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Ohh, I was just talking about this in the other thread, Who is your ring insured by?
My ring insurance is now close to $450/year, and it keeps going UP every single year!! So frustrating, I need to look into other options/companies. Although in your case, I think $400/year sounds rather high since it should be based on the cost of your rings, someone mentioned about 1% of your ring's worth.
One thing an insurance agent suggested to us is to have my ring RE-appraised at a lower value and then the cost of the insurance will go down. But I'm really hesitant to do that cuz what if something happens to it, then I wouldn't be able to get anything like it again!!
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My ring insurance, which covers loss, theft, dammage, etc, is 10% of the appraised value of the ring per year. Definitely no where near $400 a year, but then maybe my ring is less pricey than average.
Yerah, i saw that but I didn't want to threadjack 
Oh, man. Well, I don't know how I could get someone to appraise it at a low value. I know what we paid for it, and we paid a really good price because FI's BIL has jeweler hook ups. I agree with you, it wouldn't be near the cost of the whole set. As in my 2 wedding bands, my E-ring, and my Fi's wedding ring.
I'm more concerned about replacing one of the stones should they fall out. Then again, as long as I don't lose the big one....I dunno! Oh well. my FI wants to insure it.
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Wow thats quite a lot girls! I pay I think around $100 a year. I get a discount for having several policies at State Farm. You should see if you can do what wherever you have your car policy!
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My fiance insured my e-ring with Jewelers Mutual because I was the one who had set up our renter's insurance and he didn't want to tip me off by trying to add it. We were going to be out of the country when he proposed and he wanted to make sure it was covered if anything were to happen. I believe the appraised value of my e-ring is around $10k and it cost him $90 for an entire year. I'm not sure at this point if we will add this to our condo insurance after that year is up or renew with jewelers mutual and add our wedding bands. I was surprised that it was only $90 for the whole year though given my friend told me that the cost her fiance incurred by adding her e-ring to his renter's insurance more than doubled the cost of his policy.
Wow, that seems really high to me! My ring insurance is a personal articles policy added to the homeowners, so it's specifically covers my e-ring against theft, loss, damage, anything. My coverage is only about $50/year, which is right in line with the 1% Emerald mentioned.
I'd check on the details and make sure your rings would really be covered under a blanket increase in coverage. I think when I've checked before, any items, particularly expensive jewlery, have to be specifically documented and appraised for the insurance.
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I would strongly recommend Jewelers Mutual. I used to work at a jewelry store and we always recommended them. The rates depend on where you live, but are very reasonable. My mom had most of her jewelry stolen and the company was GREAT about replacing everything. I insure everything I wear -- what's the point of jewelry if you are too nervous about losing it?
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My ring and band are appraised at over $18k and we are paying $400/year through our home insurance. We thought it seemed reasonsable. I think the amount it is appraised for plays a role in how much it costs.
Jeweler's mutual's cost also changes depending on where you live. I believe to the best of my recollection, its 2% of your ring's value for NYC area.
Crap, I thought I'd shop around for a better rate and tried the online quote estimator at jewelersmutual.com. Unfortunately, it calculated $615/year!! I'll stick to my current State Farm... *sigh* It must have to do with the fact that I live in Chicago, a big city...
Our ring insurance is currently covered by the jewelry store at no charge to us. We have to send it in every six months for a cleaning and check-up, but as long as we do that the jewelry company keeps up our insurance for us. However, we've been looking at getting a second policy through our homeowner's insurance, and it's only $12/year. The ring set was about 2k.. I actually have no idea why we'd pay that low... (<1%)
As far as property insurance goes, though, that's going to vary a ton by your area, but I think $400 a year for basically 35k worth of coverage (15 for the rings and 20 for personal property) is a little high. When we buy a house up here we're looking at 800-1k yearly for up to 60k worth of personal property. But we're in a high-risk fire zone, and prices are kinda outrageous.
I'm around 1% too, so its a little over 100/yr until we get our bands added on!
I'm with State Farm, and it's $120/year, which is less than 1% of my ring and wedding band's total value. We also have our vehicles and homeowners' with them.
I pay $8.25 per every $1000 of coverage. So if your ring is $10,000, your insurance would be about $83 per year. I think it's a good deal! I go through Liberty Mutual.
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We pay around $600/year for my engagement ring and it has been appraised at $39,000. I went with Chubb, even though it was a bit more expensive than State Farm ( we have renters insurance with them). If the ring gets stolen, lost, etc they pay 150% of the appraised value and you can get the ring anywhere you want ( which is important if you have "brand name" ( eg Tiffany, Cartier, etc) or antique ring). State farm's policy replaces the ring from the jeweler of their choice based on the appraisal ( size, clarity, etc). I wanted to get cash, no questions asked, so I am paying extra. My fiance thinks its a bit too much, but in my opinion unless you have the money sitting around ready to replace your ring if something happened to it, you should get the insurance. Just my two cents.
Do I read right and you own a home? We just bought home owners/builders risk insurance for the build process and added the ring to and we are paying a total of $600 a year! Then when we actually move in our homeowners policy with ring and assets will be around $500. My rings are only appraised at about $7000 but I am thinking that is alot but I can check with my FI on if they gave a seperate amount for the ring.
Thanks ladies!
Yes we do own our own home. Something about adding "assets" to the home in addition to the rings. You can't JUST have your rings insured. blah blah blah.
I'm having a jeweler appraise them Friday...I"m curious to see what he suggests. I hear a lot of buzz about jewelers mutual.
Oh, and btw we own a home, too. I've never heard that about "adding assets to the home."
My insurance is through USAA, and my "valuable personal property" policy, which covers any miscellaneous jewelry up to $2500 total PLUS my engagement ring which was purchased for $5000 (probably need to get it re-appraised) costs just $61/year. To add my wedding band & his wedding band, it would go up to $77. We also have renter's insurance & both cars insured through them.
Hmmm...I'm thinking that $400/year for about $35K of stuff plus your house is not too expensive. Possibly varies by area. But my 1BR condo insurance plus the minimum coverage on stuff (I can't recall, but I know that I specifically did not include my diamonds, so I doubt over $10K) was something like $250. I could easily see the extra stuff bringing it up to $400/yr.
FWIW, my FI is always really responsible about these types of things and he feels it's totally not worth it to insure my engagement jewelry. I tend to agree with him...so maybe I'm siding with your Dad on it being unnecessary. I think something on your finger is very unlikely to be stolen. And unless you have a tension setting, it's unlikely the center stone will fall out. Any side stones are not that expensive to replace.
I agree w/Indie B, as a home owner, your assests are covered up to a certain price of your home and that should all be included. Unless its a mansion, which you said you only have college stuff, you should not need to be adding additional assets policies on. I would definetly be shopping around for the insurance and I understand alot of people are doing ring insurance through jewlers, but sometimes you get a better rate with a company that you have multiple policies with.
Well, the cost to replace one stone in my wedding band is going to cost us what we paid for the whole band. So, yes we got a good deal on my ring. With so many stones in there (i counted over 2 dozen total small diamonds) I'm bound to lose one.
We didn't want to insure the contents of our home. Our policy ONLY includes the actual house right now. So, for example if it burned down, we'd be out all our stuff, but we'd get the house rebuilt. We'll add assets in a couple of years I think. We just don't have nice stuff yet. Our policy is maybe just goofy. We dont have our cars insured through them, either since i'm still on my parents car insurance plan! Eek. It's cheap, okay? LoL. Our rings aren't worth 35K. Maybe 15 tops.
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Beekeeper
I tried to add ring insurance to my homeowners policy and my dad is throwing a fit. He says that $400 is a LOT of money and it's such a stupid idea, blah blah blah. He owns a lot of properties and businesses like that, so I take his advice when it comes to this kind of stuff seriously. It also changes the policy by adding $20,000 worth of coverage to items IN the house instread of on my finger. Isn't that how it is? Right now we have college junk so our home insurance does not include property IN the house, just the house itself. I think our rings are worth about $15,000
Is that normal? $400 a year for insurance? I just want to make sure I'm not getting screwed. Thanks