(Closed) Is your ring insured (for bees with diamonds)?

posted 7 years ago in Rings
  • poll: Is your ring insured?
    Yes. and the value is less than $1000 : (3 votes)
    2 %
    Yes, and the value is $1000 to $5000 : (27 votes)
    15 %
    Yes, and the value is $5000 to $10000 : (51 votes)
    28 %
    Yes, and the value is over $10000 : (57 votes)
    31 %
    No, and the value is less than $1000 : (6 votes)
    3 %
    No, and the value is $1000 to $5000 : (22 votes)
    12 %
    No, and the value is $5000 to $10000 : (14 votes)
    8 %
    No, and the value is over $10000 : (4 votes)
    2 %
    N/A I don't have a diamond : (0 votes)
  • Post # 3
    Member
    701 posts
    Busy bee
    • Wedding: June 2014

    I personally don’t have an ering yet but SO’s sister has her rings insured. She’s a nurse and so it was pretty necessary for the insurance since she doesn’t ever take her ring off.

    She says he’s had the insurance for 4 years and they’ve basically paid their HOUSE value in insurance for the rings in the 4 years so they’re thinking about switching their insurance to less coverage.

    She has the maximum coverage/insurance you can get – if ANYTHING happened to her ring it would either be replaced exactly how it is (same quality diamonds etc) or if a stone is lost it would be replaced etc.

    Post # 4
    Member
    5147 posts
    Bee Keeper
    • Wedding: June 2011

    Yes, with Jeweler’s Mutual.

    My rings aren’t super expensive (less than $5K), but expensive enough we couldn’t replace them at the drop of a hat.

    Post # 5
    Member
    5797 posts
    Bee Keeper
    • Wedding: May 2011

    I insured my ring the morning after I received it. Mostly for peace of mind, there is no way we could easily replace it if I lost it. My yearly payment is about 1% of the appraisal value.

    Post # 6
    Member
    9667 posts
    Buzzing Beekeeper
    • Wedding: April 2019

    not yet, only just got the valuation certificate from Tiffany’s last week for a ring I had had for a month, that my Fiance had had for a month before that.

    will be sorting out the insurance this weekend though 🙂

    Post # 7
    Member
    13248 posts
    Honey Beekeeper
    • Wedding: November 1999

    Fiance had my ring insured before he even proposed.  We have a rider on our renter’s insurance for it.  Since it was expensive and valuable, we decided that it had to be insured!

    Post # 8
    Member
    5147 posts
    Bee Keeper
    • Wedding: June 2011

    @kayberry – How much do they pay in insurance?!?! How much are the rings worth?!

    We pay somewhere around $50-75 a year I think, I don’t know the exact number because my husband took care of the ring insurance.

    Post # 9
    Member
    686 posts
    Busy bee
    • Wedding: May 2012

    We ended up insuring mine, just because I feel like the probablility of me losing it at some point is high.  We won’t ensure my moissy band.

    Just a reminder: if you get an inflated appraisal for your ring, go elsewhere, unless you have a policy with an insurer like State Farm who will give you a check in the event of ring loss. Most insurers will give you the value of a replacement or will replace the ring directly, which means that you’ll have been been paying more to your insurance company for no good reason.

    There are some who’ve bragged about their “luck,” saying things like, “we paid $8k and it appraised for $16k!”  It’s rare that someone truly has a ring that’s worth more what one paid for it – usually this happens at an estate sale.

    Post # 10
    Member
    519 posts
    Busy bee
    • Wedding: May 2012

    Yes, mine is definitely insured. If I lost it, we would probably replace it with something less expensive if we didn’t have the insurance, because it cost too much to just replace without thinking long and hard. Knowing that it’s insured makes me feel better about wearing it all the time. 

    Post # 11
    Member
    2889 posts
    Sugar bee

    @zagora:  Your example is of course an extreme case but also realize that the insurance appraisal is always more than what you pay because it is intended to cover future replacement. Since gold, platinum and diamonds all in crease with value the insurance appraisal gives you an idea of what it would cost to replace a lost ring in the future. So, if you pay 5k today and your appraisal is 8k this apprasal is good for several years. If you pay 5k and get an appraisal for 5k you may need another appraisal in 1-2 years with the current high value of valuable metals. A good insurance agent should be able to explain this to you as well as let you know how frequently you sould get a new appraisal. This is also why an insurance appraisal is differnt than a purchase reciept.

    Post # 12
    Member
    1807 posts
    Buzzing bee

    Yes, my engagement ring is insured. I previously had it insured through Jeweler’s Mutual – I think it was $75 a year, and that covered losing it and everything else. I recently added it to our home owners insurance, I think it adds up to $30 a year, and also includes losing it in addition to theft, etc.

    Our thought process was that if I did lose it, we wouldn’t be able to afford getting another one. So $30 is worth the peace of mind knowing if anything does happen, god forbid, I’ll be able to get a new one.

    Post # 13
    Member
    4824 posts
    Honey bee

    The only time I wouldnt insure it is if it inexpensive enough that if you put $50 away for 2 years (or some short time period) then you would have enough for the ring. Then you could replace it relatively easy if you did lose it. (then actually put the money away!)

    Otherwise I would always insure it.

    Post # 14
    Member
    786 posts
    Busy bee
    • Wedding: December 2014

    My fiance brought my ring to an independent appraiser before he proposed and then the morning after he proposed, we had the appraisal faxed over to our insurance person to get it appraised. My fiance was freaking out – he didn’t want me to wear it until it was insured 😛 (I did anyways of course!)

    Post # 15
    Member
    9667 posts
    Buzzing Beekeeper
    • Wedding: April 2019

    i have to insure it with individual ring insurance, my Fiance and I each live at home with our parents still, so don’t have homeowner’s or renter’s insurance to put it on. i could only find ONE place for individual ring insurance here, i am going to have to pay $300AU per year…

    Post # 16
    Member
    813 posts
    Busy bee
    • Wedding: December 1969

    We got insurance.. we pay I think around $118 per year, so that is not much when added onto the house. Also, with our company (Bel Air Direct) if you have something valued less than $7,000 it is already covered.

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