(Closed) Ring Insurance Issue

posted 9 years ago in Rings
Post # 3
Member
1927 posts
Buzzing bee

It will be much more cost effective to insure the ring through a rider on homeowner’s insurance than to insure it through an outside agency.  It should be pretty cheap to do.  It’s usually about $100 per year for each $10,000 of value.  You will not be able to add a rider if you are not an owner on the policy.  Just talk to your Fiance again and tell him you are not comfortable with the ring being uninsured and that you would be willing to pay him for the additional cost of the rider if he doesn’t want to pay for it himself.

Post # 4
Member
1458 posts
Bumble bee
  • Wedding: October 2012

Check out Jeweler’s Mutual. You can get a free quote right away based on which deductible you choose – we went with $0 deductible. I’m paying $150 a year and we won’t pay off the appraised value of my ring for like 80 years. I applied right online and faxed in my appraisal and we were covered immediately. I chose this place because it was recommended by my jeweler and we don’t have homeowner’s insurance since we rent an apartment. Also it covers basically everything – theft, loss, damage, in the country, out of the country, everything. You can add things into your policy later on too, so I’ll probably be doing this with our bands. 

Post # 5
Member
3618 posts
Sugar bee
  • Wedding: November 2011

Sorry, I have no experience with jewelry insurance companies. But, my Fiance was the same way. I was hell bent on getting my ring insured but he was not once he found out the price. I figured if he’s okay with risking loosing all that money that he had spent years saving up for then who am I to argue. Plus, we both know if anything were to happen to my ring it’d be a great excuse for me to upgrade my ring =) lol. Not that I’m going to “accidentally” lose mine or anything. But that was his logic.

Plus both of our parents advised us not to, with the same logic that in x years you will have paid for another ring all together. They just tell me to “be careful”…

Post # 6
Member
355 posts
Helper bee
  • Wedding: September 2012

I’m an insurance agent, adding a rider to your homeowners is the cheapest way, otherwise Jewelers Mutual is a great company.  I work very closely with them.

Post # 7
Member
4335 posts
Honey bee
  • Wedding: October 2011

may I ask…how much is your ring worth? Like Moose said, it’s usually $100 per $10,000…so that wouldn’t be paid off for 100 years! but, if your ring is like $1,000, then while that’s a lot of money, is it really necessary to insure it?

Post # 8
Member
5976 posts
Bee Keeper

Do you rent now and have a tenant’s policy? If so, you should be able to add it to that! Or, contact the insurance provider that you have your auto insurance with. You can add a separate jewelery policy and they might give you a multi policy discount. 

Definitely don’t go without insuring your ring. It’s definitely a smart move on your part, and if you should ever use it, they will replace the value.

Ask your Fiance this…would he go without medical insurance? B/c in 10 years, if he doesn’t go to the doctor, he would’ve paid enough in medical insurance to have surgery. But…he wouldn’t ever think to go without medical insurance b/c you never know what’s going to happen. Same with your ring…same with his house. 

Post # 9
Member
5844 posts
Bee Keeper
  • Wedding: May 2011

I would just refuse to wear my ring out of the house until he gave in.

My ring is insured through jewelers mutual and it would take 80 yrs of premiums for me to reach the amount it was appraised for.

Post # 10
Member
15016 posts
Honey Beekeeper
  • Wedding: June 2011

I agree with your Fiance.  If the cost of the ring would be paid for in just 10 years of insurnace, I wouldnt bother to insure it either.   My ring is insured on my homeowners at about 100 per 10000 value.  It would take me 77 years of premiums to buy my ring again.  I didnt bother to insure my wedding band, and I have a right hand ring that cost more than my band that I didnt bother to insure.  Unless you have a single large stone that you are afraid of losing, its not even worth paying the insurnace, and then deducitble if you have to claim insurnace (since the loss of a small pave stone is so cheap to fix you woudlnt claim insurnace), and then have your insurnace rates go up for having a claim on record.

Post # 12
Member
1458 posts
Bumble bee
  • Wedding: October 2012

View original reply
@soyjoy222: Nope, not hard at all! Just put in your normal application info and upload a scan of the appraisal and you’re basically all set. You can even apply now and if you don’t have an appraisal copy, send it in a few days later. That’s what I did. As soon as they get the appraisal, you are covered. 

Post # 13
Member
5110 posts
Bee Keeper
  • Wedding: November 2011

I just dont see if increasing the cost of your policy that much unless your Kim Kardashian! I think mine increased about 10.80 a months which is roughly 129 a year. Its really not that bad and definately the cheaper way to go in the long run if something were to happen.

Post # 14
Member
6245 posts
Bee Keeper
  • Wedding: August 1900

My Fiance felt it was necessary to insure my ring because he knows how things just seem to break around me…

Since we still live apart at our parents homes while we save for a house, he insured my ring as a rider on his parent’s home insurance.  He won’t tell me the cost of my ring (I asked him not to) and so he doesn’t tell me how much he pays in insurance each year.  But we both feel it is worth it.

Post # 15
Member
7429 posts
Busy Beekeeper
  • Wedding: October 2009

I actually got a separate policy through State Farm. It has no deductible, and the rate is about .10 cents for every $100 of value. Adding a rider to your homeowners is nice, but you have a deductible to meet before they will pay anything, and it could cause your homeowner’s policy increase if you put in a claim. The separate policy (personal articles policy) doesn’t have rate increases for claims

Post # 16
Member
2853 posts
Sugar bee
  • Wedding: May 2012

I guess it depends on your insurer and the value of the ring? We go through state farm. They opened a “personal articles” policy for me that added maybe $2 per month to my total bill. It would take ~100 years for our premiums to add up to the appraised value of the ring.

This is 100% worth it. Please insure your shiny. Just shop around to make sure you’re getting a good policy at the right price.

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