Ring Insurance! Do you have it? Have you had to use it? Share experiences here.

posted 3 years ago in Rings
Post # 2
Member
218 posts
Helper bee
  • Wedding: September 2017

I have it. I took the receipt to the insurance company I have my condo insurance with and just added it to the policy. It literally took about 5 minutes for them to do and it cost about $30 a year. It was worth doing just for my piece of mind. They added it to the policy and mailed me the new terms.

I’m in Canada in case it’s different elsewhere.

Post # 3
Member
9426 posts
Buzzing Beekeeper
  • Wedding: July 2016

i have insurance via Lavalier.  Very reasonable–I pay 1% of the ring value per year for full insurance–including accidental loss (many insurances only cover theft and damage–so if you accidentally missplace your ring your SOL).

I’ve never had to file a claim, so I can’t answer that portion.  

Post # 4
Member
2417 posts
Buzzing bee

Our ring is insured by USAA – Fiance already had his condo and car insured with them, so it made sense to use them. Fiance pays about 1% of the ring’s cost to us (NOT inflated appraised value) each year, and the policy covers everything, including “lost,” and “lost overseas.”

The policy also includes a cash-out option if USAA is unable to replace the ring with the same branded elements.

I.E. If there are no suitable AVR’s in stock at Good Old Gold, we can cash out and commission another custom cut. 

We’ve never had to file a claim, but everything I’ve read about USAA on Pricescope has been great. 

Post # 5
Member
1042 posts
Bumble bee
  • Wedding: City, State

I have my ring insured through Jeweler’s Mutual. I haven’t had to make a claim with them yet.

Post # 6
Member
1016 posts
Bumble bee
  • Wedding: April 2008

I have my ring insured though jewelers mutal the rates are pretty awesome and they are pretty good to work with so I have heard from people on this forum . I have yet to make a claim but better safe then sorry ! 😘

Post # 7
Member
32 posts
Newbee

I have my ring insured through our renters/auto insurance policy. Our policy actually included jewelry insurance up to $5k, so we did not have to add or pay anything extra. Fortunately, I’ve never had to file a claim and I hope I never have to!

Post # 8
Member
251 posts
Helper bee
  • Wedding: December 2017

My ring is insured through my existing renters/insurance policy – I called them up to add on the ring and like sweetpea928, found the value fit into our exisitng policy with no added fee. Yay! Definitely worth it – it covers theft and accidental loss and the policy is only about $200 a year (Canada).  

Post # 9
Member
95 posts
Worker bee
  • Wedding: September 2018

100% INSURE YOUR RING!!!! It’s stupid not to, especially if your ring is expensive. The whole point of any kind of insurance is you hope to never need it, but have it in case anything were to happen. My ring is insured as an add-on to our homeowners insurance (you can also add it to renter’s insurance if you’re renting). This add-on is called a “rider.” I’m not sure what the cost is exactly, but it’s a TINY amount added on to our policy, like literally less than $50 a year. I’ve never filed a claim (we just got engaged a few months ago), but I would literally never wear my ring if it weren’t insured. 

Post # 10
Member
373 posts
Helper bee
  • Wedding: May 2016

I highly recommend you get insurance for your ring or any other valuable jewelry. I had Valuable Personal Property through USAA for roughly $50 per month on a 6 month policy. The company covered accidental loss as well as theft or damage. Unfortunately, I did have to file a claim recently and we only had my engagement ring covered, for the amount we paid and not the replacement cost. The company first tries to locate a comparable stone within the amount of your policy coverage. In my instance the only replacement stone they could find was $8k MORE than what we paid for the entire engagement ring. They said we could pay the $8k difference and purchase the stone they found or we could accept the payout (we took the payout since $8k was not feasible for us) for the original cost of our ring. Had I submitted the appraisal for my ring and insured it for the appraisal amount we would have been in a better situation considering the cost of diamonds increased since the purchase of my ring. The process was approximately a month long and due to the dollar amount of our loss we also had to speak with a company detective and file a police report since the loss occurred during our residential move. MANY lessons learned from my situation but at the end, we put all the money into a stone and a solitaire until we have the money to reset the stone into a similar setting as my original ring. Hope this helps!

Post # 11
Member
2417 posts
Buzzing bee

View original reply
jaqawilliams :  This is something I also recently learned as I was researching. The thing a lot of people do is to insure for the amount you paid for the ring. Then, if you see diamond prices increasing, get an cost-to-replace (not inflated) appraisal after a few years/once the value of your stone has changed appreciably. Submit the new appraisal to the insurance company and have them adjust your coverage.

I plan to do this. We insured my ring for just the cost to us, but if diamond prices rise in the next few years, I’ll submit a new appraisal. 

Sorry to hear that you got burned. :/

Post # 12
Member
1898 posts
Buzzing bee
  • Wedding: October 2017

View original reply
notmeeither :  I added mine to my homeowners insurance. When we get married, I will be adding our wedding bands as well. Easy, sent off the appraisal and they added it on. 

Post # 13
Member
373 posts
Helper bee
  • Wedding: May 2016

View original reply
duchessgummybunns :  The scary thing is that we purchased my ring about 14 months before it was “lost” in the move. Either we got the best deal ever on our first diamond or the prices soared in that small timeframe. Or I supposed it could have been a combination of both. Either way, we ended up going with an oval instead of my original cushion cut since the oval faces up the same size but at a lower cost. What a process! I’m glad we know now 😉

Post # 14
Member
472 posts
Helper bee
  • Wedding: October 2017

 

View original reply
notmeeither :  my ring was added to my renter’s policy. For a whopping $15/year, if literally anything happens to my ring it’s 100% covered – includes loss, theft, accidental damage, etc. and essentially anything the jeweler’s warranty may not cover. 

Post # 15
Member
931 posts
Busy bee
  • Wedding: October 2018

My rings are insurred with jewlers mutual, and like PP’s have stated the cost is only 1% of the replacement value per year. Honestly, its worth every penny to be able to enjoy my rings every day worry free.  

Have never filed a claim, but by all accounts it is a relatively easy process.  But even if it’s a hassle, it will be easier than shelling out 10 grand out of pocket to replace it.  Or even worse, settling for a lesser replacement ring.

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