Engagement Ring Insurace — Adding on to renters ins. vs. Perfect Circle

posted 2 years ago in Rings
Post # 2
1649 posts
Bumble bee
  • Wedding: August 2015

JM is worth it. I had my old engagement ring covered and I ended up losing it. I’m usually a pretty careful person so I didn’t think it would ever happen to me but thank goodness I had it insured. They cover almost any and all damages or loss, and their service was really easy to use.

Post # 5
3316 posts
Sugar bee
  • Wedding: November 1999

Only appraise your ring for what you paid. Otherwise you’re adding to the cost – needlessly. Appraisals can fluctuate ridiculously and people make the mistake of thinking their ring is really worth what the appraisal says. 

No, it’s not. It is worth what it cost to buy it, end of story. An inflated appraisal appeals to vanity but it makes absolutely no sense. 



Post # 6
1893 posts
Buzzing bee
  • Wedding: September 2014 - Dallas, TX

We did Jewelers Mutual over renters insurance. I love that JM covers “mysterious disappearances” because I am imagine that is the most probable way my ring will ever disappear. Our renters insurance only covered theft or loss in the apartment, so if it happened when we were away from home we’d be out of luck.

Post # 7
905 posts
Busy bee
  • Wedding: October 2014

Also if you have an over inflated appraisal the insurance company has the right to not give the appraised amount. I would get it appraised as low as you can still covering the ring replacement cost. I have JM as well

Post # 8
764 posts
Busy bee
  • Wedding: January 2014

liza8402:  I would suggest using JM. But even though the appraisal say 40K you can still insure it for less. My ring is just insured for what I could buy it for, instead of what it is appraised for and I use JM. 

Post # 9
8589 posts
Bumble Beekeeper
  • Wedding: December 2013

Mine is insured through our homeowners policy the cost can depend on what your ring is worth..I lost my previous solitaire engagement ring and they gave us what the ring appraised for..so its definitely worth it..it covers theft as well

Post # 10
1843 posts
Buzzing bee

One thing to keep in mind. Especially in the case of bees that are colored gemstone owners. While getting the appraisal as close as possible to the amount you paid to avoid paying an extra premium, Keep an eye on the market and get your ring re appraised if the value of your center stone spikes. This is less likely to happen in such a huge way with white diamonds but can happen in smaller spikes. 

For example: A top quality ruby in the 1970s was around $2,000 $3,000 for a carat. Today same size of stone for a top quality ruby can be close to $44,000 For a one carat!!! Same thing with certain colors and quality of sapphires and spinel. 

Would be pretty terrible to have your ring appraised for what you paid originally, not keep up to date with market value and lose your precious ring after the center stone has spiked in price in such a way that it would be impossible for you to replace with the money the insurance will pay based on an old appraisal that does not reflect the actual/current value of the stone in the market. :-/


Post # 11
539 posts
Busy bee
  • Wedding: July 2014

perfect circle all the way. Just insure for the amount you paid (submit receipt) not appraisal or you are over paying! 

Perfect circle covers everything and anything worldwide as well as mysterious disappearance. They also allow you to work with the jeweler of your choice. 

Post # 12
920 posts
Busy bee
  • Wedding: June 2015

Perfect circle was offered for free through our jeweler. For the first year anyways… it’s the way to go in my opinion!! 

Post # 13
335 posts
Helper bee

I’m curious about this also so posting to follow. We got my Ering online through Gemvara, and have been trying to figure out the best place to get insurance for it/the wedding band when we get it. It may be a completely stupid question but I am not knowledgable with jewelry – do I take it to a jeweler to get appraised and then submit that if we go to JM? Or with Perfect Circle you just submit the receipt? 

Post # 14
90 posts
Worker bee

Mine is insured through our homeowner’s insurance ( state farm). When we called, they said if we paid $5,000 or more, then the ring must be appraised. Less than that amount and we would only have had to send in the receipt and a picture. Also, if you later have your rings soddered together, then it is considered to be one piece of jewelry instead of two, and you will need to have an additional appraisal, and give that info to your insurer. I also could have insured it through my car insurer (farm bureau)

Post # 15
2052 posts
Buzzing bee

FtrMrsStein15:  Perfect circle accepts receipts if the item was purchased recently. I don’t remember what the time frame is, but after a while they want an appraisal even if you have the receipt.

Perfect circle is owned by Jewelers Mutual though so they have basically the same rules and rates

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