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I was always told not to add to home owners but to get a seperate policy from a company like Chubb (something I have been meaning to do for months). Maybe it's different for NJ residents but from what I was told Home owners only covers up to a certain dollar amount and they especially won't give you the appraised value. But coverage could vary state to state
I just recently had my e-ring restored (more than 50 years old), and I have an appointment in March to get it appraised. I feel a bit better knowing that it's been set in motion after two and a half years, but I'll have to let you know how it goes with adding it to our policy. Mind you, I hate paperwork. :)
I added mine as a separate rider (i think that's what it's called) to my homeowner's policy. I had the choice to add it based on the actual cost to purchase or the appraised value. We did the appraised value which was higher.
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I got mine insured through State Farm, since my family uses SF for all insurance needs. It was very easy and didn't require much paperwork (if any at all, don't quite remember). I just had to fax them the appraisal, and supposedly it is covered for 100% of the value. Hopefully this is the case.
However, they did mention that the cost will go up slightly every year. I paid about $360 for the first year of coverage, but then my next bill was about $400 for the next year!! I don't consider an extra $40 every year to be a "slight" increase. Hopefully it doesn't continue like this...
My ring is also insured as a "personal articles" rider, and it is for the appraised value rather than the cost. I found that it was definitely cheaper than I thought it would be - I think I pay about $100/year to insure the ring.
We insured my ring two weeks after we got it and shortly after the appraisal. We used Jewelers Mutual and I was shocked at how inexpesive it was. We were able to upload our appraisal online which sped up the process.
It definately does give you peice of mind.
It was the first thing I did. My e-ring was a significant chunk of change and to think that my wedding band is sitting in his dresser drawer until the big day, my fear was "what if it gets stolen? what happens if my ring slips off my finger on accident and I lose it?"
It was really easy. Took only seconds. FI had the e-ring and band appraised seperately when he bought them. So the day after the proposal he handed me the paperwork. (He's soooo smart!!) I called our insurance guy and they added a rider. For $17k worth of coverage it's only $5 more a month. Can't beat that! :)
The day before I got engaged, I called and set up rental insurance for us (had been meaning to do it for some time)... during the intake, the woman asked if I had anything to insure, ie an engagement ring, and I said "No, but hopefully sometime soon...!" Little did I know but my fiance was out ring shopping! I was so excited to call the insurance person back to tell her to add it on!
This couldn't be more perfectly timed. I'm looking for insuring my (now two year old) ring, but now I decided I wanted a new setting, because my stone and my setting are from two different places- and if I lose it, I wouldn't want to go back to the other place for a new ring. Make sense?? Eh...
Thanks for bringing this up, though!!
Wow! I am definitly calling my home owners again because when I called Chubb for a quote it was over $600 to insure my ring for the appraised value. Which is why I didn't get the coverage right away I was planning on shopping around but never did.
Well glad I called. I couldn't insure on home owners becaue the amount the covered up to wasn't enough BUT for the seperate rider it would be around $400 a year which is a couple hundred less than Chubb.
Thanks for starting the post suzanno it forced me to get it done!
i'm also using jeweler's mutual and it's SO much less expensive (like, $100 less) than getting a rider on my existing insurance. and it was really easy!
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I added mine to my Safeco homeowners. It was an extra $204 per year to cover the appraised value of just over $20,000. (The appraised value is significantly more than what we paid as we went to a diamond broker and had the setting custom made.) I think Safeco requires a rider for any single jewelry item worth more than $500. Safeco only needs an appraisal for value over $20,000. I suppose I could shop around, but I quickly calculated that for that amount per year it would be around 100 years before we could buy a new ring. I also had my FI get the ring appraised at purchase, as they did the appraisal for free. They did not indicate that the cost would increase unless the item was reappraised (which is recommended at some frequency, I can't remember what).
My FI proposed on a Friday and was nervous all weekend about insurance. I called first thing on Monday morning. I also opted for the personal property rider with my home owners insurance (Allstate). My insurance agent explained that if a ring is lost or stolen, the replacement would come from a jeweler or distributor with which the insurance company has a business partnership. My ring is from Tiffany's and I wanted to make sure the replacement would not come from another source (I know it's just a name but these things are patented... they are different!) A replacement diamond of similar size but different cut and setting would not be acceptable to me. I faxed my diamond's documents to my agent and made sure the policy specified the patented Lucida cut from Tiffany's.
FYI, you can get it as a rider on your renter's insurance too (you don't have to have home OWNER's insurance).
And as Mrs.P pointed out, you DEFINITELY want to stipulate if it is a name brand like Tiffany's or Cartier, etc. or a special designer. And that you want it replaced with that particular brand, size, color, carat weight, etc. (not the equivalent of what you paid for it). You want the item replaced, not to get a ring that cost the same as what you (your FI) paid. The value will go up, so you don't want to get something less than what you had! And yeah, "Tiffany's" is just a name, but if your guy paid for it, you want to make sure that you get the same thing if you have to!
Emerald, $400 seems awfully expensive for ring insurance (but hey, maybe we are on two totally different bling scales) the FI took care of it, so I don't know how much mine cost, but I'm sure I would have heard about it if it was $400. We go thru Amica.
My insurance asked me to read them the complete description of the ring (from the appraisal), which they noted in the rider along with the value. And then fax them the appraisal. It was all done in ten minutes. And they said Congratulations!!! about six times, and How Exciting!!! and other appropriate things. It was pretty cute. And then they gave me a little rundown of what to do when as regards us all moving in together (into my house) and any name change. So now I know all about that...
We took care of it the day after we got engaged. I faxed them the appraisal and the GIA report. Our homeowner's insurance told us to go with Chubb instead of a rider. We pay $867/year...too much, I think.
For those of you who get engaged on the weekends, etc., don't worry about losing the ring over the weekend. If you have a good insurance agent, you can scan the appraisal (my ring came with one) and email to your agent to get immediate coverage. They CANNOT bind coverage over the phone. My dad is an insurance agent (so he lectures me on all these things), so he's used to getting calls from excited brides to be . . .but can't insure their rings over the phone. If you get a rider on your existing personal property/homeowner's/rental insurance, it should be no more than 200 or 300 dollars. Hope this helps!
i'm a licensed broker - you definitely cannot do anything on the phone!
also, while Chubb may be a little higher in premium, they are a strong financially backed company, so no worries about paying your claims, etc... and their claims handling is one of the best in the industry.
Wow, this looks a lot more expensive than needed. I have been feeling pretty safe without an insurance. I never take my ring off ... Should I still get it insured?
sphbride, my mom has lost diamonds out of her engagement ring and earrings before. because she had insurance, it was replaced with exactly the same kind of stone (same color, cut, clarity, etc.). even if you do wear it all the time, things can still happen -- stones could fall out, prongs can get bent, etc. insurance would cover all of that. it may just be me, but i'd rather be safe than sorry.
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As my FI pointed out, it's not just about losing the ring or diamond... it's about safety. We live in an urban area, and heaven forbid I ever get mugged, he wants me to give up the ring and not worry about it! This is not a situation I ever would have considered... I'm not a worrier and I feel very safe 99.99% of the time. But it's definitely not worth risking safety for a replaceable piece of bling! Stay safe Bees!
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You know, I have had Safeco do all kinds of things on the phone for me. Maybe that is just because I have an existing policy. I have added cars to my policy, added houses, cancelled coverage on cars and houses, added jewelry and antiques, changed amounts of coverage... After they get all the details they will make out the policy change and email it to you, so that you can sign or initial and fax it back. And maybe that's your point - there is paper exchange going on - but I don't have to leave my house or office, and I don't have to meet personally with an agent.
Its certainly not cheap to insure your ring, and that's because it is actually pretty common to lose a stone or the whole ring. Talk to the married people you know - most of them have a story. One of my girlfriends sucked her center stone up in the vacuum and never found it. One lost her whole ring falling in a snowbank. One had hers disappear out of a hotel room while she was in the hot tub.
Another vote for Jeweler's Mutual. Most home insurance policies only ensure up to $10,000 of personal property.
I already had a rider on personal jewelry, but adding the ring caused it to go up by 460 a year (all state). I looked at Jewelers Mutual and several other companies, but it just wasn't as good a deal. Considering cost to replace though, I'll gladly pay it!
as in all personal items, take pics of your possessions and place them in a safe place... we keep all our insruance docs at the bank.
whenever we buy a high ticket item (plasma TV, "grownup" furniture, etc we take a few snapshots and place those pics in the safe deposit box)
Great advice on the pictures! My insurance agent told me that too.
Went online last night and checked Jewelers' Mutual, and their online quote for my location and appraised value was $10 higher per year than what Safeco told me (essentially the same). It is nice that they have their coverage terms online for you to read. I am going to read through my Safeco stuff and make sure its the same - otherwise Jewelers' Mutual looks pretty good.
Oh I agree with the mugged scenario. :)
My jeweler has life time guarantee on the ring where if the stone (mine is a solitaire) ever falls out and the setting is still there, then the stone will be replaced. I don't know how trustworthy that warranty is though.
You might check with the jeweler - sometimes those types of jeweler warantees are based on bringing it in for inspection/maintenance on some regular basis.
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Yeah, that's right. There's a booklet where I need them to sign every 6 months for service - the service is free for life as well. Hopefully their business lasts that long :)
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oh man, I don't have insurance on my e-ring! This makes me all nervous and realize that I need to get on this asap. Thanks for the kick in the pants, Bees!
My FI took it to the insurance agent before he even gave the ring to me! So the girls there got to see it before me. But, I'm glad. And I am rather clumsy. Did I tell you I was marrying a smart man? LOL!
I see this is a very old thread, but for what it's worth, I got a quote today from Allstate to cover $8,000 worth of wedding jewelry (including his ring as well...hey, with the price of gold...). Allstate quoted $136/year and Jewelers Mutual was $121. For the $15 difference I'm staying with Allstate; it's less paperwork and my agent knows me. Just a thought...may be better to work with your local agent then a faceless corporation.
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I just got off the phone with my insurance company, and faxed them the appraisal for my e-ring to add to my homeowners insurance. I suddenly feel sooooo much better. Its something I have been meaning to do for 4 months, but it took me a while to extract the appraisal paperwork from FI. He had no idea it was not just automatically covered. Have you all added your e-rings to your insurance policy yet?