Post # 1
I have been thinking about getting the insurance for my ring. I called Farmers insurance or tried to add in with my home owners insurance..The cheapest quote i got is around $225 a year..My ring costs 16500$ ..I lost my old e-ring before and i found it again under drawers.. So my question is should i get the insurance or should i not for my ring? I m scared to lose my ring for so many reasons..but i m really careful with my rings and i don;t leave it at random places…My ring is either on my hand or when i m doing chores, i always put it somewhere where i will remember. I m scared to lose my ring if someone break in the house or situations like that..I also have life time warranty on the center stone from the store..
What should i do? Should i get the insurance or No?
Post # 3
I definitely think insurance is worth it, if you think about it, $225 a year is less than $20 a month. Even though over time you may end up paying nearly what the ring cost, think about it – would you have give or take $16k in your bank account at a given time if God forbid anything happened to the ring? If so, its not worth it. If not, it is.
Post # 4
I was going to say if it costs only a few hundred then no don’t worry. But 16k? YES. GET THAT BABY INSURED.
Post # 5
I really want to get insurance for my ring, but FI doesn’t think we should. Ugh!
Post # 6
@ddsfam: Have Jewelers Mutual quote it. Farmers doesn’t cover chipping or “mysterious disappearance” plus if something happens to it; your home premium will increase for three years once you file a claim.
We have Farmers insuring everything (home/auto/umbrella) but our jewelry is through Jewelers Mutual.
Post # 7
I’m an insurance agent and I can’t tell you how many sobbing wives I’ve listened to and consolled through a lost or damaged ring because they didn’t want to go to the trouble or pay the cost to insure it….in ratio to the cost of the ring, the $225 additional premium to insure it is paltry, and since your balking at that cost, I assume you cannot afford another $16,000 ring? Farmers offers installments on their homeowners/auto polilcies so if you boil that down over a 10 pay plan, the additional $22.50 is quite reasonable.
Being careful has nothing to do with anything, if all the careful driver’s of the world never had a car accident, people like me and companies like Farmers would go out of business….accidents happen in spite of our best intentions, that’s why we have insurance, for the things you didn’t intend to have happen.
Post # 8
@missporkchops: I second the Jeweler’s Mutual. They cover more than just it being stolen from my house.
Post # 9
@ddsfam: Absolutely insure your ring. Mine was added to my homeowner’s insurance policy.
Post # 11
Yes. My ring is 10k and I got it insured. I’d say anything that took time to save up for (vs 16k not being much to you, which it probably is if you’re not happy with 20.00 a month) so yes, I would definitely get it insured. I am super safe with my ring but I have had a few situations where I thought I lost it.
Post # 12
Oh, for that price, absolutely. That’s not bad at all. I plan on doing that when I own a home as well.
Post # 13
I wouldn’t risk not having it! Did you check out jeweler’s mutual? They’re the best value in my opinion.
Post # 14
My ring is worth substantially less but it was the first thing i did when i got it! Definitely worth it
Post # 15
Jewelry Mutual gave me the for around same quote around 20$/month. My husband doesnt seems to like the idea of getting the insurance for my ring well..He never really cares about those things..But yea I cant add it with my home owners insurance because they don’t cover for lost or disappearence only for the stolen from the house. Most likely i will get it from Jewelry Mutual or smth. Of course 16k is alot for us. Thats why if i lose it, i might get a heart attack..:(
Post # 16
@ddsfam: uhm. Yes.
ETA: Would you put insurance on a $16,500 car?