Post # 1
Hi all – I recently got engaged and called the insurance co yesterday to find out how much it would cost to insure my ring and what the coverages are. Anyone out there w/ some advice from Canada (Ontario) or even California (where I plan to move in a few months).
Here is what RBC Insurance told me when I tried to add the ring to my homeowner’s insurance. Based on my current plan, the ring would only be insured against theft/loss/damage up to $5,000. That’s a fraction of what was paid for this ring.
To add the ring as a listed item and have it insured up to the appraised value (i.e. if ANYTHING is to happen to my ring, I will get a cheque for the appraised value) will cost…$1,000 A YEAR! That is RIDICULOUS. It’s almost as much as insurance on a car!
I don’t need a cheque for the appraised value if I were to lose my ring, given that to replace my ring will cost half of what the appraisal value is. I feel like the appraised value is really screwing me over.
If anyone has any comparables to what they’re paying for their insurance in either Ontario or California I’d really appreciate it! It might help if you were to give me the max dollar coverage you are paying for as that probably impacts the premium?
Post # 3
@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
@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
@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
Ours is through A Perfect Circle (Jewelers Mutual) and we pay $25/yr. My ring was appraised at $2k.
Post # 7
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
@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
@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
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
My wedding set appraised for $2750 and the insurance is $30/ year
Post # 12
Check with Jeweler’s Mutual. You can get a quote pretty quickly, and they offer very good coverage options.
Post # 13
@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
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.
Post # 15
@vorpalette: we also use A Perfect Circle.
Post # 16
@LittleRiver: Thank you for this link! I have never heard of Jeweler’s Mutual – is it commonly used in the States? I checked and the premium dropped a few hundred compared to the quote I got which is promising lol. I will do a bit more research on this insurance co. Thanks again!