(Closed) Engagement Ring Insurance?

• maizybug
• 13 years ago

• Wedding: May 2009

I am pretty sure you have to ask for an andendum to your homeowner’s policy. Ours doesn’t normally cover jewelry either, but if we add information that specifically lists an item, it will be covered.

You can get the ring appraised at any jewelry store, bring in the appraisal to your insurance agent, and he or she will add a line to your policy that will cover the ring. You can do this for any big purchases you make if you want to make sure they’re covered when something happens. You’ll have to pay a little more each month, but it’s pretty minimal – like around $5 if I remember correctly.

At least this is what I’ve been told to do … it’s been six months and I still haven’t gotten around to it!

• mrsbic
• 13 years ago

• Wedding: March 2008

your homeowner’s insurance won’t cover you?  how beezare!  hahahaha!  okay well first you need to make sure you have the ring appraised by an independent jewelry appraiser so you have the acutal value of the ring.  otherwise, the most companies will ensure you for is $500-$1000.  For many people, this is not an accurate value of your ring.

There are independent insurers out there: Jewelers Mutual is an example.  also know that there are a few options to choose from–an actual cash value policy in which you would receive $ for what you spent (minus depreciation, if any)if the ring is lost or stolen and the other type is a replacement policy that will ensure you get a replacement that is identical to what you originally bought–materials, stones, etc.

good luck and hope that helped 

• DrB
• 13 years ago

• Wedding: November 2008

If you bought your ring from a jewelry store, they often have info on insurance, and sometimes they offer their own.  At the very least, you can contact a store, even if you did’t buy from them, and they can tell you what to do, and help you find an appraiser.  Ours was easy because the store had an appraiser they use, and we were able to do it all in one stop.  Also our renter’s insurance was ammended to cover the ring as well, so it is strange to me that your homeowner’s does not allow it to be covered.

• daydreamer33
• 13 years ago

• Wedding: June 2001

I find that really odd as well about your homeowner’s insurance. Every major company that I know of should have an endorsement or floater that can be added to your policy to specifically cover your ring. I worked as an insurance for a few years up until I quit last year so I did a number of those myself for clients. But sometimes it’s best to go with a separate policy all together because there can be more restrictions and limitations when it’s just added to your homeowner’s policy. You can check into Chubb- I used to hear good things about them.

• KateMW
• 13 years ago

• Wedding: February 2021

Do you mean that your homeowner’s policy won’t cover the full amount? Because it’s not uncommon. Most people have to get a jewelry rider on their policy. 

• Niki
• 13 years ago

• Wedding: May 2008

Yeah, I got a rider. 

• jma19
• 13 years ago

I got an add-on to my renter’s insurance.

• JCM9608
• 13 years ago

• Wedding: September 2008

glcatandgyro

You will need to add it as a separate thing onto your insurance.

Get it appraised.

Also, please consider that there are different types of jewelry insurance. You can get it insured through your insurance as a rider/floater or covered under your assets as part of "jewelry" or you can go to a specialty insurance company and do it this way. 

There are differences in that they cover (or don’t cover!) varying situations differently as far as theft, loss, mysterious disappearance, damage, etc. Please look into the policy carefully. Expect to pay about 3% of your ring in premiums for good coverage annually.

• superstar
• 13 years ago

• Wedding: April 2009

gee is it even worth it?  if you’re paying 3% for insurance a year… you can buy another one in 33 years and 4 months…  i don’t know i just don’t get it…

i don’t understand how any/most insurance is a good deal (other than maybe term life which is less than 100 bucks a yr for me….)…

• KateMW
• 13 years ago

• Wedding: February 2021

It’s a good deal for us. I’d much rather pay $300 a year for the rest of my life (just in case) than the 100 times the yearly payment it would cost to replace it. We got a friends and family deal on my ring and it appraised for almost double what we paid for it. We couldn’t afford to walk into any old jewelry store and replace it if we didn’t have insurance on it. We did wait a while to get it insured out of total laziness. We actually didn’t insure it until a year after we got married after i had lost it for two weeks! Talk about being scared straight! Our policy covers all sorts of crazy stuff, except like animals eating it. LOL

• staceyb
• 13 years ago

• Wedding: May 2008

i have a setting with smaller diamond accents and i am PARANOID i’m going to lose one of them… so i’m definitely planning on getting insurance. i want to be covered!! i’d rather pay a little each month rather than having to shell out 2k all at once…

• superstar
• 13 years ago

• Wedding: April 2009

just wondering, how much are the rings you guys have that you’re insuring? 

I don’t know, I just don’t buy this insurance stuff… I’ll be more worried someone came and chop my finger off for the ring than losing it… but then again, if either happened and i had insurance it would be covered 😐

has anyone ever lost their ring? (how is it possible to lose it?)

• Serendipity
• 13 years ago

• Wedding: November 1999

People do take their rings off and lose them.  But, some people also damage their rings, like that commercial with that chick’s E ring being in the disposal and she turns it on.  Or, even if you lose your center stone, like if you didn’t know a prong was lose, insurance would cover all those things.  It sounds really weird that the homeowner’s insurance doesn’t have anything to help you insure your ring.  I know mine has a rider you just add on.  I also have the same company for my car insurance, so having everything together even gets me a discount.

• superstar
• 13 years ago

• Wedding: April 2009

how do you prove to insurance you’ve lost/broke/had it stolen vs having it eatten by your dog (where it’s not covered)?

I’m sure there’s been people that have tried to make a claim on a fake-lost ring, how do they make sure you’ve really did lose the ring properly?