Post # 1
- Wedding: July 2016 - Long Island, NY
I got engaged Dec. 24 at the Rockefeller Tree here in NYC. My Fiance is fantastic, we do not celebrate Christmas but it is certainly my favorite time of year, and he told me he wanted to “give me a real reason to celebrate it for the rest of our lives.” The ring is perfect, I’m obsessed, can’t stop staring, yay!
I would like to insure this ring, as it is worth a lot of money and if anything ever happened to it, I’d absolutely die. Fiance had specific instructions to ask the jeweler (whenever that time may have come) about his suggestions for insuring and he mentioned what I have read here- insure through your renters insurance. So, I got a quick quote online on renters through GEICO (my car insurance) and Liberty Mutual (his car insurance) and while I was under the impression that adding insurance for the ring would only be a few more dollars a month, that does not seem to be the case! I have yet to call LM (FI will call them later today), but I was unable to even add the ring to the renters insurance because they “do not cover jewelery this expensive.”
GEICO told me that their renters insurance also cannot not cover the ring due to it’s price, but I can add an additional specific policy for 4x what my renters insurance would cost per year! If I bring the deductible up to $1000 (which I obviously would), it drops to about 2.5x more than my apartment each year. Is this normal? My ring is not appraised at more than $20,000 which is when the jeweler told my Fiance that it would get very expensive to cover, but it seems that this is not an extra $10 or so dollars on top of renters insurance each month. The agent went on about how NYC has “limitations” due to the amount of people that are here and there being “a lot of opportunities for theft and mysterious disappearance” etc. etc.
I am just wondering how you insure your ring, and if I’m absolutely crazy for thinking that a policy for my ring should not cost THAT much more than insuring my entire apartment? I understand not everyone lives in NYC, but people who live in highly populated cities, is this the case near you as well? Please help this insurance dummy!
Post # 2
we insured my ring of similar value through his homeowners insurance (also NYC). I know people also use Jewelers Mutual or Perfect Circle. It isnt as cheap as you might imagine, a few hundred a year I think. But I also could not deal with having to buy it again. It wouldnt happen. It was a once in a lifetime purchase. Definitely insure it!
Post # 3
I have jewelers mutual… I didnt want to insure with my home as they dont account for any loss or theft outside or the home as well as damage. My policy is 80 something a year.. my ring is slightly less than a third of the value of yours though
Post # 4
Our rings are insured through our contents insurance for our condo. Jewelry insurance was included in the overall price. I pay about $25 a month. There are lots of ring insurance companies you could use as an alternative.
Post # 5
I’m in SF, and we got the ring insured under the same policy as our car (state farm) – it’s less than $10/month. Usually, when you already have insurance through a company, they give you discounts for insuring muliple items (ie 2 cars, 1 car 1 home, etc).
Post # 6
I have jewelers mutual. Mine is less than $100 a year with no deductible.
Post # 7
Mine is under our home owners insurance and it’s like $6 a month or something. Not much at all.
Post # 8
First, get a separate appraisal for your ring from a third party (NOT the location the ring was purchased) for the replacement value. This could vary significantly from the purchase price and the appraisal value given to you upon purchasing the ring.
I have a completely separate policy for my ring, but it is through the same company as our cars and homeowners. My ring is of a similar value as yours, and I pay $200 per year. I live in a large city as well. I’ve never heard of being charged a premium based on location, nor have I heard of being denied coverage based on value. Your ring is expensive, but not THAT expensive.
Post # 9
All of the jewelry I own, valued over $500, is covered under our personal articles policy through State Farm. That policy has many items covered, so I’m not sure how much is for the engagement ring.
Post # 10
- Wedding: August 2015 - country club in Michigan
I use liberty mutual. Your quote seems pretty accurate, esp compared to how much I pay (~$5 a month for a $5k ring, and I also live in a big city). They also cover loss, damage (stones falling out or getting scratched, etc), so its worth it. All you need is one bad fall and your stone could get damaged or fall out. Without insurance, your SOL, so insurance it well worth it.
Post # 11
We live in Hoboken and ran into the same problem. We currently have mine insured through State Farm and also have the 1k deductible and also had to put in on a separate policy from our renters insurance due to the high value of the ring. The state farm agent had explained to us that it all depends on where you live and how much you will end up paying for the insurance. the more populated and the higher the crime rate in your area, the price will go up. Crazy right lol
Post # 12
I had the same sticker shock – I had to insure my stone because I was shipping it to my jeweler to be set. The jeweler recommended Jeweler’s Mutual because the coverage is generally better than the typical insurance agencies. I don’t know what the comparison is with the typical insurance companies because I did not bother to check. Jeweler’s Mutual will cost you several hundred dollars a year for a ring of that value, but I thought the peace of mind was worth it as I am very prone to losing things.
Post # 13
I don’t really understand jewelry insurance but I have it anyway and I agree with you, it is expensive. I have a seperate rider (sp?) on my homeowners’ insurance just for my ring and it is expensive – about $600 per year. My ring was appraised at a ridiculously high value, I had to get three independent appraisals and special permission from my homeowners insurance to insure a ring of this value. At this high annual cost for insurance, I question if it is even worth it and then even scarier, I worry that if I ever did have a jewelry claim it would put my homeowners’ insurance at risk. My home is much more valuable than a ring so I worry more about my homeowners’ insurance. I am also skeptical about if something did happen to my ring, what would they reallly cover – replacement value whatever that means. As I am thinking about it, I got fed up with paying insurance on my other jewelry – total cost was ridiculous and so I cancelled my jewelery insurance on most of my other pieces and I have not lost or had them stolen so now I am wondering if insurance is even worth it. First world problem I know. If you figure out a solution I would love to hear it!
Post # 14
I insure my ring which has a bit larger of an appraisal through perfect circle. It only costs around $300 a year, which Is very reasonable in my opinion! It covers everything too and internationally which is important to me!
Post # 15
We live in NYC and insured my rings through USAA, where we have our rental insurance. It is a “valuable personal property” rider and is about $770 annually for $42k replacement value. I did have to send them a faxed copy of my GIA cert for the center and my GIA appraisal, but it took no time. They didn’t seem surprised by the coverage amount at all.