(Closed) Insurance on e-ring seems outrageous…HELP!

posted 5 years ago in Rings
Post # 3
Member
722 posts
Busy bee
  • Wedding: June 2013

@TO_Cali:  holy cow girl! that’s a lot!! our is on it’s own “policy” ours is through state farm (I believe they have it in cali, I’m not 100% sure though if it’s a nationwide company).My e-ring by itself was apprasied @ $5k and we only pay $50.00 each year for fully coverage if anything were to happen to it. Our insurance agent as well as our jeweler suggested we have it covered on it’s own not under our homeowners plan.

ETA: my ring was appraised @ $5k but Fiance only paid $4k so I’m not sure if the appraisal being $1k more made our policy for it go up at all or not. But I consider ours very reasonably priced! I couldn’t imagine paying $1k EACH year! That’s crazy!!

Post # 4
Member
8879 posts
Buzzing Beekeeper
  • Wedding: October 2013

@TO_Cali:  i had my ring appraised and sent the appraisal to my home owners insurance.  i am getting a rider for my ring associated with my home owners, it is costing me $150/year.  the value of my ring is more than $5000, i am not going to share the value.

i don’t know how much it would be if i needed to insure it without having my house.

 

 

 

Post # 5
Member
1466 posts
Bumble bee
  • Wedding: May 2014

@TO_Cali:  My Fiance purchased my e-ring for $2250 but it appraised for 4k. We used nationwide and added it to our rentor’s insurance. It only costs us $50 a year. 

Post # 6
Member
11233 posts
Sugar Beekeeper
  • Wedding: August 2013

Ours is through A Perfect Circle (Jewelers Mutual) and we pay $25/yr. My ring was appraised at $2k.

Post # 7
Member
905 posts
Busy bee
  • Wedding: February 2014

Mine is also insured through State Farm. The girl who set up the policy used to live in California, and just transfered to Virginia to work, so I assume that they have offices out there. My ring was appraised at $7600 and my yearly premium is $58 (all in USD).

It covers accidental loss and theft, both at home and outside of it. I just read the policy and the only things it doesn’t cover are normal wear and tear (i.e. standard aging) and acts of war/government seizure. Apparently I’m SOL in the case of nuclear war…

Post # 8
Member
1607 posts
Bumble bee
  • Wedding: October 2013

@TO_Cali:  That does seem high. My ring is fully insured against loss, theft, damage etc. It appraised for right around 35k-36k and my insurance is $700 a year. They did require a copy of my GIA report for the center stone since it is over 15k and my appraisal.

I got it as a seperate policy under my renters insurance through USAA.  The entire process was super easy and fast- I don’t know if canada is way mroe expensive for some reason, but I would recommend shopping around!

Post # 9
Member
2363 posts
Buzzing bee
  • Wedding: October 2012

@TO_Cali:  My ring is insured through Jewelers Mutual.  You can play around with the premium calculator on their website to see how much your premium would be based on the appraisal value of your ring, your ZIP code, and the amount of the deductible. You can choose a higher deductible to lower your premium.

FWIW, we live in NYC and pay around $250/year for about $15k of coverage, which is significantly more than SO paid for my ring.  Initially the appraisal came back with a replacement value of $17k and we worked with the appraiser to lower the replacement value (to lower our premiums) while, at the same time, protecting ourselves against future price increases since we didn’t want to have to pay for a new appraisal every year to account for increased diamond and metal costs.

Post # 10
Member
747 posts
Busy bee

Yeah mine appraised for 6k and we got a rider on our homeowner’s policy.  It’s like 10 extra bucks a month I think.  TOTALLY not 1k per year!  That’s a lot!  Maybe shop around for another policy?

Post # 11
Member
2224 posts
Buzzing bee
  • Wedding: April 2014

My wedding set appraised for $2750 and the insurance is $30/ year

Post # 12
Member
2375 posts
Buzzing bee
  • Wedding: June 2014

Check with Jeweler’s Mutual.  You can get a quote pretty quickly, and they offer very good coverage options.

Post # 13
Member
266 posts
Helper bee
  • Wedding: September 2014

@TO_Cali:  

@vorpalette:  

@LittleRiver:  I bought mine through Perfect Circle/Jeweler’s Mutual as well.  My ring was appraised over $6k and I pay less than $90/year for my insurance, for full replacement.  Our jeweler gave us the info on the insurance (though they aren’t allowed to recommend specifically), and it was way better than homeowner’s insurance would have been.  Definitely shop around for a better price!

Post # 14
Member
1130 posts
Bumble bee
  • Wedding: June 2013

I have State Farm (the ring has its own policy) and my ring appraised for right around 3500 and my insurance is $35 a year. Looks like everyone is hovering around 1% or so of the appraised value for their insurance per year.

The topic ‘Insurance on e-ring seems outrageous…HELP!’ is closed to new replies.

Find Amazing Vendors