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100% got it appraised and insured within a week of getting it - if I ever lose it or get it stolen, I feel at ease knowing I have it insured and can get the money back to replace it (although that would be sad!)
My mom didn't have hers insured but has had to replace a few stones.
We got mine insured because we can't afford to replace it....and for $150/year, it seemed like a good idea to do it. Now if i had plenty of money sitting around to the point that replacing the cost of the ring wouldn't hurt me, then I probably woudln't bother. I don't insure ALL my nice jewelry. Just the stuff I can't afford to replace without it hurting the bank account.
And wedding jewelry gets a LOT of wear on it. I've already lost a stone and had it replaced.
Hmm.. that's a good point. It would be nice to know we could at least have the money to buy a new one if it does get lost. Ugh, I think I just hate the thought of anything happening to it and I keep thinking I want to just guard it forever and not worry about it!
I was thinking if a stone or two fell out it would be cheaper to replace them than to get the insurance (the tiny stones in the pave halo around the center stone, and the pave down the band)
Please get it appraised and insured! My ring is vintage, so there's no way to replace it with an identical one if it got lost or stolen. I still have it insured, though. Most likely as ejs mentioned, a stone will fall out. Will you be able to afford that out-of-pocket if that happens?
Also, what if your jeweler goes out of business, or you move away and then you can't have them fix it?
It is cheap to replace tiny diamonds in a pave setting, but what if the bigger one got lost?
I think of it like car insurance: Sure, I don't have an expensive car, and I drive carefully, but accidents happen. I'd rather at least have the money towards a new car than have no car at all.
Please insure your ring. I'm an adjuster and I do countless claims for lost stones and lost rings. Get a rider for it, if it's scheduled you'll usually have no deductible and such nothing to worry about if something goes wrong.
Please, please, please, please, please (PLEASE!) get it insured. Oh, please do it! Insurance is too little money to risk on something so important- I know I would be absolutely devastated if anything at all happened to mine.
I told J to insure mine before he gives it to me, haha, because knowing me, I'll bash my hand into a counter within 24 hours of wearing it and crack the stone. I'm a klutz.
It's a stand alone policy for the ring itself. It will insure the ring for the full appraised value, and, because it's such a specific policy it is not subject to a deductible. Just get it appraised and head down to a broker and they'll get you set up :)
I'm not insuring mine! Probably should, but the jewelry store we got it at gives us a life time guarantee (big franchise too, so not worried about going out of business!), and if ANYTHING happens to the diamond, they will replace it. I just have to go every 6 months and get it checked. Also, our home owners insurance covers it if it is stolen from our house, so FI said that will be our story no matter what! ha!
A reason to get insurance:
http://www.weddingbee.com/2009/10/22/a-spoiled-rotten-nightmare/
I got a whole new setting after this happened and we didn't pay a dime. Get insurance!! It's not that expensive either.
I would get your ring appraised and at least price out insurance. We had my ring custom made as well so I know I could never replace the exact ring, but what if you lose it or if a stone needs to be replaced. My FI paid 13k for my ring and it was appraised at 22k, and I think we pay $125 per year for the insurance.
A jeweler will appraise your ring for a small fee - about $40? I would call ahead to make sure they can do this - and then can give you a print-out of an appraisal. Then you can go to a place like Jeweler Mutual (.com) and put in your info and fax or e-mail over the appraisal - so easy! You pay once a year and they cover pretty much everything! If you end up paying $250 a year it is well worth it in the event you lose or damage the ring! :)
I think it depends how much the ring is worth. Is the $2500 including the stone or just how much you paid? If it's the total, I'm not sure I'd bother, but if the stone-inclusive total is higher, you might want to get it insured.
Think about whether you are comfortable "self-insuring" i.e. can you afford to buy a new one you'd like on short notice without it being a financial burden? To me, that's the important question and it comes down to the value of the ring/replacing it, and how much cash on hand you generally have. If it's worth x amount and you either have around that amount in liquid savings or you could save it within a few weeks, then skipping insurance is probably fine. (that said, if it's worth one meeelion dollars or something, I'd insure anyway. but if someone has a ring that expensive, they probably have a homeowner's policy to add it to)
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So this is a little silly, but I use the Knot's checklist and I just checked mine. The top of my checklist keeps popping up with appraising and insuring my engagement ring... oops.
I guess I'm just wondering if this is absolutely necessary? My ring was custom made at a private jeweler in DC. It would be impossible to order the exact ring back again as it was completely made for me, with design help from my fiance! It's also not an insanely expensive ring (probably worth about 2500? not really sure... as my fiance had a new setting made and used my mom's stone from her first engagement ring)
I'm wondering how many insured theirs? I know most commercial jewelers really push for you to do it... but do I have to? The place we got mine will clean and inspect it when needed... Bees? I want to hear all thoughts and opinions!
Thanks :)