(Closed) When to get ring insurance?

posted 4 years ago in Rings
Post # 3
Member
187 posts
Blushing bee
  • Wedding: April 2003

@soontobemrsm11:  I do know with my insurance co they required an appraisal not older than 2 years old. 

Post # 4
Member
1937 posts
Buzzing bee
  • Wedding: February 2014

BEFORE it leaves the store. Seriously. You never know what could happen – fire, theft, curious cat, etc. 

Post # 5
Member
717 posts
Busy bee

I say get the insurance as soon as you have the ring.  better safe than sorry.

Post # 6
Member
10507 posts
Sugar Beekeeper
  • Wedding: January 2011

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
Member
5015 posts
Bee Keeper
  • Wedding: September 2013

@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
Member
9174 posts
Buzzing Beekeeper
  • 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
Member
240 posts
Helper bee
  • Wedding: August 2013

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
Member
1145 posts
Bumble bee

@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
Member
3266 posts
Sugar bee
  • Wedding: February 2014

I got insurance the day after he proposed. I couldn’t imagine it not being insured!

Post # 14
Member
4417 posts
Honey bee
  • Wedding: December 2010

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 # 16
Member
4417 posts
Honey bee
  • Wedding: December 2010

@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. 

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