MemberI’m wondering how many people actually insurance for their engagement ring. How much did it cost you to insure and if you don’t mind saying the cost of the ring? Are there different insurance policies?
MemberMy ring is covered under our home owners insurance. I think it is $50 a year for a $10,000 ring. You can also insure it with a jewelers insurance or renters insurance.
MemberMy ring is through jewelers mutual which was recommended to me by both my diamond supplier and my setting designer. The diamond is right at the 10k mark, it’s insured for 14k the amount is was appraised for and its costs me $151 annuall to ensure. I say it’s a must if your not willing to spend that amount on another ring. Mine was sent states away via usps and I have peace of mind about it getting lost stolen ect.
MemberMy ring was $32,000 and appraises for $60,000. We have insurance and it’s about $1,000 a year.
MemberMy ring is insured. I think it’s maybe $72 a year and it appraised at $9,500.
MemberMy household insurance wouldn’t cover it (about $20,000) and seperate insurance was expensive. We found a new household insurer who’d insure the ring and some other high value items like rolexes in the house insurance that was only a fraction higher than what we paid before. So for us it was worth shopping around.
MemberI just insured mine with Jeweler’s Mutual. I have not had time to get an appraisal yet, so we were able to use the purchase receipts. I believe it was around $230 for a $20k ring. Bonus about Jeweler’s Mutual, I noticed that I made a mistake on the application so I had to call them up, and their customer service was so nice and helpful!
MemberMine is insured through the jewlers, but we also have a seperate rider on our homeowners policy that costs us about $120/year…sooo woth the piece of mind!
MemberMy more important/valuable rings are insured through Jeweler’s Mutual. Mine are insured for replacement cost, not based on the inflated appraisals (not into paying for what I will never get!). For example on a $14,000 ring I pay $162 for a $0 deductible. If I paid on the inflated apparaisal I have that is 2x+ that my premiums would be about double too, but insurance does not just pay out whatever it is insured for so get a realistic replacement appraisal and redo it every handful of years. A good sign your appraisal is WAY over inflated is when it is near double the purchase price.
JM covers loss, theft, damage, mysterious disappearance (lots of policies do not cover this!), preventative maintenance. While some homeowners riders will cover loss, most regular policies (non-riders) do not but the reality is most claims are going to be loss or disappearances. JM covers you worldwide (some policies you need to give notice of any travel wih the insured items) and even during shipping (ie you are sending for repairs). They are I think the only one who will cover loose stones during setting. They also have a temporary coverage extension for new jewelery too not yet added to the policy, which I recently had to make a claim on. JM is primarily repair and replacement (for same and like quality) rather than cash payout to keep fraud and premiums down but you choose your own jeweler (some insurers choose for you) and my replacement ring is being made now. JM was great to deal with for my claim – very helpful, fast, etc.
You need to shop around and compare, but JM sure beat what I could get through home insurance/a rider in terms of coverage and amounts, and the claim best of all does NOT affect my home insurance (like renewability) or premiums. I swear I do not work for them, ha, but I am a big proponent based on my own personal experiences.
MemberI have mine insured through Jeweler’s Mutual as well. Mine is about $50 a year. I’ll also get my wedding band insured as well.
The biggest thing with insurance is to make sure you have a REALISTIC appraisal done by a completly seperate, and certified jeweler. DON’T use the appraisal if it came from the same place you purchased the ring from . They are often extremely inflated, and are just usually meant to give you the “I got good deal” feeling.
A good, solid, realistic appraisel (that is updated every few years) will cause much less hassle if you do need to make an insurance claim down the road.
MemberWe pay about $500 for my engagemnet ring. I also plan to add my wedding band and his wedding band after our wedding next month. It’s just added to our homeowner’s insurance. Peace of mind!
Membersteny03: Yes, I always like those posts where someone is like “I got such a great deal, it appraised for twice as much as I paid”. No, that is not how it works!
Insurance companies are not going to “better” your position, so if you are paying for insurance based on an overinflated appraisal, all you are doing is paying more than you need to be.
Membermisschan: I recently had a thread about homeowners vs jewelry insurance http://boards.weddingbee.com/topic/njm-vs-jm-for-ering-insurance/
I got insurance through jewelers mutual since they have much better coverage than homeowners. It cost me about $150 for the year with no deductible should I need to make a claim for a $10,000 ring.
MemberI have a separate policy with my homeowners insurance. We pay about $6 a month. My ring was appraised around $6700
MemberMine is through my renters insurance. I think it adds maybe $5-6 to my regular bill. My ring appraised at $5000.
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