TO insure or NOT to insure your rings?????

posted 4 years ago in Rings
  • poll: To Insure or not to Insure?
    We insured all our rings - not worth the risk! : (101 votes)
    58 %
    Would like to insure them, but we haven't yet gone through the process yet. : (22 votes)
    13 %
    Not sure either - I am also unaware of the all the facts & pros/cons : (6 votes)
    3 %
    Didn't insure them. It is a waste of money that we would rather put into savings. : (13 votes)
    8 %
    Only insured it part way. (ie. insured one ring) : (28 votes)
    16 %
    Other : (3 votes)
    2 %
  • Post # 17
    Member
    270 posts
    Helper bee
    • Wedding: August 2013

    we insured mine but not his.  It costs around $100 a year for a $10,000 ring.  If your center stone fell out or something it would be horrible to not have it insured.

    Post # 18
    Hostess
    11839 posts
    Sugar Beekeeper
    • Wedding: May 2014

    for $13,000 i would absolutely insure them.  I have no idea how it works if you dont’ have renters/home owners insurance but I’m sure it can be done.

    Right now my e-ring is insured and we will likely insure both bands as well (although that will depend on what they cost).  The insurance for my e-ring is only $54 per year (or something like that) and it’s worth it to me.  I doubt I’ll ever lose it, so I know it might be a waste but that said – my grandmother lost her wedding ring 3 times and I know several people who have lost stones.

    Post # 19
    Member
    1237 posts
    Bumble bee
    • Wedding: May 2015

    I am shocked that anyone would advise you against insurance! Like the PPs have mentioned, the cost is negligible, and anything can happen!

    Post # 20
    Member
    907 posts
    Busy bee
    • Wedding: February 2014

    We insured my e-ring and will be insuring the bands when they arrive. All the rings are platinum, so they’re worth insuring, in my opinion. Our insurance is through State Farm, and it’s called a “Personal Articles” policy. I insure my car and have renter’s through them, but this policy is distinct from those. It’s not much per year, in my opinion, to reassure me that if something happens to them we can afford to replace them. [Total worth, with the bands, will come in between USD $9-10,000.]

    Post # 21
    Member
    1841 posts
    Buzzing bee
    • Wedding: April 2014

    @HappinessIsInDaisies:  Please insure your rings; it’s worth it.  We have approximately $25,000 worth of jewelry insured through State Farm, and the premium (which is ONLY jewelry) is about $180 per year.  You can also insure through Jeweler’s Mutual.  Estimate your annual premium as 10% of the total appraised value of the jewelry.

    Post # 22
    Member
    8044 posts
    Bumble Beekeeper
    • Wedding: December 2013

    @HappinessIsInDaisies:  In my opinion, if you have a fairly expensive piece of jewelry, it is dumb not to insure it. Unless you can afford to replace it without wincing at the cost, insurance is a good idea. We had to save for my ring, like most people do.

    We recently bought my ring (we are not officially engaged yet, but didn’t want to pass it up since it was unique and a good price), and the first thing I did the day it arrived was insure it, through Perfect Circle/Jewler’s Mutual. It costs around $200/year to insure it, and covers loss, theft, mysterious disappearance etc. They also work with you and a jeweler of your choice to replace it. It’s specialized jewelry insurance and I would recommend it.

    I am clumsy, I’ve been known to lose things, etc. despite being careful. It gives me a massive piece of mind to have it insured. I would never wear something that expensive without insuring it.

    Yes, if your ring costs under $1,000 it probably isn’t worth insuring, but once you get into the thousands, it makes sense IMO. Basically I would have to pay 80+ years worth of insurance premiums to pay for my ring over again lol. So to me it isn’t throwing money away at all.

    Post # 23
    Member
    161 posts
    Blushing bee
    • Wedding: September 2014

    @HappinessIsInDaisies:  If you can afford the out of pocket to replace it, then don’t insure it. My fella paid (about) $10k for my ring and it was insured at nearly $16k (he got a good deal)…we cannot pay to replace it so we splurged the $60 a year to cover it. 

     

    Shop around for insurance because you want to make sure it covers “accidental loss”. I have a thyroid condition and it causes my fingers to swell and skrink without warning. I’ve been in my house and my fingers shrink, I turn too quickly and my ring goes flying across the room. For us, it was peace of mind.

    Post # 24
    Member
    4990 posts
    Honey bee
    • Wedding: July 2012

    @HappinessIsInDaisies:  I don’t understand their logic…most likely you won’t wreck your car or you house won’t burn down, but you still insure them. and a 13,000 ring is the equivalent of a small vehicle.

    I absolutely insured my ring. And it’s not terribly expensive to do so. My policy is through jewelers mutual/perfect circle.

    Post # 25
    Member
    7318 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    We insured mine because it would suck a lot to have to shell out that amount of cash again. But we did not insure his because he chose something inexpensive.

    Post # 26
    Member
    3738 posts
    Sugar bee
    • Wedding: September 2014

    @HappinessIsInDaisies:  Are your parents and friends the kind of people who are preparing for armageddon and/or think JFK’s death was a plot perpetuated by the CIA and/or think Obama is a non-American muslim?

    Insurance is a risk-based business. If you are comfortable not insuring $13K of goods, you are taking that risk. If you do insure them and never lose them, again, that’s a risk you take by paying a premium that may never be utilized. What happens if you do lose them? Would you buy the same or better? Could you? How much would your annual premium be over the next 50 years? I don’t know the answers to all of the above myself but it’s something to consider.

    Personnally, I don’t think all insurance agents are scammers but I do believe some insurance coverage is better than others. Our rings were insured before they left the jewelers.

    Post # 27
    Member
    6569 posts
    Bee Keeper
    • Wedding: September 2013

    I did. If you have an apartment you could put the ring under your renter’s insurance. If you own a home you can add it under your homeowner’s insurance. I have a policy with Jewlwer’s mutual. Its $228 for the year. After this year is up we are gonna add it to the renter’s insurance bc i think it would be cheaper. Its the most expensive piece of jewlery you will own, so you want to protect it. Even though this ring will never be coming off (unless I go on vacation to the caribean)–I just want to know its safe and will be covered, God forbid something was to happen to it

    Post # 28
    Member
    672 posts
    Busy bee
    • Wedding: November 2012

    Definitely insure it! Im an insurance agent so like PP I am biased in my answer.  But I also know what its personally like to almost loose a ring and feel relief that at least I had insurance.  A month before my wedding, the day of my bachelorette party, my ring that I didnt have sized yet, fell off my finger and I lost it.  I cried for days and had given up and went to call the insurance company, while I was on the phone with them I found it under a bunch of boxes that were used to hold wedding stuff!

     

     

    It cost me $84 a year to insure my $12000 ring. I would pay more than that just for the peace of mind! However, I dont insure my wedding band yet, it was under $2000 and I just havent had the time to get the appraisal from the jewelry store. But under my Home Insurance policy, I have minimal coverage for jewelry so if something were to happen to that there would be some coverage at least.

    Edit: also wanted to mention, if you dont have HO insurance or renters  insurance there are companies out there that will insure jewerly  alone.  A lot of jewelry stores have the names of them.

     

     

     

     

     

     

    Post # 29
    Member
    11181 posts
    Sugar Beekeeper
    • Wedding: May 2009

    I would definitely insure them.  Yes, it’s likely that you will never see that money again, but, like prior posters are saying, insurance is something that you pay for in life that you hope you never actually need.

    My e-ring was appraised in 2008 when my then-FI/now-DH purchased it. My jaw almost hit the floor earlier this year when the jeweler gave me a new appraisal.  The replacement value  of my ring had increased more than 30 percent in those five years.

    Post # 30
    Member
    1839 posts
    Buzzing bee
    • Wedding: May 2013

    my e-ring is insured. wedding band isn’t. his def isn’t cause it was like $30 lol

     

    ETA: my ring is nowhere near as expensive as yours. i would def insure it

     

    Post # 31
    Member
    592 posts
    Busy bee
    • Wedding: June 2013

    We insured my engagement ring because it cost him over 10K. God forbid I lose it or it’s stolen I wouldn’t expect him to replace that out of pocket. We will also insure my wedding band even though it was significantly cheaper. It’s about $11 a month in addition to our home owner’s insurance so I think it’s worth it.

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