Post # 61
Does anyone know if insurance companies cover rings with alternative stones like moissanite? We are planning on a gold setting possibly with real diamonds but getting a moissanite as the center stone for the time being until we can upgrade to a diamond.
Post # 62
My ring is not insured. It’s vintage and one of a kind so money wouldn’t allow me to re-purchase it. That being said, it was also inexpensive ($500). For me it’s all about the design, which I couldn’t get again anyway. However, if I had a very expensive ring (over $1k) I would get it insured. I never take mine off, so I won’t lose it, and the diamonds aren’t large enough to invite interest from muggers (I live in NYC), my center is .2 and two side stones are .1 each. If I had a big conspicuous ring I’d get it insured just in case, or if I took mine off frequently.
Post # 63
I used to work in fine jewelry. You can insure any piece that you have. However, since the market value of moissanite (which I love, btw) is not as inflated as diamonds, the insurance company will probably base the price more on the cost of metal and less so on the technical “market value” of the stone. Proof of how much you paid for it will help you get what you deserve. Any certification papers will help too.
Post # 65
Has anyone ever had to file a claim for the insurance on their ring? Mine is not insured because the appraisal was 2-3 times what we paid. I fear that if we had insurance and had to make the claim, our homeowners insurance would increase, similar to auto insurance. Can anyone validate that?
Post # 66
Yes he got everything he could to cover it when he bought it because I work in the medical field. Glad he did because I lost a diamond out of it a few weeks ago and had to send my ring off 🙁 might take 4-6 weeks which drives me crazy, but atleast it was covered so it didby cost us anything
Post # 67
We definitely did. here in canada it’s better to go private than a rider on your home (plus we rent anyways). The ring is simply too expensive and worth too much to me to a) not insure it and b) we wouldn’t want to buy a new one right off the bat. Ours covers everything and I legit wear my ring all the time and plan to wear it on vacations.
Post # 68
My rings are not insured because I don’t think it’s worth the expense. If I lost my engagement ring I wouldn’t replace it; if I lost my wedding band I would just buy a cheaper plain gold band. I love my rings and I would be very sad if I lost them, but it’s still just jewelry and DH and I have other priorities. They’re mostly symbolic and sentimental anyway, so in my eyes they would be irreplaceable. FWIW my rings cost in the range of $2000-$3000.
Post # 69
You need to have a 3rd party appraise your ring. Don’t use the appraisal given to you by the people who sold you your ring. You also need to ask for the “replacement value” when getting an appraisal, otherwise, the numbers aren’t worth the paper on which they’re written.
Post # 70
Thank you. I paid for the appraisal and I think
it has the replacement value. I got it solely to get a policy on my ring, but then I saw the bottom line and slowly backed away from the paper. Hahaha!
Post # 71
- Wedding: July 2015 - City Hall!
I just haven’t yet! Although I want to. I have an antique ring, so I definitely want to get it insured.
Post # 72
Yes my set is insured, a rider was added on to our homeowners. Yes, we also got an independent appraisal which, it was twice what the cost of the rings were. Of course THAT doubly high price is what they figure your premium on but of course that’s not what they would pay out on a claim. That’s why they also require the purchase receipt so they only have to pay out what you originally paid or even less. They told us that in the case of a claim, they strive to make u exactly how you were before the claim: no better off, no worse off and if they can replace the rings with the same quality as you had before for less than what you originally spent, they will do that. You wouldn’t get a sum of money or anything like that, you would get an equal quality replacement for what you originally paid or less.
Also when reviewing insurance for adding on the rings, we found out our home was *way* underinsured. They had us down for 200 less square footage, no granite (our house has nothing but granite), two car garage and not three, and two baths and not three. When we moved in, they gave us a bid for lower rates, and now we know why. PLUS they gave us a rate for being married when we weren’t married. So that meant no relief in the insurance rates after we got married either. Had we lost our home in the most recent tornado, we would not have gotten the same size or quality house rebuilt for us. Everything went up when we added in my rings. But still worth it to us in case of a total loss of our home or loss of my rings.
If anything, please check your homeowners insurance to make sure you are FULLY covered for replacement value and *not* market value because those are two very different things!
Post # 73
We did. In fact as soon as he got the ring he got it insured. My engagment was 12k and my wedding bands will be another 4-6k. We pay less than 200 yearly for the ring. It good to know that if anything happens we don’t have to worry about it. I have lost nearly every piece of jewelry I have ever own so it’s better to be safe than sorry.
Post # 74
The general rule is to insure anything you could not easily afford to replace. While my ring didn’t harm us financially to purchase, I wouldn’t want to spend the money to replace it, either. We only planned to spend that sort of money once, so we have it insured. It is so inexpensive to insure that in my eyes it would be foolish not to.