(Closed) Ring insurance: Do you have it?

posted 11 years ago in Rings
Post # 31
Member
2680 posts
Sugar bee

I have ring insurance, it covers everything!  It is a seperate insurance from my renters insurance that we got through the recommended insurance company where my ring was purchased.

Post # 32
Member
513 posts
Busy bee
  • Wedding: December 1969

ok I re-asked my fiance– he said he pays… not the amt I said… :o/ <gulp> it totally depends on the value of your ring… i’ll leave it at that…

Post # 34
Member
2695 posts
Sugar bee
  • Wedding: February 2008

We use AllState for our insurance. The renter’s insurance is a great deal! 

Post # 35
Member
163 posts
Blushing bee
  • Wedding: July 2009

Hey Pengy.

I worked in Auto & property insurance for a few years, so maybe this can help?

1) You’re right on the money re: price of insurance increases with the cost of the replacement. @ Mrs. Emerald, not sure of the specifics with your rings value, but it would be safe to say the value of your ring would need to be in excess of about $30k to substantiate the premium being charged.

2) Your "condo fees" can be misleading, and unfortunately you’re going to have to read the small print. Often times, the way the insurance company looks at it, you as a condo owner own everything contained within the 4 walls from ceiling to floor. You basically own the contents of the condo, but not the walls itself (does that make sense?). The need for your condo insurance isn’t only for theft of your items, but also fire, flood, etc. Doesn’t seem like such a big deal, but even if your items are high in value, if your place burns you’re likely to be homeless until your place is rebuild/fixed/etc. Your condo fees might not cover the Additional Living Expenses (ALE) to put you up in a hotel room, etc… And in the end you could be stuck with bills for your kitchen cabinets if anything other than the standard was added to your unit to increase it’s value. Again, you need to review your policy for the details. Also, same goes for liability purposes if someone slips & falls while within "your four walls". It gets kind of scary to break it down like that.

3) In my experience (while I was renting), the cost for your condo insurance is relatively low compared with homeowners insurance. Then to add your e-ring, you generally need a recent appraisal of your ring. Definitely worth it if you’re likely to lose your ring! Mine is about $12/month and no deductible. Totally worth it, just for the peace of mind alone!

4) I don’t think you can add your ring to your parent’s homeowner’s policy… If they don’t have a financial "interest" in your ring, they can’t insure it. If, where there is no potential for "loss" to them, they have no "interest".

5) Finally (I swear, I’ll stop after this), for the gals who don’t have specific floater coverage for their ring, keep in mind most insurance companies will cover only to a specific limit (ranging from 1k-$2,500). Sure it offsets your losses a little, but is it a risk you’re willing to take?

Good luck either way! 

Post # 36
Member
2324 posts
Buzzing bee
  • Wedding: April 2020

I have a rider/floater something or other for my ring. We pay around $400 a year I think…or maybe every 6 months. I’m not really sure.

Post # 37
Member
167 posts
Blushing bee
  • Wedding: April 2008

Another Jewelers Mutual customer here. It’s about $100/year.

Post # 38
Member
247 posts
Helper bee
  • Wedding: April 2009

We have ring insurance.  We also have it with our renters insurance.  My Fiance wouldn’t let me wear my ring without it!  It is worth the peace of mind!

Post # 39
Member
38 posts
Newbee
  • Wedding: June 2009

I checked with Jewelers Mutual and for a $25k ring in NYC they are charging $500 a year?  Does this seem too much?

Post # 40
Member
197 posts
Blushing bee
  • Wedding: December 2009

I think the standard rate for insurance is 1.5% of the ring’s value per year. So, if your ring is appraised at $10,000, you’d pay $150/year in insurance. I hope this helps – then you can figure out how much your ring would cost to insure.

Post # 41
Member
75 posts
Worker bee
  • Wedding: July 2009

Mine is about $200/yr to insure through Farmer’s and since we’re living with FI’s parents right now, we added it on to FI’s parents homeowners insurance.

Post # 42
Member
813 posts
Busy bee
  • Wedding: May 2020

We use Chubb. I don’t have the exact dollar amount… Fiance handles that for now. He insured it right away… definitely get insurance! YOu’re on the right track since you’re thinking about it and asking about it. Definitely call up some of the places that the girls have recommended above. Also, consider calling your auto insurer and your home insurer, and ask about a policy for your ring. And call your jeweler too- they might have a few recommendations too! GOOD LUCK!

Post # 43
Member
26 posts
Newbee
  • Wedding: December 1969

The appraisal came with the purchase of the ring from the jewelry store.  As soon as I had it, I emailed it to my insurance agent who handles my homeowners and auto.  The same day I sent it, it was covered.  I only pay $36 per year on top of the rest.  Definitely get it insured.  It won’t be much money and worth every penny.  Happy ering wearing!

Post # 44
Member
1238 posts
Bumble bee
  • Wedding: August 2008

We bought our ring insurance through State Farm, and it gives me peace of mind.  My hubby takes care of the bill, but I think it was $175 a year and he just pays it all at once.  I remember seeing the renewal bill last month!  It was fun getting the appriasal; it felt so grown up and official!

Post # 45
Member
453 posts
Helper bee
  • Wedding: October 2009

I have my car insurance thru USAA bc my dad is a retired govt employee so I have USAA too. I have a personal article floater that covers my ring completely against loss, damage or theft. It’s not much and I have it on several pieces of nicer jewelry (my sapphire and diamond necklace, my diamond studs, my sapphire & diamond ring, sapphire pendant, & my diamond solitare pendant) I have also had to use it-for loss to damage and also for theft. Peace of mind. All they had to have was the appraisal from a certified jeweler that described the ring, all it’s parts, the C’s, specifics about the setting and of course the value. As soon as I have my wedding band, it’s going on there also.

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