(Closed) Insuring my ring: appraisal value/retail value/replacement value? Which one??

posted 6 years ago in Rings
Post # 3
Member
1093 posts
Bumble bee
  • Wedding: September 2012

I’m not an expert here by any means, but my ring is insured for the appraisal amount. I’ve had it covered under 2 policies (at different times) since I’ve owned it and both companies required an appraisal less than 2 years old, which is the value they used to quote my policy. 

I don’t think you should use the retail value because what you paid for it may not reflect the actual worth of the ring. 

Maybe take a look at Jeweler’s Mutual. I have a policy with them now and it’s by far the best rate I’ve seen.

http://www.jewelersmutual.com

Post # 4
Member
1841 posts
Buzzing bee
  • Wedding: April 2014

Please get quotes on a separate jewelry policy.  I have said it here probably 100 times, and I’m sure all of the bees get tired of seeing my comment, but you should insure the ring for replacement value and completely separately from your homeowners or renter’s insurance.  A separate policy covers things that a HO/Renter’s policy does not, without a deductible, and you do not have the worry of your insurance being cancelled or your premium increasing because of a claim.  Replacement value will allow you to replace your beauty for exactly the same thing or better, regardless of the market price of gold or precious stones (diamond/etc).  When I was obtaining quotes, what I found was approximately $10 per $1,000 of coverage per year (in premiums).  I have several pieces of jewelry on my policy, and the peace of mind is worth every penny!  GL!!

Post # 6
Member
664 posts
Busy bee
  • Wedding: December 2012

My insurance company told me I needed an appraisl in order to get it insured.  I have a policy on my ring  that is connected to my renters insurance.  I have it insured for the full appraised value of my ring.  The appraisil is very detailed and if something happend to my ring the isurance company will pay for a ring to be made in the exact specs of my current ring- up to the value it is apparised for.

Post # 7
Member
270 posts
Helper bee
  • Wedding: October 2012

I signed up under jewelers mutual on Tuesday and they requested I submit a replacement value appraisal. I called my jeweler and asked for just that and had no issues. My center stone is from moissaniteco. and they also provided me with a replacement value.

Post # 9
Member
4714 posts
Honey bee
  • Wedding: January 1998

I went to the appraiser got an appraisal then went to my home insurance place got a rider on my house insurance specifically for jewerly and insured if for the full appraisal value.

I can go out and purchace my rings now for approx $8000 + 1500 + 1500 but my appraisals are for $14900.00…my insurance is “any peril” which means anything that happens from a bird flyin away with it to my granddaughter flushing it down the toilet is covered. And I had no deductable.

Hope that helps.

Post # 10
Member
3968 posts
Honey bee
  • Wedding: September 2014

I just did the “estimated” premium calculator on Jeweler’s Mutual. It is AMAZING the cost difference based on where you live!

Post # 11
Member
664 posts
Busy bee
  • Wedding: December 2012

@MusicBee76:  I would worry more about shortchanging yourself if something happend to your ring.  In my city/state every $1k is $10 (i.e. a $5,000 ring is $50 per year to insure).  For a few dollars more, it is worth it to insure it for the appraised value. 

Also remember the price of gold is REALLY high right now.  That inflates the price of a ring.

Getting a policy with no deductable is the best.  Also make sure insures the ring if ANYTHING happens to it.

Post # 12
Member
478 posts
Helper bee

If you need a recent appraisal to insure, does that mean you have to get appraisals every 2, 3, 4 or whatever years to keep the policy?

Post # 13
Member
270 posts
Helper bee
  • Wedding: October 2012

@shychigirl:  That’s a good question. I was wondering the same thing when I signed up with Jewelers Mutual. Hopefully someone posts an answer for us.

Post # 14
Member
879 posts
Busy bee
  • Wedding: November 1999

@lyns86stc:  I don’t know that answer exactly, but for our insurance it was suggested we get a new appraisal every two years.

I agree with insuring your ring for its replacement value.  Some companies want you to insure your ring for its appraisal value because they make more money that way.  The appraisal value is always so much more than its retail value.  I also recommend getting a few quotes from different places.

Post # 16
Member
493 posts
Helper bee
  • Wedding: July 2013

Mine is insured for the appraisal value.  It is through the same company as our renter’s and FH’s car insurance, but is on it’s own policy.  I don’t know the logistics of the policy, but FH did lots of research before he did it so I trust in that.  FH drove directly from the jeweler to the insurance agent, I don’t think either of us would be comfortable with it being uninsured.  Gotta love a guy who’s financially responsible!

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