(Closed) What do you pay for ring insurance?

posted 9 years ago in Rings
Post # 3
Member
164 posts
Blushing bee
  • Wedding: September 2007 - Hyatt Lodge, Oak Brook IL

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!!  

Post # 4
Member
337 posts
Helper bee
  • Wedding: June 2010

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.

Post # 6
Member
776 posts
Busy bee
  • Wedding: June 2010

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!

Post # 7
Member
92 posts
Worker bee
  • Wedding: July 2009

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.

Post # 8
Member
1116 posts
Bumble bee
  • Wedding: August 2008

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.

 

Post # 9
Member
26 posts
Newbee
  • Wedding: September 2009

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?

 

 

Post # 10
Member
424 posts
Helper bee
  • Wedding: October 2009

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.

Post # 11
Member
337 posts
Helper bee
  • Wedding: June 2010

1%, yes!  Not 10%.  Oye!

Post # 12
Member
359 posts
Helper bee
  • Wedding: December 1969

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.

Post # 13
Member
164 posts
Blushing bee
  • Wedding: September 2007 - Hyatt Lodge, Oak Brook IL

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… 

Post # 14
Member
6010 posts
Bee Keeper
  • Wedding: May 2009

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.

Post # 15
Member
275 posts
Helper bee

I’m around 1% too, so its a little over 100/yr until we get our bands added on!

Post # 16
Member
1048 posts
Bumble bee
  • Wedding: September 2009 - City Hall

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.

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