- Mrs. Mary Jane
- 9 years ago
- Wedding: September 2009 - City Hall
So after a good 6 weeks of testing the odds by wearing my uninsured e-ring, I finally took the time to visit my agent.
Mr. Mary Jane and I needed to go anyway because we needed to set up homeowners’ insurance for the house that we are hopefully closing on in about 2 weeks.
I know several of you have posted or commented about adding an e-ring to yours or your parents’ homeowners policy, so I thought I’d share my experience with that.
I use a nationally available, popular insurance company that rhymes with Fate Warm.
For our homeowners policy, we found that there’s a limit of $1500 for "jewelry and furs" to be covered. And it’s also blanketed under the deductible, which I believe is $2000 (though you can change it to whatever you want, from $500 to I think 3% of the house’s value). The higher your deductible (amount you agree to pay out of pocket if there’s a loss), the lower your yearly premium. But basically the built-in jewelry coverage in the homeowners’ policy is useless to us. Not only is my ring worth considerably more than the $1500, but our high deductible means that we would actually LOSE money by trying to put a claim on the ring if, for example, I lost it.
So, we talked about a personal articles policy. This is a separate policy you take out on valuable items that your home insurance won’t adequately cover. It’s not just for jewelry either. Our agent said that many people put items on there such as expensive clothing, electronics (ipod, cell phone, laptop), firearms, etc. The policy provided by my insurance company covers you even if it’s your fault (say, you drop your laptop or someone steals it – there’s no deductible and they cover the repair or replacement). If I lose the center stone in my ring, or if it falls down the drain, or if ANYTHING happens to it, it’s covered at the appraised value – no deductible paid by us.
If we were to continue renting and have renter’s insurance, the personal articles policy would be a necessity too – most renter’s policies have similar or lesser jewelry clauses to the one the homeowners insurance does.
The price you pay per month for a personal articles policy depends on your company and the appraised value of your ring. This is not the same as the purchase price. You have to provide the papers on your ring, your diamond, and the appraisal certificate when you take out the policy. So if you haven’t, get your ring appraised before getting it insured. For my ring, our yearly premium will be about $200, so under $20 per month.
Anyway, I hope that helps – if your policy or your experience are different than mine, please share!!