Curious about getting insurance for the ring..

posted 2 years ago in Rings
Post # 2
Member
1537 posts
Bumble bee
  • Wedding: August 2015

I got engaged in April, had the ring since Feb and I just got it insured earlier this week. It seriously took 5 minutes to fill out the application online (perfect circle insurance). All I needed was a copy of the appraisal which my jeweler provided.  I would insure it as soon as you have the appraisal handy, no reason to wait, I was just lazy.

Post # 3
Member
35 posts
Newbee

All you need is your appraisal. We had ours on our homeowners insurance but recently found out that state farm will insure in without homeowners. That is much better if something happens it won’t be a claims on a homeowners policy. 

Post # 4
Member
7075 posts
Busy Beekeeper
  • Wedding: August 2012

My insurance needed a certified appraisal for any piece of jewelry over $5k. I just emailed a copy of it to my insurance guy and he added it to my home owner’s insurance.

Post # 5
Member
184 posts
Blushing bee
  • Wedding: October 2014

I don’t know why it would be necessary to get insurance before the engagement unless your boyfriend is going to sit on the ring for a while. When I got my ring insurane, I had to send in the appraisal and the diamond color, size, etc. I have state farm and the insurance is $60/year for my ring that’s appraised at $6k.

Post # 6
Member
217 posts
Helper bee
  • Wedding: July 2015

I just got mine insured through state farm, it’s separate from my renters insurance. I brought in my certified appraisal from the jeweler and that was it! I think mine is like $180/year….it may depend on how much your ring is appraised for though to determine how much $$ per year

Post # 7
Member
439 posts
Helper bee
  • Wedding: May 2015

I am planning on getting insurance this week too — to those of you with the state farm insurance, do you know if they would reimburse you with the value of the ring or with an actual ring of similar style, weight, etc?

Post # 8
Member
151 posts
Blushing bee
  • Wedding: August 2016

We went with Perfect Circle from Jewelers’ Mutual for my ering’s insurance, on the recommendation of our jeweler and because homeowners’ insurance didn’t provide as robust coverage. All you need to apply is your signed appraisal since the insured value and your premium amount depend on that. It takes about five minutes to apply, and they calculate your premium (and ask you to pay it, haha) immediately. 

I would recommend shopping around; call your homeowners/renters insurer and ask them to explain precisely what’s covered and what’s not. Also, if you do decide to go with homeowners/renters, ask them them to quote not just for insuring your ering, but for a jewelry rider as well – you might be better off getting blanket coverage for all your jewelry if your ering appraises for under their rider value. 

Congratulations on your engagement!

Post # 9
Member
1083 posts
Bumble bee
  • Wedding: April 2014

My husband added the ring to our insurance as soon as it arrived. I think he sent in the appraisal and info from Blue Nile. He just added it to our homeowner’s insurance. We did look into separate insurance, like Perfect Circle, but it really wasn’t any cheaper. Even if the ring is sitting in a box for a few months in your house, I would still recommend getting it insured. It can just as easily be lost, damaged, stolen in a box in a drawer prior to the engagement.

Post # 10
Member
1083 posts
Bumble bee
  • Wedding: April 2014

LadyH:  Generally you would get a check in the amount of the appraised value. We have Progressive, not State Farm, but that is usually how insurance would work.

Post # 11
Member
146 posts
Blushing bee
  • Wedding: October 2014

.elle:  I also used Perfect Circle and just uploaded my appraisal. Super easy and reasonably priced. 

Post # 12
Member
1136 posts
Bumble bee
  • Wedding: March 2015

.elle: In regards to when you get it, that’s up to you. Technically the second it’s in your possession you could lose it and until it’s insured that’s money down the drain! So personally I would advise getting it as soon as you pick it up, whether he’s officially proposed or not! (I got my ring insured the day after my FI proposed and I was SO nervous wearing it even during that very short period in between!) Obviously for sentimental reasons you don’t want to lose it but if you’ve spent a decent amount of money, it’s not worth the risk!

The key thing to make sure is that you have full cover wherever you are.A lot of people unknowingly get ring insurance under their contents that only covers them for inside their house, as soon as you leave the house, travel etc. it’s not covered. (this happened to my FMIL.. she didn’t realise, lost the diamond at work, and wasn’t covered..)

It will be more expensive (the cost of insuring my ring is more than our entire home contents.. crazy I know) but for me it’s SO worth it. Hope this helps! 🙂

Post # 13
Member
439 posts
Helper bee
  • Wedding: May 2015

Kir32:  Thanks. I’ve read that some insurance companies offer that service, of course at a higher cost. I am interested in that type of policy, so I may have to use a company like Perfect Circle that specializes in rings.

Post # 14
Member
1599 posts
Bumble bee
  • Wedding: October 2013

We have fully comprehensive insurance for my set and my husband’s wedding band through USAA. I had to send in the appraisals as well as a copy of my GiA cert. It works out to being about 2% of the total cost to insure annually, but I think it’s so worth the $800.  I wear my rings everywhere and don’t feel like i have to worry about it, and my husband is a bit of a klutz so it wouldn’t be out of the realm of possibility for him to lose his ring.

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