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Our insurance company asked for the appraisal documents and I think a copy of the paperwork that came along with the diamond. We added it to our house insurance for $400/year.
I think you should go to an established jeweler and speak with a certified gemologist. I'm not sure what the fee would be, but you will need a gemologist's report for insurance, I think.
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We got my engagement ring insured through our home insurance. It is only 150 a year! It was a very simple process. Just go get an appraisal for your ring. Once that is taken care of, just call your insurance agent and tell them you want to insure your ring. They just sent us over the contract for us to sign and we had to send a check for $150. That easy.
Yeah we don't have any paperwork except for my center stone so someone's literally going to have to painstakingly measure the diamonds and look at quality and determine what they are.
Sounds like it's simple! And much much cheaper than I expected!
As far as adding a rider to you homeowner's policy (like everyone else has mentioned), it's fairly easy and reasonably inexpensive. Before you can add that though, you'll have to get it appraised (which you already knew). Some jewlery stores have independent appraisers come in at scheduled times. I don't know if I can mention the jewler I am talking about, so I won't but just call around. I was given a quote of about $100 - $150 to get the appraisal done. Unfortunately, I travel a lot and I haven't been in town at the same time the appraiser has been so I had the rider drawn up based on purchase price and as soon as I can get that darn appraisal, I'll have the rider adjusted accordingly.
Good Luck!
~Megan
Do you own a home or rent an apartment? We got our engagement ring insured through Mercury because they carry the policy on our home owner's insurance. It also depends on the value of the ring too. Could get pricey. If you rent an apartment, you could try to insure it through your apartment's renters insurance.
You will need to get it appraise from a certified jewelry appraiser though.
I think a lit of jewelers do this, but I'm not sure. My ring came with the appraisal. I just called my homeowner insurance agent and added the rider. They required the paperwork and receipts. Pretty easy.
It's so funny how everytime I have a question everyone on here is two steps ahead of me! I love it
Question, what if you don't own a home yet? We don't have a home so therefore we don't have homeowners insurance, we don't plan on buying for a few years, so do I put it on the renters insurance? I'm not really sure, any advice on this situation would be helpful as well!
@FutureMrsTal - I'm not positive, but you should be able to add it to your renters policy. It would seem to me that it's a rider that can be attached to either homeowners insurance or your renters insurance.
We went to an appraiser and he was very helpful. This is an LA based one. I recommend yelp.com for tips for one near you!
<span class="Apple-style-span" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 16px"><p style="margin-top: 0in; margin-right: 0in; margin-bottom: 0pt; margin-left: 0in">www.jewelryappraiser.net
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If you go to a independant jewler they will have appraisers come in and do it right in front of you. Jareds did this and it only took about 15 minutes. I had nothing but the specs on my diamond but that is usually all they need. He gave me a print out of both my rings with pictures and all the specs on everything. I paid about $130 for the set to be appraised but it was worth it, because sometimes your ring is worth more than you pay. My FI got a deal on my half eternity wedding band bc he bought it with my e-ring and when it was appraised, it was appraised at 3 times what he paid! So I was glad I took it in because I wasnt going to for some reason I cant remember. Definetly go to someone who does it in front of you and does not have to remove the diamond. Also dont know if you rent or own but I saw some pp saying you can add it to renters which is true but you need to becareful because some renters insurance policys only cover a certain amount and if your ring is worth more you want to make sure you have it all covered. Plus some make you pay a ridiculous deductible first so shop around. If you already have home or renters insurance, this will be easy, just call your agent and talk to them. If not I suggest you get both. We had to get home owners insurance and renters insurance until our house is done so I was able to add it on the policy but I cant tell you what the price is because my FI forgot to tell me. Hope this helps!
Jeweler's Mutual is an online jewelry insurance that is highly reccomended by Better Business Bureau. We got mine insured through them for a reasonable fee because we rent and keep changing renter's insurance so had no set home insurance to use!
I also have a Jeweler's Mutual policy, and I'm very happy with it. It was only $75 for a year. I discovered it here on Weddingbee.
You will need to get an appraisal on the ring. You can usually go to a jeweler to do so. I know a great one around us (since you're from the STL), where my family frequents. They should be able to give you an appraisal. You'll need the appraisal documents to send to your insurance company. Based on the value of your ring, your insurance coverage will vary, but it can definitely be bundled into your house/car/renters' insurance.
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My FI bought my wedding bands and center diamond through his BIL. He got an amazing deal on it all. For example, i saw a wedding ring in a store--same size, etc, as mine (it's how i knew what i wanted), and it was 3X what my FI paid. Also, I had my FI's ring custom designed and paid much less than what a regular store would have charged. I want to get them insured so that if something happens, we aren't paying more for a replacement diamond than we did for the whole thing! We can't just go to BIL for repairs--he bought through his jeweler friend and we just sort of lucked out with how he came across all the stones needed because he buys and sells old jewelry and he refurbed some stuff for us.
How do you go about doing this? I've looked up some jewelry appraisers. Can you add ring insurance to the insurance on your house? What's it cost to have an engagement ring, 2 diamond bands (identical) and a men's wedding band appraised?
I'm clueless but I know it's a dire necessity just in case! Thanks!
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