I am a bit of Jewellery Lover… altho most of my items are either costume jewellery, or non-super expensive / valuable gemstones in sterling silver or low quality golds.
All of these items are covered by our regular Home Owners Insurance… under the “general goods & personal items” clause
On the otherhand (lol, cute pun), my E-Ring is quite valuable and is insured seperately (as a Rider on our Home Owners Insurance)
That works out to be very similar to what Jeweller’s Mutal offers as jlpang: explained above (you can put in the numbers on-line and get a Quote)
Thing is tho, because we have all our Insurances (Life – Disability – Home – Cars etc) with one company we decided to go that route.
We picked out my E-Ring from the Jewellery Store on a Saturday… called our Insurance Co. on Monday, and told them the value… and got a Quote from them (plus “interim coverage”). Then 2 weeks later after picking up the Actual Ring, we had to fax the Insurance Co. all the required paperwork… Final Bill – Ring Description – GIA Diamond Report for the Feature Stone – Independent Gemologists Report for the entire ring with the Feature Stone set etc
This is all quite normal.
Your Boyfriend or Best Friend may as Pollywog: has said may be wanting to make sure that The Ring is covered from the get go… so that whatever he has planned for The Proposal means that the ring is covered (not have to panic about transporting it to the site… such as being out of State / Country… or you wearing it immediately afterwards)
Insurance is really “peace of mind”. I LOVE my E-Ring, and would be heartbroken if I ever lost it, or something bad happened to it. I mentioned this one day to Hubby-2-B and he said “Ya it would suck… but that is WHY we have insurance”
Hope this helps,
PS… The BEST Insurance Programs will cover your ring in ALL imaginable situations. Jewellers Mutal does this (as did my own Home Insurance Rider) … including Repair & Replacement. And providing coverage against Loss, Theft, and Damage. BUT, it also covers “Mysterious Dissappearance”… so loose stones that are not yet set into a ring, or on-hold with a Jewellery Store / or in the process of “being set” (many policies don’t cover this). So essentially one’s ring / diamond is covered 24/7×365 from the moment you make the purchase be it in your possession, securely locked up somewhere (hotel safe) or in the hands of your Jeweller for Cleaning, Modifications etc.
* CONGRATULATIONS on your upcoming Engagement / Proposal… things are obviously in the works, and coming soon !!