adding rings to home insurance policy…anyone recently do this? questions!

posted 3 years ago in Rings
Post # 3
484 posts
Helper bee
  • Wedding: November 2013

@BeeG35:  I ended up not insuraning with my homeowners, I went with A Perfect Circle insurance. I had all the paperwork, the receipts, the appraisal, you name it. They constantly gave me headaches. I would send in what they asked and they would find something else. For example, the apprasal on the side diamons listed “”12 diamonds at xx-xxx value each for a total of xxx”. Not good enough, they wanted each diamond appraised individually which the jeweler that created the ring said at this time is very difficult to do without taking the whole ring apart. Then the appraisal wasn’t good enough, they wanted their own appraisal company, which we could pick from, but would be charged, even though we had our own. It was such a headache.

Post # 4
2367 posts
Buzzing bee
  • Wedding: June 2014

We submitted the invoice, appraisal and GIA certification for my ring.  For all my other jewelry that’s covered, we sent the invoice and appraisal.  And yes, all of that was required.  You can’t insure something when you don’t know the value of it  And the value is not what you paid, the value is the cost to replace it.  The metal is easy, every piece is stamped with what it is.  10k, 14k, platinum, etc.  But the quality of stone is VERY important.  A 1ctw diamond that’s an I color with SI clarity is worth signifantly less than the same size diamond with a C color and VVSI clarity.

Do you want insurance?  That’s up to you.  I wouldn’t bother if I had a $500 or less ring.  For us, that’s easily replaceable and I have that sitting in my checking account.  My personal line is around $2500 and up because for me, that’s more than I have sitting in my checking account, and it’s enough of a financial loss to not be easily replaceable immediately.  The way I look at it, if I could replace the item within a paycheck or two without hurting my budget TOO much, it’s not worth insuring.  If it would take months of saving to get it back, then I’d insure it.

Post # 5
1287 posts
Bumble bee
  • Wedding: May 2014

@BeeG35:  I am not really sure if I can help, help, but we just had my ring get insured a week ago, approximately 3 days after the proposal.  All I know is my FI called his insurance company to let them know he wants the additional coverage.  On Monday, I faxed over the appraisal the jeweler gave him (which is a about doubled what he paid).  The appraisel that was given to him the day he bought the ring included all the specs, and a picture of the ring! 

By Monday afternoon, the insurance company called my FI, and told him it was insured, and he would see it on his next statement.  I cannot exactly remember the cost it would be to be him, but it is an equation similiar to what you wrote…I think.

I do know he did not need to provide a receipt of what he paid!!

Post # 6
1599 posts
Bumble bee
  • Wedding: October 2013

@BeeG35:  When I got my ring insured, they wanted the appraisal and the GIA cert since the centerstone was worth more than 15k (she said she wouldn’t need a gia cert if it was less than that.) They required that the appraisal was done by a registered gemologist (which it was.) They did not require a receipt.  As a sidenote, I couldn’t add my ring to my renters insurance directly because the value was too high, I had to add a “valuable personal property” rider which is a separate policy but falls under my renters insurance (I think it’s the same for homeowners.) I can add future jewelry to the same policy. I have USAA, and I did everything over the phone, faxed them the appraisals the next day and my policy was active that evening. I pay about 2% of the total insured amount annually.

Hope this helps!


Post # 7
85 posts
Worker bee

@BeeG35:  One option is to see if your insurance company has a separate personal articles floater. When I called my homeowner’s insurance about getting my ring insured, the rep gave me the information I needed to get the ring covered under my homeowner’s policy, but flat out told me that it might be a good idea to look into a separate personal articles floater (through the same company) because with the floater, I wouldn’t be penalized (via a premium increase) on my homeowners insurance if something happened to the ring and I filed a claim. I had more choices in terms of deductible amounts for the separate floater, and the premium pricing ended up slightly cheaper that way as well.

The documentation I need for the floater is an appraisal from an authorized jeweler. I do not need a receipt (I don’t have one anyway because this is a ring that has been passed down through family).

Post # 8
511 posts
Busy bee
  • Wedding: September 2013

Our jeweler provided us with GIA appraisal sheets for both my e-ring and wedding band (which included pictures of the rings and documentation of all the stones & their characteristics), which FI then copied and sent to his insurance company (USAA).  I believe they’re covered under a separate ‘valuables’ rider for which he’s paying ~$100/year (I don’t know the total value of the rings).  I would absolutely insure your ring(s), the cost is negligable compared to the replacement cost of the rings (for us).

Post # 10
926 posts
Busy bee
  • Wedding: September 2013

I called our homeowner’s insurance company after he proposed to see if we could add it.  I faxed over a copy of the appraisal (that’s all they needed) and our agent added it for $55 a year.  If something happens to it, they give us a check for the appraised value.  We can do what we want with it then.  It doesn’t hurt to call and ask.  Just make sure you get all your facts before deciding what to do, and shop around if you need to.

Post # 11
1574 posts
Bumble bee
  • Wedding: May 2013

I wouldn’t insure your ring if you can pay for a replacement. If you can’t, insure away (for example, a friend of mine has an engagement ring that I absolutely adore, but was less than $200. For her, she has decided it’s not worth the hassle to pay to have it appraised and the yearly premium). We insured my ring under our homeowner’s insurance, along with a few other pieces of jewelry. For my engagement ring, we submitted the invoice and the appraisal (we had to go to a gemologist who was not part of the jewelry store). We only bought the setting, not the diamond (and have no invoice for that, only the GIA appraisal). They also requested a few pictures. For my ring, we pay less than $50 a year – it adds up, but there’s no way we could afford to replace the ring easily if something happened to it. 

Post # 13
85 posts
Worker bee

I forgot to add that I’d get a discount on my auto insurance with the personal article floater (to cover my e-ring) because I have my auto and homeowner’s through the same insurance company.

Post # 14
24457 posts
Honey Beekeeper
  • Wedding: June 2009

@jerzepi:  That is what we did (added a valuable property policy) onto our account.  Regular homeowners insurance only covers jewelry up to a few hundred dollars, maybe even a thousand dollars but above that you are SOL if your house is burlarized or you lose your engagement ring.  We have USAA and I included our rings in that policy so we didn’t provide specific information on the rings but we do have the receipts and specs to submit in case the rings are ever lost.

Post # 15
37 posts
  • Wedding: January 2014

We have a rider on our homewoner’s policy through Progressive. It was really easy to insure – I called in to get it added, emailed them the appraisal, and that was it. No receipts, etc. I think that they will buy the new one for us, so if it is less for them then they save some money there. It covers accidents (ie. garbage disposal) and theft and so on. We are looking to switch insurance companies soon to save some money and I hope it is just as easy to move over to whoever we switch to…

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