(Closed) Appraise and insure your ring?

posted 8 years ago in Rings
  • poll: Should I appraise and insure my engagement ring?
    Yes, you should appraise and insure it! You never know! : (42 votes)
    95 %
    If you don't think you have to, then don't worry about it. : (2 votes)
    5 %
  • Post # 3
    Member
    922 posts
    Busy bee
    • Wedding: August 2010

    100% got it appraised and insured within a week of getting it – if I ever lose it or get it stolen, I feel at ease knowing I have it insured and can get the money back to replace it (although that would be sad!)

    Post # 4
    Member
    14186 posts
    Honey Beekeeper
    • Wedding: June 2009

    My mom didn’t have hers insured but has had to replace a few stones.

    We got mine insured because we can’t afford to replace it….and for $150/year, it seemed like a good idea to do it. Now if i had plenty of money sitting around to the point that replacing the cost of the ring wouldn’t hurt me, then I probably woudln’t bother. I don’t insure ALL my nice jewelry. Just the stuff I can’t afford to replace without it hurting the bank account.

    And wedding jewelry gets a LOT of wear on it. I’ve already lost a stone and had it replaced.

    Post # 6
    Member
    828 posts
    Busy bee
    • Wedding: March 2010

    Please get it appraised and insured! My ring is vintage, so there’s no way to replace it with an identical one if it got lost or stolen. I still have it insured, though. Most likely as ejs mentioned, a stone will fall out. Will you be able to afford that out-of-pocket if that happens? 

    Also, what if your jeweler goes out of business, or you move away and then you can’t have them fix it? 

    Post # 7
    Member
    828 posts
    Busy bee
    • Wedding: March 2010

    It is cheap to replace tiny diamonds in a pave setting, but what if the bigger one got lost? 

    I think of it like car insurance: Sure, I don’t have an expensive car, and I drive carefully, but accidents happen. I’d rather at least have the money towards a new car than have no car at all.

    Post # 8
    Member
    485 posts
    Helper bee
    • Wedding: July 2010

    Please insure your ring. I’m an adjuster and I do countless claims for lost stones and lost rings. Get a rider for it, if it’s scheduled you’ll usually have no deductible and such nothing to worry about if something goes wrong.

    Post # 9
    Member
    4567 posts
    Honey bee
    • Wedding: August 2010

    Please, please, please, please, please (PLEASE!) get it insured. Oh, please do it! Insurance is too little money to risk on something so important- I know I would be absolutely devastated if anything at all happened to mine.

    Post # 10
    Member
    7975 posts
    Bumble Beekeeper

    I told J to insure mine before he gives it to me, haha, because knowing me, I’ll bash my hand into a counter within 24 hours of wearing it and crack the stone. I’m a klutz.

    Post # 12
    Member
    485 posts
    Helper bee
    • Wedding: July 2010

    It’s a stand alone policy for the ring itself. It will insure the ring for the full appraised value, and, because it’s such a specific policy it is not subject to a deductible. Just get it appraised and head down to a broker and they’ll get you set up 🙂

    Post # 13
    Member
    4024 posts
    Honey bee
    • Wedding: September 2010

    I’m not insuring mine! Probably should, but the jewelry store we got it at gives us a life time guarantee (big franchise too, so not worried about going out of business!), and if ANYTHING happens to the diamond, they will replace it. I just have to go every 6 months and get it checked. Also, our home owners insurance covers it if it is stolen from our house, so Fiance said that will be our story no matter what! ha!

    Post # 14
    Member
    233 posts
    Helper bee
    • Wedding: May 2018 - Hotel Vitale

    A reason to get insurance:

    A Spoiled Rotten Nightmare.

    I got a whole new setting after this happened and we didn’t pay a dime. Get insurance!! It’s not that expensive either.

    Post # 15
    Member
    5670 posts
    Bee Keeper
    • Wedding: August 2010

    I would get your ring appraised and at least price out insurance. We had my ring custom made as well so I know I could never replace the exact ring, but what if you lose it or if a stone needs to be replaced. My Fiance paid 13k for my ring and it was appraised at 22k, and I think we pay $125 per year for the insurance.

    Post # 16
    Member
    84 posts
    Worker bee
    • Wedding: January 2010

    A jeweler will appraise your ring for a small fee – about $40? I would call ahead to make sure they can do this – and then can give you a print-out of an appraisal. Then you can go to a place like Jeweler Mutual (.com) and put in your info and fax or e-mail over the appraisal – so easy! You pay once a year and they cover pretty much everything! If you end up paying $250 a year it is well worth it in the event you lose or damage the ring!   🙂

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