(Closed) Ring Insurance?

posted 6 years ago in Rings
Post # 2
Member
2538 posts
Sugar bee
  • Wedding: April 2016

Most people add jewley covereage in the form of a rider added on to their homeowners or renters insurance. Also, I’ve heard that if the ring is worth less than $5,000 not to bother, as the value wouldnt be worth the cost of the policy.

Post # 3
Member
693 posts
Busy bee
  • Wedding: August 2017 - Sea Cider

look into Jeweler’s Mutual, as well. I would insure anyway — they might not be as expensive as some people’s rings, but they would still be an expense to replace.

Post # 4
Member
319 posts
Helper bee
  • Wedding: September 2015

My wedding set is less than 5,000 and I pay $30 a year to have it insured along with my auto and homeowners insurans.  

Post # 5
Member
664 posts
Busy bee
  • Wedding: October 2017

Absolutely get them insured, no matter the price– chances are you saved up a lot to buy them, and an insurance policy will help you buy new rings ASAP if anything happens. I know I’d hate to be ring-less for very long, so having insurance helps!

Post # 6
Member
12265 posts
Sugar Beekeeper
  • Wedding: June 2011

What is your ring worth?  Many homeowners policy comes with jewelry coverage up to a certain amount as well.  I’d also check what happens to your rates if you make a claim to see if it’d even be worth a claim.  For example… my homeowners comes with 1500 jewelery coverage for no extra cause.  My house was broken into and I had to make a claim for that and other items.  But I also had a deducitible of 1k.  And then my rates went up almost 50% cause I lost my no claim discount, as well as got slap with a claim surcharge for 3 years.   So now over the 2 years, I’ll have paid $2400 more in premiums, along with not getting back 1k for the deductible.  So if I had say only 3k of loss to claim, I would have actually lost money making the claim.   So there’s really more to deciding if insurnace and a claim is worth it than just buying insurance and expecting it to cover you if something were to happen.  I dunno how it works for jewelry specific policys though, but just something to think about, since luckily my ring wasnt’ stolen and I didnt have to make a claim on the rider policy I have for it.

Post # 7
Member
315 posts
Helper bee
  • Wedding: September 2016

View original reply
Isilme:  Our jeweler helped us with paperwork that was necessary for the jewelry rider on FI’s renter’s insurance policy. The additional cost on the policy only comes out to a few dollars per month, so it was worth it to us. 

Post # 8
Member
154 posts
Blushing bee

No reason not to! Even a $2000 ring would be only $25-30/year to insure. That sure beats $2000 to replace it out of pocket!

Post # 10
Member
454 posts
Helper bee
  • Wedding: June 2016

View original reply
Isilme:  I have a rider through USAA for jewelry (I think it’s called VPP = valuable personal property). It is very affordable and they are always so great to work with. I’ve also heard good things from people who have had to file claims with them. I think I pay less than $50 a year for >$10,000 in coverage.

I have heard that it’s a good idea to get an independent appraisal from someone certified to do them to have as a record if something happens to your ring. On the USAA website, I was able to upload a few photos of my ring and the appraisal for their records. So if something happens to my ring, I have good proof that I owned it and that it was worth what I say it is.

Post # 11
Member
282 posts
Helper bee

I insured my engagement ring through my homeowners. It was really easy. Just had to send the appraisal. I plan to do the same for my wedding ring. 

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