(Closed) Need ring insurance for proposal?

posted 6 years ago in Money
Post # 3
Member
3720 posts
Sugar bee
  • Wedding: July 2013

It may be that he wants it insured before it is on your finger.

My Fiance didn’t insure my ring first, traveled with it to a different continent, and let me wear it in a mudbath, in a hostel in an unsafe neighborhood, and hiking in a remote area. Man did I freak out when I realized it wasn’t insured. Your Fiance may be trying to avoid that freak out.

My guess would be a boat, scuba diving, or sky diving would require insurance.

Post # 4
Member
3720 posts
Sugar bee
  • Wedding: July 2013

My insurance took a day through USAA and it is like 1% of appraised value

Post # 6
Member
1292 posts
Bumble bee
  • Wedding: January 2013

@Pollywog:  Is that normally how it works? Only 1%?? That seems strange to me. Why wouldn’t it be more?

 

Post # 7
Member
46 posts
Newbee
  • Wedding: April 2014

If you go on the Jewelers Mutual website you can put in the value of your ring and choose a deductible and they’ll give you an approximate yearly insurance rate for it. I was wondering if I should insure my wedding band and my jewelry store recommended insuring anything worth $1000 or more. Hope that helps!

Post # 9
Member
7 posts
Newbee

That seems strange to me

Post # 10
Member
9955 posts
Buzzing Beekeeper
  • Wedding: December 2012

I am a bit of Jewellery Lover… altho most of my items are either costume jewellery, or non-super expensive / valuable gemstones in sterling silver or low quality golds.

All of these items are covered by our regular Home Owners Insurance… under the “general goods & personal items” clause

On the otherhand (lol, cute pun), my E-Ring is quite valuable and is insured seperately (as a Rider on our Home Owners Insurance)

That works out to be very similar to what Jeweller’s Mutal offers as jlpang: explained above (you can put in the numbers on-line and get a Quote)

Thing is tho, because we have all our Insurances (Life – Disability – Home – Cars etc) with one company we decided to go that route.

We picked out my E-Ring from the Jewellery Store on a Saturday… called our Insurance Co. on Monday, and told them the value… and got a Quote from them (plus “interim coverage”).  Then 2 weeks later after picking up the Actual Ring, we had to fax the Insurance Co. all the required paperwork… Final Bill – Ring Description – GIA Diamond Report for the Feature Stone – Independent Gemologists Report for the entire ring with the Feature Stone set etc

This is all quite normal.

Your Boyfriend or Best Friend may as Pollywog:  has said may be wanting to make sure that The Ring is covered from the get go… so that whatever he has planned for The Proposal means that the ring is covered (not have to panic about transporting it to the site… such as being out of State / Country… or you wearing it immediately afterwards)

Insurance is really “peace of mind”.  I LOVE my E-Ring, and would be heartbroken if I ever lost it, or something bad happened to it.  I mentioned this one day to Hubby-2-B and he said “Ya it would suck… but that is WHY we have insurance”

Hope this helps,

PS… The BEST Insurance Programs will cover your ring in ALL imaginable situations.  Jewellers Mutal does this (as did my own Home Insurance Rider) … including Repair & Replacement.  And providing coverage against Loss, Theft, and Damage.  BUT, it also covers “Mysterious Dissappearance”… so loose stones that are not yet set into a ring, or on-hold with a Jewellery Store / or in the process of “being set” (many policies don’t cover this).  So essentially one’s ring / diamond is covered 24/7×365 from the moment you make the purchase be it in your possession, securely locked up somewhere (hotel safe) or in the hands of your Jeweller for Cleaning, Modifications etc.

* CONGRATULATIONS on your upcoming Engagement / Proposal… things are obviously in the works, and coming soon !!

 

Post # 12
Member
6256 posts
Bee Keeper
  • Wedding: March 2014

Yay, it’s coming! Congratulations!

Post # 14
Member
10572 posts
Sugar Beekeeper
  • Wedding: January 2011

@RedAngelDreamer:  I have mine on renter’s insurance.  1% sounds about right, and there wasn’t a minimum.

Post # 16
Member
569 posts
Busy bee
  • Wedding: August 2013

Get insurance. Put it on your home owners insurance so that no matter what (surpise engagement or not) you have your investment covered.

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