Post # 1
If you insure your ring, through an independent jewelry insurance, what is your insurance company? We do not own a house, so there’s not rider policy to have. And I want to insure it with a company that specializes in diamonds.
1) What is your jewlery insurance company?
2) Did you insure it for less then the appraisal price? (Honestly, our appraisal was 3x the amount that he paid, so I don’t want to insure it for so much since the premium is too much)
3) Do they replace the diamond or do they give you money to buy another one?
Post # 4
1) What is your jewlery insurance company? USAA
2) Did you insure it for less then the appraisal price? Yes I insured it for the price we paid (I figure I just would want to be able to replace it – & not pay for extra insurance.)
3) Do they replace the diamond or do they give you money to buy another one? Give me money
*Edit: Mine is also ~$15 per thousand a year
Post # 5
I added it under our home insurance. While I was living at home my father added it to his Amica home insurance policy and now it is under Norfolk and Dedham.
I had to provide the insurance company with the appraisal therefore the insure it for the appraisal price. It is usually around $15 per thousand. This can get a little pricey but we would rather pay a few hundred dollars a year than worry if I lost it.
I believe they give you money to buy another one if you were to lose your diamond.
Post # 6
I don’t own a home but was able to get a rider on our renter’s insurance with Liberty Mutual. I have my car insured with them, too, so overall it’s a good deal. Insured for the appraised value of the ring (the center stone is an heirloom so of course you can’t insure sentimental value, but…); if it gets stolen/damaged/etc. they give you the money to buy another one. It was kind of a pain to set it up and get all the paperwork faxed in, but the peace of mind is SO worth it.
Post # 7
You can sometimes add a rider to your renter’s insurance for your ring. If you don’t already have renter’s insurance, I would look into getting it (mine when I was living on my own was like $12 a month and covered a LOT), and then find out if you can add the ring.
ETA: oops, bunnybride, we posted at the same time. 🙂
Post # 8
1) What is your jewlery insurance company? Jeweler’s Mutual
2) Did you insure it for less then the appraisal price? We insured it for the actual appraisal because we had to send a copy of the documentation, even though my husband paid much less.
3) Do they replace the diamond or do they give you money to buy another one? They give me money to go to my original jeweler
Post # 9
1) I actually work for Jewelers Mutual (and insure our rings here!) which is headquartered in Wisconsin. For any insurer, the questions you’ll want to ask are: Does the insurance cover theft? Loss? Mysterious disappearance?
2) The cost of insurance is based on the replacement value of the ring. That is why we use the appraisal value.
3) You get to work with your own jeweler, which is a perk!
Post # 10
We have USAA and have a seperate policy for it seperate from our homeowners insurance. That way, if it is ever lost of stolen outside of the home, it is still covered.
Post # 11
We added it to our renters insurance as a rider. If the value is over $3K it has to be a separate rider (for ours anywyas) so, like PP, it is covered even if its lost outside the home.
) What is your jewlery insurance company? State Farm. I comparison shopped with several companies, including jewelry only insurers, and they had the best price/coverage for my needs
2) Did you insure it for less then the appraisal price? No – we insured it for the appraisal price. DH got an awesome deal on it in the diamond district, and we’d never ever get that price again Id rather be sure Im covered to get another one of the same quality than pay less each month
3) Do they replace the diamond or do they give you money to buy another one? Give me money and I can work with any jeweler of our choice
*Mine is fairly pricey, but the peace of mind is worth it
Post # 12
Just a reminder, ladies – To have your rings reappraised every so often after you’re married. The cost of diamonds and gold changes so much (and usually INCREASES), so it’s best to keep it insured at replacement cost. I’ve seen a lot of claims where people insure their erings right when they get them and 20 years later, lose the ring, and end up having to buy a much smaller or lesser quality ring because that’s all the farther their insurance money will go.
Post # 13
I have my care insurance through state farm and thats where i got my ring insured. They insured my ring for what it appraised for, plus the diamond can go up and down in price so i’m insured for if the ring gets lost while diamond prices are inflated. So my ring appraised for 7200 hundred dollars so if my diamond at the time that i lost it was up 4000 dollars i would get 11,200 back because thats what the diamond would be worth at the time. For some reason if my diamond went down in value which it probably never would, that wouldn’t affect anything i would still get what it appraised for. My diamond appraised for a little over what he paid but we only pay 72 dollars a year for my insurance. If i lost my ring or our diamond they will give us the full 7200 dollars in one check. good luck