Post # 1
SO and I are ring searching, and looking at the prices is making me worried about losing it. I have a history of losing valuable items; that includes my promise ring, which somehow slipped off my finger even though it was the right size and I never took it off – hence, legitimate concern! We don’t yet have property to insure it with, so I’m looking at jewelry insurance options. That said, I don’t want a very expensive ring so it’s not like we would go broke if we had to replace it.
Do any of you have separate ring insurance? What, just to get an idea, is a typical percentage annual cost and deductible? Any experience or advice to share?
Post # 3
I would say it’s worth it & probably comparable price to insure separately. But I would also say, what is your living situation that you don’t have any kind of property insurance? What I mean is, if you’re renting you might want to get renter’s insurance. If you’re living at home with your parents you would want to have it as a scheduled property on their home insurance. So I’m having trouble visualizing your situation.
Post # 4
@arathella: Hell yes it’s worth it.
I don’t have my ring yet, but I will be insuring w. Jeweler’s Mutual.
They cover if you lose it, if it’s stolen, etc… any number of things, and the coverage applies anywhere you travel as well. Most homeowners policies don’t cover as much.
It’s peanuts really. I was playing with their calculator a few months ago and I think to insure a $20,000 ring (I picked a few arbitrary numbers) was less than $300/year. The less expensive the ring, the less the insurance is.
I would insure anything over $5,000. Basically anything I can’t easily replace.
Post # 5
I JUST emailed my insurance company this morning about insuring my ring. This is what they said:
I would suggest a personal articles policy for your ring – we would need a copy of the appraisal, we would work up the quote for you, complete an application with payment, and your ring would then be insured.
Post # 6
I have my ring insured!! It was insured before he even gave it to me, but it’s worth more than both of our cars combined haha. I think it’s only like $10/month and it’s just added with our regular insurance company. DO IT.
Post # 7
@LucyLaLa: thanks for the replies! We have renter’s insurance which does not cover lost jewelry.
Post # 8
My rings are not insured. It costs 1% of the appraised value every year, which is a lot. DH and I just didn’t feel it was worth all that money for a “what if” situation. I also don’t plan on wearing my ring when we have young children running around so the ring will sit in a safe for a few years. And I’m not sure if after our future kids are grown I will go back to wearing it every day or not, so we just opted to not insure it since it would sit around in a safe.
Post # 9
I work in insurance and we have personal articles polices you can take out for rings. They typically cover more than your home or renters policy would, like accidental loss or damage like if the gem stone falls out. You can usually get them with our without a deductible and with most providers they are not very expensive, depending on the ring value of couse.
I’ve seen enough people regret not having it that I know I’ll get one once we have my ring.
Post # 10
Yes, totally worth it in my opinion! It was cheaper for us to get it insured through jewelers mutual than it was through our homeowners, and it was a better value – there’s way more coverage through jeweler’s mutual than our homeowners.
It costs about $100 for coverage per every $10,000 of ring cost (if that makes sense!) So, a ring costing $10k would be insured for $100/year. It does vary a bit by location, etc. You can get a quote online on the jeweler’s mutual website.
It was worth it to us because my ring was pretty expensive, and not something we’d be thrilled about shelling out money for again. I also wear it everywhere, so it’s not like it sits locked up in a safe every day so the chances of something potentially happening to it are more likely.
Post # 11
My ring is insured through Perfect Circle. I pay $25/year (the minimum), and my deductible, I think is zero (I was messing around, trying to hit the minimum, since I was under).
Post # 12
@canarydiamond: Jeweler’s Mutual seems perfect! My SO is very relieved haha!
Post # 13
- Wedding: October 2011 - Bed & Breakfast
We have a personal articles policy for my rings through State Farm, where we also have our car insurance and our home owner’s insurance. Even if you did have home owner’s insurance or renter’s insurance, you would probably still need a seperate policy because ho and renters only cover up to $1500 or $2k, I can’t remember which. When you think about all of the jewelry you own (even the $30 costume stuff), it adds up quickly and probably would not cover the replacement of your stuff. So yeah, a seperate policy is a good idea.
Post # 14
FI owns his own home and we are getting mine insured. The store covers it with temporary insurance until you get it insured but it’s only for like 90 days or something short. We are doing it because anything could happen…fire, flood, whatever. I don’t think it will cover it if it’s lost but since we haven’t gotten it yet I don’t know. I also don’t know if it covers the ring away from the house, say on vacation or even on an errand.
It will add $11 each month to homeowner’s (I think…but for sure less than $20) so we find it worth while. If you are renting, renting insurance usually covers it but you have to get it added.
Post # 15
- Wedding: August 2013 - Rocky Mountains USA
I got insurance on my ring right away – I also lose stuff, although I wear this 99% of the time. It’s a family heirloom so I would still be heartbroken if it were lost, but at least the value could be replaced.
We got a separate insurance rider through our home insurance. I believe it’s about $120/yr for a ring appraised at $6,000. Well worth it in my mind. It covers loss, theft, and damage – just not routine maintenance stuff.
Post # 16
@arathella: My rings are insured under our home insurance policy which also covers jewellery away from the home. The only thing we had to do was list each individual item over £1000 in value – presumably the total amount we paid took that into account.