(Closed) e ring insurance

posted 10 years ago in Rings
Post # 3
Member
282 posts
Helper bee
  • Wedding: October 2008

Add it on to your homeowner’s or rental insurance. That way if you lose it or it is stolen, it is covered. It is certainly worth it if the ring is worth more than your deductible! Most insurance policies require a rider for fine jewelry; you will have to provide an appraisal from a certified jeweler. Your insurance company can give you all the details. 

Post # 4
Member
72 posts
Worker bee
  • Wedding: Small church ceremony, museum reception

we went through an independent company- when we went to have the e-ring appraised, our appraiser recommended several companies to us. I’ve also heard of people adding riders to their homeowner’s / renter’s insurance, too.

 I think it’s quite necessary if your e-ring is of high enough monetary value. Think about it: you spend so much money on one piece of jewelry, and it might not be financially easy to replace if it’s stolen. I know for us, it was a necessity! 

Post # 5
Member
129 posts
Blushing bee
  • Wedding: May 2009

Our jeweler suggested an independent company, and we looked into it. However, the prices were comparable to adding a rider to our renter’s insurance, so we went with the insurance company we already have (just makes it easier to keep track of things on our end). I’m very happy we have the insurance; the few times I have temporarily "lost" my ring (I take it off to put on lotion, for instance), I keep from freaking out because I know that if worst comes to worst, it can be replaced — then I find it sitting on the counter where I left it 🙂

A friend of mine had one of her prongs come loose without her realizing it, and one day she looked down and the diamond was gone! Luckily, she found it on the carpet right near where she had been sitting, so it turned out OK, but she was also very glad she had her ring insured, because that stone could have fallen out anywhere!

Post # 6
Member
125 posts
Blushing bee
  • Wedding: June 2009

We did it separately, but through the same firm as home insurance policy. But we added other jewellery to a policy for several things at once. The reason we did it separately were two fold. First, if we do claim anything, the deductible was smaller than it would have been on the home insurance rider. Second, if we claim anything, only that smaller insurance policy (not the larger home insurance) goes up in price.

Post # 7
Member
81 posts
Worker bee
  • Wedding: June 2001

As a former insurance agent, here are my 2cents. Be sure to read the fine print – what is covered & what is excluded/restricted with whatever route you decide to go. Some riders on homeowner’s policies will not cover for mysterious disappearances or loss or damage. Some may not cover incidents occurring out of the country. Also, find out what the claims process is like in the unfortunate event that something does happen to your ring. Most riders also will only provide you fair market replacement value for your ring. So say your appraisal is for $5000 but the actual retail price of the ring is $2500- the company will not just cut you a $5000 check. They will either provide you with a comparable ring or $2500. If you want the full $5000, you’ll have to find a company that offers agreed value coverage. If you’re looking into companies that do separate policies for jewelry, Chubb & Jeweler’s Mutual seem to have good reputations. ‘

And just an FYI, filing a claim on your homeowner’s insurance policy does not make your insurance premium go up the next year. It’s not like auto insurance where if you’re found at fault in an accident and you file a claim then your premium increases (because that accident is actually a point against your driving record). Home insurance rates are based more on your region and the number of overall losses for the company in your area. That is not to say that an insurance cannot choose to non-renew your policy for too many claims made on your home. And when you make a homeowner’s claim, that stays on your record for at least 5 years and may make it more difficult to switch to another company. 

Post # 8
Member
23 posts
Newbee
  • Wedding: September 2009

I got my e-ring insured. I wanted to add it to my homeowners insurance, but it only covered jewerly worth up to a couple thousand dollars..so I bought an independent insurance from the same company, State Farm, but specific to jewelry.  The premium varies depeding on the worth of the ring, but I really liked it because of it’s $0 deductible. And I requested for the insurance to cover my ring with inflation, which costs a couple of bucks more a year, because if my ring is worth more in 10 years and I lose it, I don’t want to reimbursed what it was originally worth but rather it’s actual value at the time..

Post # 8
Member
23 posts
Newbee
  • Wedding: September 2009

I got my e-ring insured. I wanted to add it to my homeowners insurance, but it only covered jewerly worth up to a couple thousand dollars..so I bought an independent insurance from the same company, State Farm, but specific to jewelry.  The premium varies depeding on the worth of the ring, but I really liked it because of it’s $0 deductible. And I requested for the insurance to cover my ring with inflation, which costs a couple of bucks more a year, because if my ring is worth more in 10 years and I lose it, I don’t want to reimbursed what it was originally worth but rather it’s actual value at the time..

Post # 9
Member
23 posts
Newbee
  • Wedding: October 2018 - R.H. Phillips Winery

Make sure that your insurance adds what’s called a "floater" to your jewelry coverage. That way if you’re mugged or something happens to the ring outside of your home, it’s still covered.

Post # 10
Member
172 posts
Blushing bee
  • Wedding: March 2018 - Ritz Carlton, Marina Del Rey

I’m thinking of going with Jeweler’s Mutual, because it covers "mysterious disappearances" and my regular home insurance policy does not.  I’m famous for losing things of value, so this will at least give me some peace of mind.

Post # 11
Member
2292 posts
Buzzing bee
  • Wedding: July 2008

Also (as regards the other e-ring discussion going on) it’s good make sure that your policy covers you while travelling, and that it covers any kind of loss.  My rider (through Safeco) covers me if I manage to lose a stone in the mud playing soccer, or while climbing or white water kayaking.  It covers me anywhere in the world.  The exceptions are acts or war, and detonation of a nuclear weapon even if not an act of war.    Darling Husband thinks that is very funny – he says "Because really, if you get vaporized by a nuclear weapon, I want the damn ring back."

Post # 12
Member
365 posts
Helper bee
  • Wedding: April 2009

One of the first things I did was insure my ring!  I was so terrified of losing it, I didn’t want to take it off at all (okay, so I didn’t want to take it off for a lot of reasons).  FI purchased the extended warranty when he bought it, so I take it in twice a year and they inspect the prongs.  If a diamond falls out, they will replace it at no cost (I already put that one to the test when one of the small diamonds came out a month after I got it), and they clean it for free as well as re-electroplate it (mine’s white gold).  Basically, it covers any damage, but not if you lose it or it gets stolen, so we insured it via rider to our renter’s insurance.  It wasn’t expensive at all and it’s so worth it for the peace of mind I have now.  

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