Post # 1
So it looks like my ring is FINALLY done and I should be picking it up by this weekend!! I’m so excited!!!! BUT the ring will be sitting in the closet for a while (per our discussed and agreed upon timeline) so I’m wondering, should I get it insured immediately or should I wait until I’m actually engaged and wearing it everyday? It will probably be sitting for around 6 months so I don’t see the point in paying money for it when it’s sitting in a closet and the only real damage that could happen would be a fire but I also don’t know if there is a time limit for getting insurance? Or if after the appraisal you have to purchase the insurance plan within 60 days or something?
Any advice bees??
P.S. I WILL be posting a picture when I finally get it!! I’m allowed to take only one and I’m allowed to share it with the hive haha
Post # 3
@soontobemrsm11: I do know with my insurance co they required an appraisal not older than 2 years old.
Post # 4
BEFORE it leaves the store. Seriously. You never know what could happen – fire, theft, curious cat, etc.
Post # 5
I say get the insurance as soon as you have the ring. better safe than sorry.
Post # 6
I had to pay by the year, so at most you’re doing one extra payment by doing it before you’re wearing it your insurance is similar. I would recommend doing it, what happens if someone steals it?
Post # 7
@BlondeBee: Yes this, get the insurance immediately!! Ring insurance is very cheap and absolutely worth it (unless your ring is worth less than the decutable of course).
Post # 8
- Wedding: August 2013 - Rocky Mountains USA
Yeah, I’d do it asap. If your house burned down, or your FI moved it and forgot where he put it, or any number of other unlikely but possible options happened, how crappy would you feel for saving the $50 or whatever by not insuring it??? Cause it really doesn’t cost that much.
Post # 10
My fiance had the ring for 2 days before it was insured and said he woke up in the night once and checked to make sure it was still there. Maybe he was a biiiit paranoid but do yourself a favor – insure the ring and be 100% sure it’s covered while you wait. Peace of mind is a beautiful thing.
Post # 11
@soontobemrsm11: I would do it now, unless your house insurance covers jewelry at an amount high enough in which you could claim the ring.
Post # 12
I got insurance the day after he proposed. I couldn’t imagine it not being insured!
Post # 13
@BlondeBee: this made me laugh! I’d chase a cat DOWN hahaha
Thank you bees!! I haven’t looked up any prices so I must have it in my head that it’ll be more expensive that it will. I’m glad I posted this! I will be looking up insurance tomorrow & hopefully I can get it set up to get it as soon as possible =)
Post # 14
Until he actually gives it to you, it doesn’t belong to you. So that means you might be unable to insure it yourself. He might have to have the insurance on it in his name. If you have a homeowner’s policy, the policy should cover the ring, but…and this is big but, you will probably have to file a police report if something happens to it in order to make a claim on your homeowners policy, because it usually only covers theft. If you have renters insurance, it probably isn’t covered at all. You really need a jewelry rider on any policy you have.
Personally, I’d make sure I had some kind of policy on it no matter whose name it has to be in. It shouldn’t be that expensive. My rings appraised at $8K, and it’s only additional $65 a year on our homeowners policy. Well worth it for the peace of mind that if anything happens, it will be covered. I mean, I could lose it in the lake while boating, and my rings are covered.
Post # 15
@Loribeth: I do rent, do you think it’ll cost more because I don’t have a homeowner’s insurance policy? Should I see if my renter’s insurance does insurance for my ring as well? I’ve heard good things about jewelers mutual (I think that’s the name) so I’m planning on looking into that but I didn’t think about looking into adding it to renter’s insurance since I don’t know if I actually CAN.
Post # 16
@soontobemrsm11: I would certainly check with your insurance agent about adding a rider to your renters insurance. Riders can usually be added to any policy. I think you’re right about the name. There are some insurance companies out there that do just insure jewelry. The good thing about these policies is they are often even less expensive than a rider, and it is all they do, so you get really good coverage. The down side is you don’t have a local agent, so filing a claim can be a bit more difficult.