Post # 1
My FI wants us to get my wedding set appraised and get ring insurance. The appraisal is supposed to be $100 and the insurance can run up to $100 a year. The ring set cost my FI about $6,500.
I personally think it’s just a waste of money when we’re trying to save as much money as possible before the wedding. I don’t see it likely that i’ll lose my ring since I never take it off and it doesn’t ever slip off of my finger (I have pretty chubby fingers)… he says what if we get robbed? I mean how likely is it that someone is going to rob us at gunpoint and ask for my wedding band and engagment ring?
What have you done as far as insuring your ring? What do you think?
Post # 3
No, I don’t have ring insurance. My rings are under 1000 dollars though! If I had a ring that expensive you best bet I would be wanting some ring insurance. As long as you can pay for it I say go for it. I have read to many stories on the bee of ladies losing their rings! :/ Luckily most of them have ring insurance!
Post # 4
Totally worth it. Especially for $100 a year, which is right around what I pay.
It’s not just for losing it or it getting stolen. What if you lose the diamond? Damage the band? I can’t see how $100 a year is not worth insurance on something that costs $6500.
Edit: $100 a year for TWO rings? Do it.
Post # 5
I don’t have insurance yet but I’m planning on getting it. I know it will hopefully be a waste of money but I really want to be cetain…you never know about those crazy stories where it slips off doing the dishes and goes down the drain… or flys off on a walk etc…I know theres a smal small chance that could happen but I just would feel better.
But we’re having the hardest time finding an insurance company that will replace with an Identical ring meaning identical jewler etc and not just a “like” ring meaning maybe a lower end jewler/service but same specs. Has anyone who does not have home owners insurance/renters insurance found a company that will insure the ring with an identical replacement or just a check for the amount insurable??
Post # 6
I have ring insurance and am SO glad I do! It’s only like $150 a year, and I imagine my ring was more expensive than I would like to even think about. I got the insurance through Jeweler’s Mutual and basically I can replace the ring up to the appraisal value (which is even more than I paid for it) if it is lost, stolen, damaged. The only thing not covered in the contract was something about nuclear war… haha so let’s hope that doesn’t happen! If I were to lose it with no insurance, I would be devastated. If a ring is $5k or above, you should definitely insure it! It’s a small price to pay for peace of mind!
Post # 7
i got my ring insured the same day I got engaged! I think it is def worth it. if something were to ever happen and I lost my ring for some reason, I would feel much better knowing that I would get the insurance money for it and be able to buy another one. if we didnt have insurance for it, and i lost it, we’d be SCREWED! plus, i only pay like $45 a month for it!
Post # 8
Thanks ladies… I guess my FI isn’t too crazy for wanting the piece of mind. lol If so many bees are for Ring insurance then maybe it would be worth it. =)
Post # 9
So worth it, the cost is definitely worth the peace of mind.
Post # 10
We don’t have ring insurance for my ring and we won’t be getting it. Initially we wanted to but when we looked into it, it didn’t make financial sense. Insurance is 2% of the appraisal value or the cost to replace it. My ring appraised for over 5 times what DH actually paid for it so the insurance every year would quickly add up and be more than DH paid for the ring and more than it would actually cost us to replace it, (knock on wood). So it just doesn’t make sense in our situation.
Post # 12
Talk to your insurance agent to see what it would cost to raise the jewelry limit on your homeowner’s or renter’s policy. Sometimes that is cheaper than taking out a separate policy.
Post # 13
So my ring is just on our homeowners policy. FH had the ring added to the policy the day he got it because he took me to LA to propose (cross country)! It wasn’t too much more per month – maybe a few dollars.
Post # 14
Reading this is making me think I should get it. I know that where my FI purchased the rings, they need to inspect them every 6 months to ensure if a stone goes missing they’ll replace it but I don’t think that covers the whole ring. I need to do research!
Post # 15
I think it’s totally worth it but you got quoted $100?! I have mine through the same place I have renter’s insurance and it is only about $28 a year for both e-ring and wedding band (a little over $2 a month).
Post # 16
absolutely get it. i got mine immediately and it was so easy to do online with Jeweler’s Mutual.