a blue moon, we hear the happy stories of rings being
found and returned. But more often that is not the case.
When a Break-In Happens To You
A 2012 crime report says that in the U.S. burglaries happen every
14.6 seconds. Yikes! That means nationwide about 1 in every 36 families will be victimized. Your chances of being one of those families varies depending on where you live. In metropolitan areas, your
chances are a whopping 1 in 20 of being victimized. In a more rural
setting, the odds drop to about 1 in 50. How could you lose your wedding rings in a robbery when you wear them everywhere? Here are a
You work in construction, and you don't want it to get all banged up on the construction site. So you take
it off and put it on your dresser till you get home.
You're heading to
the lake and don't want to risk losing your ring in the water, so you
put in your jewelry box.
You ate Chinese food last night and now your
ring's a little snug from all that soy sauce you piled on. So you take
it off till the swelling in your fingers goes down.
And now your ring's
at home and you're not. Home burglaries usually happen during the day - when you are gone. A thief can break into your home in 60 seconds or
less. On average, a burglar will spend no more than 8-12 minutes in a
home. They get in and out as quickly as possible. So, they head
directly to the place we're most likely to keep out most valuable
possessions. The bedroom. Where do you keep your jewelry? Right. In
your bedroom. We put it there because we feel like it's private and
protected. Thieves know this too.
Thieves also know jewelry can quickly and easily be converted
The typical loss due to a home robbery is $2,119. According to Dept. of
Justice statistics 70% of all personal property loss sustained in a home
burglary is jewelry. This means the average jewelry loss is $1,483.30! The average arrest rate for burglaries in the U.S. is only 13%. So, if
your home is broken into, the chances of recovering your stolen
possessions are small. And even if they do catch the bad guys who robbed
you, that doesn't mean they still have your jewelry. Home Owner's or
Renter's Insurance typically only covers a maximum of $1500 for stolen
jewelry. That's not per piece of jewelry, that's total. So it doesn't
matter that your wedding rings were worth $3,000. It doesn't matter that
your diamond earrings or tennis bracelet that you got for your
anniversary was taken as well. All you're going to get from your basic
home owner's insurance typically is $1500.
When Your Ring is Damaged
We may not lose our wedding rings, gold necklaces or diamond
tennis bracelets. Sometimes they simply get damaged and we are no longer
able to wear them. You may look down one day and the prong on your
engagement ring is broken and the diamond is missing. Do you have the
money to replace the stones right away or will you have to substitute
with cubic zirconia? If the clasp on your necklace or
bracelet breaks, can you afford to have it repaired by your jeweler or
will it have to go back into your jewelry box for who knows how long?
Considering the amount of time, thought and love that goes into these
types of gifts and purchases, they should be worn, and worn often. Not
hidden away in a box. But if we cannot afford to have them fixed, that's
exactly what happens.
Don't Buy It Twice
What did you (or your partner) spend on your wedding rings? A recent
survey showed that the average price of an engagement ring is $3,239.
Can you really afford to replace your engagement or wedding rings in the
case of loss or damage? If you have that kind of disposable income,
then O.K., maybe you don't need insurance. However if you prefer to not
throw money away, or you think that coming up with the cash to
re-purchase your wedding rings might be difficult, then YES, you do need
jewelry insurance. Jewelry is by nature expensive. Do you really want
to be in the position of having to plunk down more of your hard earned
money to buy a replacement for the jewelry that has either been lost or
stolen from you?
Of course nothing can perfectly replace the memories and sentiment that
is connected to the original piece. But knowing that you can have your
wedding ring, or any other special piece of jewelry replaced or
re-created, can at least begin the healing process.
How Much Does Jewelry Insurance Cost?
For most of us, cost is a factor. So how expensive is jewelry insurance?
The cost of insuring your jewelry is pennies in comparison to having to
replace your pieces again. Just like any
other insurance, premiums can vary. At our jewelry store we've worked
with Perfect Circle Jewelry Insurance for over 20 years. So we will use
their premiums as an example. Using the example of insuring a $3,000 wedding set, with a $0 deductible. Here are the rates you would pay if you live in the following areas:
Sacramento, CA - $45/month (that's less than $4 a month!)
Salt Lake City, UT - $39/year
New York City, NY - $60/year
Basically insuring the most precious piece of jewelry you own for one
full year, costs less that treating yourself to Frappuccino once a week.
And for that, you'll get your wedding rings, or any other
piece you choose to insure, replaced by your own jeweler. Jewelry insurance is a lot less expensive than
re-purchasing that $3000 ring all on your own, or even taking a $1500
hit when your home owner's insurance cuts you the check for the maximum
Call your friendly insurance agent for a quote. You can also get a quote online from Perfect Circle Insurance.
Jewelry Insurance To-Do:
The reality is that it's easy for your ring to slip off your finger
without you even realizing it. The fact that every 12-14 seconds a
family is a victim of a home robbery is a part of life. The unfortunate
truth is that we can easily be distracted for only a moment, and have
our purse, wallet or bag taken from under our very nose. It's just the
world we live in right now. We can however take measures to protect
ourselves. At the very least, we might be able to help ourselves, have
what was lost or stolen, restored to us. Here's how you can accomplish
Make an itemized list of your most valuable jewelry. Rings,
necklaces, bracelets, and try to calculate how much it would cost you to
replace those items.
Take pictures, so that if these items were lost or stolen you could have them re-created by your jeweler.
Consider having your rings engraved, so that if they were
stolen, they could be more easily identified if recovered by the
Most importantly, get your wedding rings or other valuable
pieces of jewelry appraised by your jeweler, and then insured by an
insurance company that specializes in jewelry.
Sometime over Memorial Day weekend 2012, Lisa lost the engagement ring she'd worn on her finger for 15 years. The diamond had been in her husband's
family for decades. Upon their engagement it was given to Lisa as a gift from mother in law. She had it set into a gold and platinum wedding band, custom designed by both Lisa and her fiance'.
In many ways,
Lisa's ring was one of a kind.
Lisa first realized the ring was missing while running errands after the
long holiday weekend. She hoped she had simply left it on her bed
stand, and was sure she would find it when she returned home that night.
When it was not there, Lisa began to worry.
Her ring did not turn up, and panic was setting in. After tearing apart
the couch, the sideboard, and the bookshelf next to her bed, her wedding
ring was still missing.
Lisa retraced her steps to the department store she'd visited over the
holiday weekend. Maybe she had absent mindedly removed her ring while
sampling hand lotion at the counter. She hurried to the store, but
nearly a week had already past. While the employees were exceptionally
kind, her ring had not been turned in and was nowhere to be found.
Turning to Craigslist, she posted about her lost ring. If her ring had
been found, maybe that person would read her post and contact her. She
even offered a reward for its return. But Lisa heard nothing, her ring
was simply gone.
She hadn't mentioned her missing ring to her husband.
Finally she asked
him. She hoped he'd found it, perhaps had it all along, and was
playfully trying to teach her a lesson. But he knew nothing about it.
Somehow Lisa already knew that. It had never been in her husband's
nature to play that kind of trick on her. Instead he held her in his
arms as she cried. Comforting her that no matter what happened, they
would be OK.
Nadia, a medical student, was over the moon when her boyfriend proposed. He asked her to marry him with a platinum and diamond ring that had been passed down through four generations of his family. But a chance visit to a coffee shop after her shift at the hospital changed everything. Nadia had taken off her ring that morning during her hospital rotation. Then after work, settled in for an afternoon of studying at a nearby coffee house. Her engagement ring, still in her bag where she had carefully stored it earlier in the day, sat next to her. Momentarily distracted, in an instant her bag was gone, stolen, along with the family heirloom that had been entrusted to her. Nadia was devastated. "I got to be the one to have it and I just can't digest that I was the one who lost it. I didn't see my life possible after that point. I just wanted to melt and go in the ground. It was bad, I just want it back." Both Nadia and her fiancé are med students, and hundreds of thousands of dollars in debt, so investing in another ring is not in the cards at this point. While police are investigating and have requested surveillance video from that café, chance are small of having the ring returned.
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