(Closed) Engagement ring Insurance??

posted 7 years ago in Rings
Post # 3
Member
1815 posts
Buzzing bee

We used Jewelers Mutual. You just have to send them a copy of your appraisal and the amount for insurance. I think ours was $70 for a year? We went with them because they’re one of the only insurance providers that cover you losing your ring. Most just cover theft/damage.

Post # 4
Member
145 posts
Blushing bee
  • Wedding: August 2011

@heyitskate: The jeweler offered insurance when FH bought the ring, so he just got that. But from what I’m told, it would probably be covered under renter’s or home owner’s insurance too. You should check with your insurance agent.

Yay for getting a ring! You should post a pic 🙂

Post # 5
Member
1314 posts
Bumble bee
  • Wedding: June 2013

Under my homeowner’s insurance (or renter’s insurance if you’re renting) you can add your ring. You need to find out what your insurance company needs to verify value. For mine, I just had to provide the receipt. It only added a few extra $$ per payment, not bad at all for some piece of mind!

Post # 6
Member
602 posts
Busy bee
  • Wedding: March 2012

I have Jewler’s Mutual as well.  It was super easy to apply for and get.

Post # 7
Member
1314 posts
Bumble bee
  • Wedding: June 2013

Oh and that did cover losing my ring. If something happens to it at home, it’s just automatically covered under my normal insurance policy. But adding the ring to my policy covers loss of the ring.

Post # 8
Member
382 posts
Helper bee
  • Wedding: January 2011

Check with your homeowners or renter’s insurance. It should be covered if it’s stolen or lost, however it might worth taking out a “valuables” policy, which covers specific items of high value — you’ll have more coverage on your ring in case you lose a stone, the metal breaks/gets scratched, etc. A “valuables” policy normally isn’t very expensive (we have USAA insurance, and I think it was an additional $10) — it’s worth it in peace of mind!

Post # 9
Member
3526 posts
Sugar bee
  • Wedding: August 2010

We just added a rider policy to our homeowner’s insurance.

Make sure your policy states all the attributes of the ring itself. All the 3cs, carat, gold etc. And that if anything were to happen that the exact ring is replaced not the value.

Post # 10
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

We added a rider to our renter’s insurance (I believe it is either through Geico or Liberty Mutual). Our premium comes out to about $100 per $10,000 of value on the ring.

Our renter’s insurance only covered up to $5,000 in individual property so we wanted to make sure the whole ring was covered.

Also, be sure you get the ring appraised and get it insured for replacement value. Replacement/appraisal value may be more than what you paid for it.

Post # 11
Member
1843 posts
Buzzing bee
  • Wedding: September 2011

We added mine to our homeowners insurance and it went up $13/year.  We had to provide an appraisal to show the full replacement value (which the jeweler provided us, along with a professional photo on their “special” equipment).  Make sure you get full replacement value – I know some policies have a limit on how much they will pay out.

Post # 12
Member
1927 posts
Buzzing bee

We also did a rider through our homeowner’s insurance.  We just bought a house so I did a lot of pricing out and we ended up going with Farm Bureau which definitely had the best rates.  We had to provide the appraisal report and we are covered for full replacement value (which is significantly more than purchase price so you shouldn’t just be providing a receipt).  The yearly premium is about $66 per $10,000 of value on the ring.

Post # 13
Member
87 posts
Worker bee
  • Wedding: July 2011

@heyitskate: We went through Jeweler’s Mutual as well.  Its a really good basic policy, that covers EVERYTHING, including loss.  Our yearly premium is around $25.

Post # 14
Member
73 posts
Worker bee
  • Wedding: July 2006

I have mine insured through Jeweler’s Mutual.  The price paid is based on the value of your ring (and you can choose various deductibles, etc).  It isn’t cheap at all for me (nothing at all in the neighborhood of what others have posted above), but it is worth it for piece of mind.

Be careful if you insure through a rider on your homeowner’s to find out exactly how a loss will be handled. 

Post # 15
Member
654 posts
Busy bee
  • Wedding: October 2011

I’m jealous that all of your policies seem to be so much cheaper than mine!  I don’t think my ring is that extravagent but to insure through my homeowners would cost more than the actual insurance on my condo and Jeweler’s Mutual quotes me almost $200.  I haven’t decided yet what I’m going to do as I keep looking for a cheaper option.

Post # 16
Member
1205 posts
Bumble bee
  • Wedding: December 2011

We also added a rider to our renter’s insurance; we had to send in a copy of the official appraisal by a GIA-certified professional, but apart from that it was a breeze!

I know the rates vary by region as well as (duh) by ring value…when we moved from NY to MA our rate went down slightly 🙂

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