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Should you buy insurance for your expensive black diamond wedding or engagement ring? It's a concept a lot of people probably don't think about much-that is until they accidentally drop their diamond ring into the garbage disposal! Here are a list of pros and cons to help you make up your mind as to whether or not you really need wedding ring insurance.

Pro 1: Scenario. You decide to go swimming in the ocean, or perhaps surfing on the beach, if you're really young and hip. But then you remember, "Oops I did it again. I wore my wedding ring in to dangerous place despite the article I read on wedding ring safety. It could easily come loose and slip off my finger. Oh no, it did slip off! I can't find it!" The good news is you have wedding ring insurance. Unlike regular homeowner's insurance, insurance specifically on jewelry allows for theft and accidental loss. In some cases it may even allow for "mysterious disappearance."

Con 1: Your premium can be well over $200.00 per year or more. Insuring jewelry does cost money, as all insurance plans do. If you take very good care of your ring and strive to protect it from damage, accidental loss and theft, it may be money going to waste.

Pro 2: Your policy is not as complicated as it sounds. It may even be simpler to understand than an explanation on how black diamonds are made. You simply pay a premium, get a professional appraisal and provide a few documents showing that your insured jewelry is legitimate. Technicalities of the policy are usually only based on very rare or exceptionally valuable items. Traditional engagement or wedding rings are insurable, and on most policies, are covered anywhere in the world you might travel.

Con 2: Different plans have different terms of coverage and there's no guarantee that canceling the policy or deleting a ring from your coverage will be easy. If by some chance you break the engagement or you get divorced, then you may lose that invested money. Some insurance companies will treat you fairly; but others will try and grab every last dime out of your pocket.

The answer to this dilemma is to research the insurance company well. Make sure the company is established, has many customers and no serious complaints against it. Make sure and read the terms of the policy through and never assume that everything that should be covered by common sense really is.

Remember, no one ever plans to lose a wedding or engagement ring. It's an unfortunate and sad event that no one can predict. Even a replacement ring might not be able to truly replace the sentimental value of the original stone. So always try and protect your wedding ring with your life! But in the worst-case scenario, with insurance, at least you don't fall into serious debt as well as serious grief.

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