MemberHey Bees, first off – do you have your engagement/wedding ring insured?
Secondly, what is the difference of having your ring insured, versus just having a lifetime warranty on it through the jeweler in which you purchased it from?
MemberMine is insured through our homeowners policy. I think that a warranty covers workman’s defects (so stuff like loose settings or re-plating) whereas insurance will cover the full value in the event of theft, flood, fire, etc. The most commonly offered policy for jewelry is replacement coverage, which guarantees a payment that will purchase a ring identical in quality, design, metal, and setting.
I would guess though that warranties through various jewelers will vary greatly, so all Bees should carefully read the fine print before deciding against insuring their rings.
MemberThe store warranties usually only cover things like cleaning, plating, repairs, *maybe* a lost stone in some circumstances if it was due to something loose. They don’t usually cover damage or theft and you usually need to ensure you get it checked per the policy and do not have anyone else do any work on it ever.
Jewelery insurance (either stand-alone or as a separate rider) will, depending on your policy, cover theft, damage (like a crack in your stone), and even just loss (even if your own fault such as leaving it on the sink and it falling down into the toilet never to be seen again). You can also often add on riders for shipping if you need too, etc. Depending on the insurer, you can also choose your own replacement (rather than deal with an insurance company telling you what you are allowed to get). Jeweler’s Mutual is a good one.
HostessWe have insurance and it covers my rings regardless of what happens…theft, damage, lost etc. The warranty covers redipping and regular maintenance.
MemberMemberWow I just looked up a quote for our jewelry on the Jeweler’s Mutual website and it’s only about $40 annually! That’s great!
Member@ForeverBlessed: My dad insures ours through our renters policy and it was like 40 maybe 60 max a year! definitely worth it i think
Hostess@ForeverBlessed: Your quote it based on the value of the ring so that will vary depending on a person’s specific ring and wedding bands. I believe we pay around $300.00 a year for my e-ring and wedding bands.
HostessMine’s insured!!!
Lifetime warranty = is dependant on your jeweler and what they offer.
We took out a separate policy for my rings with Jewelers Mutual. Homeowners usually only cover up to 1K of jewelry without special riders. They also don’t cover mysterious disappearance or stones chipping.
Hostess@missporkchops: Lifetime warranty = is dependant on your jeweler and what they offer.
It also relies on the fact that your jeweler will be around for your lifetime. My aunt’s e-ring was purchased with a warranty and about five years ago that company went out of business leaving her out of luck. She ended up having to go to Helzburg to get her repairs costing her a bundle….and they ended up screwing up her ring and she lost her diamond (the entire head of the ring setting, diamond and all just FELL off) with them taking no responsibility for the issue.
In other words get it insured, always.
MemberMine is covered with an additional rider through my homeowner’s insurance. I believe it’s about $80 annually. It covers just about everything including theft, loss, and damage. No wear and tear. Well worth it!!
ETA: my FI’s ring is going to be a $40 stainless steel number (his request) so no insurance for that.
MemberHostess@Treejewel19: REALLY GOOD POINT!!! Plus don’t they require you to go in yearly for checks or something? I have a necklace from Darling Husband that came from a store that offered it and it was annoying since if I didn’t get it checked on a regular basis they threatened that the warranty wouldn’t be valid.
MemberHostess@missporkchops: Ugh yes I have a necklace from Fred Meyers with that same issue. They closed the only location around us so I have no way of going in unless I drive neary four hours. 🙁
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