(Closed) Insuring your ring?

posted 5 years ago in Rings
Post # 2
Member
9578 posts
Buzzing Beekeeper
  • Wedding: September 2015

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jellybellie:  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
Member
2689 posts
Sugar bee
  • Wedding: May 2015

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
Member
716 posts
Busy bee
  • Wedding: December 2014

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
Member
268 posts
Helper bee
  • Wedding: December 2025

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jellybellie:  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
Member
5362 posts
Bee Keeper
  • Wedding: May 2016

I have jewelers mutual. Mine is less than $100 a year with no deductible. 

Post # 7
Member
462 posts
Helper bee
  • Wedding: November 2013

Mine is under our home owners insurance and it’s like $6 a month or something. Not much at all. 

Post # 8
Member
1514 posts
Bumble bee
  • Wedding: City, State

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
Member
576 posts
Busy bee
  • Wedding: May 2000

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
Member
349 posts
Helper bee
  • 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
Member
597 posts
Busy bee

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
Member
185 posts
Blushing bee
  • Wedding: December 1969

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
Member
892 posts
Busy bee

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jellybellie:  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
Member
969 posts
Busy bee
  • Wedding: September 2015

View original reply
jellybellie:  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
Member
1607 posts
Bumble bee
  • Wedding: October 2013

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.

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