(Closed) Ring insurance? Yes or no?

posted 10 years ago in Rings
  • poll: Do you have ring insurance? Should we get it?

    Yes, I have ring insurance and I think it is worth it!

    Yes, I have ring insurance but it has been a waste of money.

    No, However I'd like to get ring insurance.

    No, I think it's a waste of money.

  • Post # 18
    Member
    1599 posts
    Bumble bee
    • Wedding: March 2012

    I have insurance for both my engagement ring and wedding band.  I think it’s definately worth it. The appraisal was free from my jeweler because my fiance had the ring custom designed there so they included it, but I would have paid for one to get the rings insured.  My rings are insured through Jeweler’s Mutual, it covered a lot more than adding it on as a rider on our homeowner’s insurance, and I pay a little over a 100 a year.  But I think it’s worth it because I’m paranoid that I will lose or break my ring.

    Post # 19
    Member
    6414 posts
    Bee Keeper
    • Wedding: June 2012

    I don’t have it but thinking about getting it as long as it’s under $50 a year. If it’s over that it’s definitely not worth it to me.

    (I did however get a lifetime protection plan) I’m clumsy and if I break it the band needs sized or something happens to the stone they fix it no questions asked… as long as I don’t lose it I’m fine lol.

    Post # 20
    Member
    352 posts
    Helper bee
    • Wedding: August 2012

    I have ring insurance, it is an add on to our home owners insurance. It will cover the replacement value (apraised value) of my ring. 

     The one thing that I kave to keep in mind with my policy is that every three months I have to bring my ring in to have it cleaned and examined to make sure that it is in good repair, but that is primarialy because I am a chef and am constantly using my hands. I could never afford to replace my ring if I had to so for my piece of mind it is very worth it.

    Post # 21
    Member
    352 posts
    Helper bee
    • Wedding: August 2012
    Post # 22
    Member
    1844 posts
    Buzzing bee
    • Wedding: May 2011

    I say YES to getting ring insurance!

    Post # 23
    Member
    57 posts
    Worker bee
    • Wedding: September 2012

    The insurance covers more than just loss or theft.  My coworker was washing her hands at work and the center stone fell out.  She didn’t realize it right away.  By the time she did it was no where to be found.  She has had the ring for 25 years and the centerstone was over 3 ct.  Her ring insurance covered the cost of a new stone.

    As someone who is also trying to save money for the wedding I understand your dilema but I also think it means you can’t afford not to have it.  My ring is a pretty hefty some and half our wedding cost.  If it needed replacing there would be NO WAY we could afford it.  $100 is worth the peace of mind imo.

     

    Post # 24
    Member
    486 posts
    Helper bee
    • Wedding: May 2012

    I have ring insurance and it is a big peace of mind. What really pushed me into getting it were the stories of how women I know lost their rings either leaving it in the bathroom because they took it off their finger to put lotion on or losing it on their honeymoon.

    Post # 25
    Member
    610 posts
    Busy bee
    • Wedding: May 2013

    @jude7186:  No questions ask, we’re getting ring insurance.  I just got my rings appraised and is currently waiting for the detailed report in the mail.  My Fiance and I would rather pay $100/year to have some peace of mind.  But that doesn’t mean I’m going to be careless with my rings, it’s just our preference.  Plus, my Fiance have never bought anything as much as an engagement ring and I love my rings so much that we would like to protect his investment.

    Post # 26
    Member
    610 posts
    Busy bee
    • Wedding: May 2013

    @jude7186:  Also, be mindful when you get your ring appraised.  Find someone who’s independent, meaning they don’t sell or buy jewerly so they’re unbiased.  Also find someone who’s a gemotologist.  If you get it appraised at jewerly stores or wherever you got your rings from, they will be over-appraised, and insurance companies has the option to not pay if they feel it’s over-appraised.

    Post # 27
    Member
    153 posts
    Blushing bee
    • Wedding: September 2012

    Ours is part of our renters insurance and lowers the price…check with that and see if they can give you a deal.

    Post # 28
    Member
    35 posts
    Newbee
    • Wedding: March 2011

    Had to comment. I am insurance agent and saw that some people added their rings to their home policies, make sure you ask your company what it covers. Most won’t cover out of the US and other things you would think it would cover. And most of the time it is the same amount of money to get a seperate policy (Inland Marine policy) that offers more coverage with a $0 deductible. I know with Nationwide the premium is about 10% of the ring value. I always recommend a seperate policy. More coverage for the same price.

    Definitely worth having the insurance. Just had a friend’s house catch on fire and she had happened to forget to put her ring on that day and almost lost it in the fire. Luckily it didn’t reach her bathroom and it was safe. You never know what can happen.

    Post # 29
    Member
    1835 posts
    Buzzing bee
    • Wedding: February 2013

    Have you read how many posts there are about people losing their rings down drainspouts/in a lake/swimming pool/etc.? Get the insurance! Even if you never use it, at least you know it’s there if you need it!

    Post # 30
    Member
    1026 posts
    Bumble bee
    • Wedding: June 2012

    $100 a year? thats not bad i guess, i wasnt sure and still am not…hmm

    Post # 31
    Member
    1563 posts
    Bumble bee
    • Wedding: June 2009

    YES, YES, YES!

    My husband lost his wedding band in the Pacific during the first day of our honeymoon on Waikiki Beach. Of course we hadn’t thought to buy ring insurance before then. After we dropped a nice chunk of change to replace his band, we now have a policy through Jeweler’s Mutual. Our policy costs a little over $50 annually, and we only have a $50 deductable.

    Please, please, please buy ring insurance to cover your rings and your husband’s. Luckily nothing has ever happened to my wedding set, but I rest well at night knowing that we won’t have to pay the amount the rings would cost to replace!

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