I am pretty sure you have to ask for an andendum to your homeowner's policy. Ours doesn't normally cover jewelry either, but if we add information that specifically lists an item, it will be covered.
You can get the ring appraised at any jewelry store, bring in the appraisal to your insurance agent, and he or she will add a line to your policy that will cover the ring. You can do this for any big purchases you make if you want to make sure they're covered when something happens. You'll have to pay a little more each month, but it's pretty minimal - like around $5 if I remember correctly.
At least this is what I've been told to do ... it's been six months and I still haven't gotten around to it!
your homeowner's insurance won't cover you? how beezare! hahahaha! okay well first you need to make sure you have the ring appraised by an independent jewelry appraiser so you have the acutal value of the ring. otherwise, the most companies will ensure you for is $500-$1000. For many people, this is not an accurate value of your ring.
There are independent insurers out there: Jewelers Mutual is an example. also know that there are a few options to choose from--an actual cash value policy in which you would receive $ for what you spent (minus depreciation, if any)if the ring is lost or stolen and the other type is a replacement policy that will ensure you get a replacement that is identical to what you originally bought--materials, stones, etc.
If you bought your ring from a jewelry store, they often have info on insurance, and sometimes they offer their own. At the very least, you can contact a store, even if you did't buy from them, and they can tell you what to do, and help you find an appraiser. Ours was easy because the store had an appraiser they use, and we were able to do it all in one stop. Also our renter's insurance was ammended to cover the ring as well, so it is strange to me that your homeowner's does not allow it to be covered.
I find that really odd as well about your homeowner's insurance. Every major company that I know of should have an endorsement or floater that can be added to your policy to specifically cover your ring. I worked as an insurance for a few years up until I quit last year so I did a number of those myself for clients. But sometimes it's best to go with a separate policy all together because there can be more restrictions and limitations when it's just added to your homeowner's policy. You can check into Chubb- I used to hear good things about them.
Do you mean that your homeowner's policy won't cover the full amount? Because it's not uncommon. Most people have to get a jewelry rider on their policy.
You will need to add it as a separate thing onto your insurance.
Get it appraised.
Also, please consider that there are different types of jewelry insurance. You can get it insured through your insurance as a rider/floater or covered under your assets as part of "jewelry" or you can go to a specialty insurance company and do it this way.
There are differences in that they cover (or don't cover!) varying situations differently as far as theft, loss, mysterious disappearance, damage, etc. Please look into the policy carefully. Expect to pay about 3% of your ring in premiums for good coverage annually.
gee is it even worth it? if you're paying 3% for insurance a year... you can buy another one in 33 years and 4 months... i don't know i just don't get it...
i don't understand how any/most insurance is a good deal (other than maybe term life which is less than 100 bucks a yr for me....)...
It's a good deal for us. I'd much rather pay $300 a year for the rest of my life (just in case) than the 100 times the yearly payment it would cost to replace it. We got a friends and family deal on my ring and it appraised for almost double what we paid for it. We couldn't afford to walk into any old jewelry store and replace it if we didn't have insurance on it. We did wait a while to get it insured out of total laziness. We actually didn't insure it until a year after we got married after i had lost it for two weeks! Talk about being scared straight! Our policy covers all sorts of crazy stuff, except like animals eating it. LOL
i have a setting with smaller diamond accents and i am PARANOID i'm going to lose one of them... so i'm definitely planning on getting insurance. i want to be covered!! i'd rather pay a little each month rather than having to shell out 2k all at once...
just wondering, how much are the rings you guys have that you're insuring?
I don't know, I just don't buy this insurance stuff... I'll be more worried someone came and chop my finger off for the ring than losing it... but then again, if either happened and i had insurance it would be covered :|
has anyone ever lost their ring? (how is it possible to lose it?)
People do take their rings off and lose them. But, some people also damage their rings, like that commercial with that chick's E ring being in the disposal and she turns it on. Or, even if you lose your center stone, like if you didn't know a prong was lose, insurance would cover all those things. It sounds really weird that the homeowner's insurance doesn't have anything to help you insure your ring. I know mine has a rider you just add on. I also have the same company for my car insurance, so having everything together even gets me a discount.
Not sure what the protocal is with insurance companies and how they prove you've lost/broken, etc your ring. But I know for a fact people try to file fake claims. I remember reading our local paper kind of recently and a woman tried to claim she lost her 3 carat ring, but the police were able to prove she was lying.
Yeah you should defn get insurance. it is just the safe thing to do. My homeowner's insurance added on a rider. It was very simple and did not take any time at all.
Look into it you will be thankful in the long run!
I think adding on to my renter's insurance was like $30/year. Yeah, I'd rather pay that then worry constantly if one of the smaller or god-forbid the center stones fell out! I feel better because I know if something does happen to it, I'm covered. Because I know we don't have the money again to go out and buy another one.
And I'm not so sure about the "what if they're lying" defense. How can you prove if you've been robbed? How can you prove that your home burned down on accident? I'm sure the companies deal with this all the time. They're not just going to hand out money, they're going to do some background. And I would like to think that *most* people are honest.
Our homeowners insurance company took care of this for us, although the ring is actually insured by a separate company. I'm surprised they couldn't at least recommend another company. I'd call around to the larger insurance company's and see what they offer. You will need an appraisal (the jeweler who sold your fiance the ring, should have provided one) and you might need proof of payment, I can't remember if my fiance needed to send that when he set up the policy. Oh, it costs us about $100 per year. That seemed high to me, but it's worth triple that for a little piece of mind. I'd be devastated if I lost the actual ring, but at least my fiance wouldn't have a heart attack as a result. :)
KateMW, your ring must be amazing! What kind/size is it?
For us, my FI financed the ring and is paying it off monthly, so we had to have it insured during that time. It also requires us to go to the jewlers every 6 months and they check the ring to make sure the diamond is the same (laser inscribed serial number), and that the prongs are secure, and they clean it for you, keeping it oh so sparkly. Going to the store is not so bad because it is close to where we live, but I am not sure what happens if we moved far away. It the diamond were to fall out (which did happen to my grandma on a big huge 50th anniversary ring she has), they take full responsibility. We have it also covered against theft and loss through a separate policy. I don't know if we will keep paying the insurance forever, but when we get a house we will probably cover it in some fashion with any other jewelry I may get. (I have never owned a diamond or anything worth insuring before this ring.)
Some one asked about the cost of people's rings, and i know mine is appraised for over $9k (he didn't pay that though! I would have killed him!) And I still think he spent way too much, but now that I have the big fancy ring, I love it so much. I "like" to think I would love anything he gave me.
How do we go about in doing this? I'm stumped. Oh, & our home insurance does not cover it, so we need alternatives. Thanks bees
posted by Anonymous 25 posts 5 months agoI am pretty sure you have to ask for an andendum to your homeowner's policy. Ours doesn't normally cover jewelry either, but if we add information that specifically lists an item, it will be covered.
You can get the ring appraised at any jewelry store, bring in the appraisal to your insurance agent, and he or she will add a line to your policy that will cover the ring. You can do this for any big purchases you make if you want to make sure they're covered when something happens. You'll have to pay a little more each month, but it's pretty minimal - like around $5 if I remember correctly.
At least this is what I've been told to do ... it's been six months and I still haven't gotten around to it!
posted by maizybug 6 posts 5 months agoyour homeowner's insurance won't cover you? how beezare! hahahaha! okay well first you need to make sure you have the ring appraised by an independent jewelry appraiser so you have the acutal value of the ring. otherwise, the most companies will ensure you for is $500-$1000. For many people, this is not an accurate value of your ring.
There are independent insurers out there: Jewelers Mutual is an example. also know that there are a few options to choose from--an actual cash value policy in which you would receive $ for what you spent (minus depreciation, if any)if the ring is lost or stolen and the other type is a replacement policy that will ensure you get a replacement that is identical to what you originally bought--materials, stones, etc.
good luck and hope that helped
posted by mrsbic 51 posts 5 months agoIf you bought your ring from a jewelry store, they often have info on insurance, and sometimes they offer their own. At the very least, you can contact a store, even if you did't buy from them, and they can tell you what to do, and help you find an appraiser. Ours was easy because the store had an appraiser they use, and we were able to do it all in one stop. Also our renter's insurance was ammended to cover the ring as well, so it is strange to me that your homeowner's does not allow it to be covered.
posted by DrB 107 posts 5 months agoI find that really odd as well about your homeowner's insurance. Every major company that I know of should have an endorsement or floater that can be added to your policy to specifically cover your ring. I worked as an insurance for a few years up until I quit last year so I did a number of those myself for clients. But sometimes it's best to go with a separate policy all together because there can be more restrictions and limitations when it's just added to your homeowner's policy. You can check into Chubb- I used to hear good things about them.
posted by daydreamer33 78 posts 5 months agoDo you mean that your homeowner's policy won't cover the full amount? Because it's not uncommon. Most people have to get a jewelry rider on their policy.
posted by KateMW 483 posts 5 months agoYeah, I got a rider.
posted by Niki 432 posts 5 months agoI got an add-on to my renter's insurance.
posted by jma19 364 posts 5 months agoglcatandgyro
You will need to add it as a separate thing onto your insurance.
Get it appraised.
Also, please consider that there are different types of jewelry insurance. You can get it insured through your insurance as a rider/floater or covered under your assets as part of "jewelry" or you can go to a specialty insurance company and do it this way.
There are differences in that they cover (or don't cover!) varying situations differently as far as theft, loss, mysterious disappearance, damage, etc. Please look into the policy carefully. Expect to pay about 3% of your ring in premiums for good coverage annually.
posted by JCM9608 470 posts 5 months agogee is it even worth it? if you're paying 3% for insurance a year... you can buy another one in 33 years and 4 months... i don't know i just don't get it...
i don't understand how any/most insurance is a good deal (other than maybe term life which is less than 100 bucks a yr for me....)...
posted by superstar 156 posts 5 months agoIt's a good deal for us. I'd much rather pay $300 a year for the rest of my life (just in case) than the 100 times the yearly payment it would cost to replace it. We got a friends and family deal on my ring and it appraised for almost double what we paid for it. We couldn't afford to walk into any old jewelry store and replace it if we didn't have insurance on it. We did wait a while to get it insured out of total laziness. We actually didn't insure it until a year after we got married after i had lost it for two weeks! Talk about being scared straight! Our policy covers all sorts of crazy stuff, except like animals eating it. LOL
posted by KateMW 483 posts 5 months agoi have a setting with smaller diamond accents and i am PARANOID i'm going to lose one of them... so i'm definitely planning on getting insurance. i want to be covered!! i'd rather pay a little each month rather than having to shell out 2k all at once...
posted by staceyb 178 posts 5 months agojust wondering, how much are the rings you guys have that you're insuring?
I don't know, I just don't buy this insurance stuff... I'll be more worried someone came and chop my finger off for the ring than losing it... but then again, if either happened and i had insurance it would be covered :|
has anyone ever lost their ring? (how is it possible to lose it?)
posted by superstar 156 posts 5 months agoPeople do take their rings off and lose them. But, some people also damage their rings, like that commercial with that chick's E ring being in the disposal and she turns it on. Or, even if you lose your center stone, like if you didn't know a prong was lose, insurance would cover all those things. It sounds really weird that the homeowner's insurance doesn't have anything to help you insure your ring. I know mine has a rider you just add on. I also have the same company for my car insurance, so having everything together even gets me a discount.
posted by Lillindy 279 posts 5 months agohow do you prove to insurance you've lost/broke/had it stolen vs having it eatten by your dog (where it's not covered)?
I'm sure there's been people that have tried to make a claim on a fake-lost ring, how do they make sure you've really did lose the ring properly?
posted by superstar 156 posts 5 months agoNot sure what the protocal is with insurance companies and how they prove you've lost/broken, etc your ring. But I know for a fact people try to file fake claims. I remember reading our local paper kind of recently and a woman tried to claim she lost her 3 carat ring, but the police were able to prove she was lying.
posted by Lillindy 279 posts 5 months agoYeah you should defn get insurance. it is just the safe thing to do. My homeowner's insurance added on a rider. It was very simple and did not take any time at all.
Look into it you will be thankful in the long run!
posted by AKline 28 posts 5 months agoI think adding on to my renter's insurance was like $30/year. Yeah, I'd rather pay that then worry constantly if one of the smaller or god-forbid the center stones fell out! I feel better because I know if something does happen to it, I'm covered. Because I know we don't have the money again to go out and buy another one.
And I'm not so sure about the "what if they're lying" defense. How can you prove if you've been robbed? How can you prove that your home burned down on accident? I'm sure the companies deal with this all the time. They're not just going to hand out money, they're going to do some background. And I would like to think that *most* people are honest.
posted by jma19 364 posts 5 months agoOur homeowners insurance company took care of this for us, although the ring is actually insured by a separate company. I'm surprised they couldn't at least recommend another company. I'd call around to the larger insurance company's and see what they offer. You will need an appraisal (the jeweler who sold your fiance the ring, should have provided one) and you might need proof of payment, I can't remember if my fiance needed to send that when he set up the policy. Oh, it costs us about $100 per year. That seemed high to me, but it's worth triple that for a little piece of mind. I'd be devastated if I lost the actual ring, but at least my fiance wouldn't have a heart attack as a result. :)
posted by ynichole 147 posts 5 months agoKateMW, your ring must be amazing! What kind/size is it?
For us, my FI financed the ring and is paying it off monthly, so we had to have it insured during that time. It also requires us to go to the jewlers every 6 months and they check the ring to make sure the diamond is the same (laser inscribed serial number), and that the prongs are secure, and they clean it for you, keeping it oh so sparkly. Going to the store is not so bad because it is close to where we live, but I am not sure what happens if we moved far away. It the diamond were to fall out (which did happen to my grandma on a big huge 50th anniversary ring she has), they take full responsibility. We have it also covered against theft and loss through a separate policy. I don't know if we will keep paying the insurance forever, but when we get a house we will probably cover it in some fashion with any other jewelry I may get. (I have never owned a diamond or anything worth insuring before this ring.)
Some one asked about the cost of people's rings, and i know mine is appraised for over $9k (he didn't pay that though! I would have killed him!) And I still think he spent way too much, but now that I have the big fancy ring, I love it so much. I "like" to think I would love anything he gave me.
posted by DrB 107 posts 5 months ago