Post # 1
Good Morning Bees,
My diamond loosened from the setting of my e-ring and I’m going to have to bring it to a jeweller but the ring is not insured. I feel a little uncomfortable leaving my ring with a stranger without it being insured. I’ve never gotten a piece of jewellery insured and I don’t have any other assets insured at the moment. My mother doesn’t believe I need insurance (her rings are not insured.) Please help? To insure or not insure is the question AND in addition, who do you recommend? I’m not sure if it matters but I am based in the NYC/LI area. Thanks bees!
Post # 3
If it has any value to you – monetarily or sentiment (where you would be crushed if it was lost/damaged) – you should insure it. Homeowners/renters policies have jewelry riders, and there are jewelry ins companies out there (though I don’t have first hand experience to recommend any).
It won’t help cover the cost of this repair (pre-existing “damage”), but you can get it covered now to cover any damage that happens in the course of the repair (besides what it’s current state is) and going forward. Just know that you will need an appraisal first. Maybe the jeweler you have repairing it can also do the appraisal at the same time if you don’t already have one.
Post # 4
I have it and got it the day he proposed. I would not be wearing it if I didn’t have it. Ours is through Perfect Circle.
Post # 5
I got insurance on my ring through our Renter’s Insurance. The cost to get the insurance was so minimal….if I added it up cost per year x 50 years, it still doesnt reach the whole cost that my ring was appraised for (and I don’t have an expensive ring).
Post # 6
I got a “Personal Articles Policy” on my ring. I had gotten an appraisal with my ring when Fiance ordered it. You’ll need an appraisal with your ring if you get a policy. I got the personal because it’s covered, no.matter.what. My fault or not. And there is no deductable. I pay $36 a year. And there is inflation coverage on it. So if the price in gold or diamonds goes up, so does my coverage amount that I get if it gets lost or stolen.
Post # 7
@ThePhilosophersOldLady: ours is through state farm, it has it’s own policy 🙂 this way it’s not covered under homeowners or anything and we’ll get the price it’s appraised @ if anything should happen
Post # 9
@littlemiss511: We have state farm as well.
@ThePhilosophersOldLady: If you’re worried about the jeweler, I wouldn’t take it to them. You have to be completely comfortable with a jeweler, IMO. You are leaving them with some of your most prized material possessions. Any time I take my ring in for any sort of service/repair, they examine my diamond under the scope, and note the inclusions on the work order, so that when it is returned to me, we are all confident that the diamond I am getting back is the exact diamond that was left with them to begin with. If I’m not mistaken, jewelers are required to be bonded. There is a bee (Joy-somebody?) that seems to have extensive knowledge about jewelry and jewelers; perhaps she’ll hop on and provide some knowledge.
Post # 10
mine is insured, along with another ring I have from my great grandmother. They are listed as seperate items (riders) on my renters policy as they’re over the maximum amount for jewellery. I totally understand your concern about leaving your ring for repairs. I would insure it. Mine is through Belair Direct (which I think is strictly Canadian)
Post # 11
@ThePhilosophersOldLady: here in Canada you have a jewellery limit already on your house or tenant insurance policy..the limit could be anywhere from $5000 to $10,000.you would have to pay a $500 deductible though or maybe more if you picked a higher one…alternative is to add a rider to your policy which may cost $1.50 or $1.60 per $100 of value….then you would have no deductible..
Post # 12
also your jeweller should have insurance so maybe it is covered that way.
Post # 13
My rings are not insured. It is always a hot debate when it comes up. Both our parents think it’s silly to insure it and neither of our moms have their rings insured. They just tell me to “be careful” LOL. I would like to get it insured, until I hear how much it is and then Darling Husband and I agree I should just be careful. I don’t plan on wearing my ering when we have young children so it will sit in a safe for a few years, which then it is covered under our home owners insurance. That also factored into our decision to not insure it. We also would have no issues replacing my ring should the unthinkable happen. It would just suck. But we would rather take that gamble than having a sucky feeling every 6 months when we have to pay for insurance premium on my ring.
Post # 14
Both my previous ering and my current set are insured through Perfect Circle. It only costs me $32 a year. I would rather be safe than sorry if they were to get lost or stolen.
Post # 15
@ThePhilosophersOldLady: Jewler’s Mutual is one I’ve done some research into.
I would definitely insure your ring. I won’t be wearing mine until it is insured.
If you can’t comfortably afford to replace it, get insurance.
Post # 16
@yellowshoe: How much would it cost?
I was playing around on the Jewler’s Mutual site a while ago, and it cost under $300/year to insure a $20,000 ring. That’s peanuts when you think about how much it would suck to cough up another $20K to replace the ring if you lost it. *shudder*