(Closed) What do you pay for ring insurance?

posted 10 years ago in Rings
Post # 17
Member
21 posts
Newbee
  • Wedding: September 2009

I pay $8.25 per every $1000 of coverage.  So if your ring is $10,000, your insurance would be about $83 per year.  I think it’s a good deal!  I go through Liberty Mutual.

Post # 18
Member
123 posts
Blushing bee

We pay around $600/year for my engagement ring and it has been appraised at $39,000. I went with Chubb, even though it was a bit more expensive than State Farm ( we have renters insurance with them). If the ring gets stolen, lost, etc they pay 150% of the appraised value and you can get the ring anywhere you want ( which is important if you have "brand name" ( eg Tiffany, Cartier, etc) or antique ring). State farm’s policy replaces the ring from the jeweler of their choice based on the appraisal ( size, clarity, etc). I wanted to get cash, no questions asked, so I am paying extra. My fiance thinks its a bit too much, but in my opinion unless you have the money sitting around ready to replace your ring if something happened to it, you should get the insurance. Just my two cents.

Post # 19
Member
165 posts
Blushing bee
  • Wedding: July 2009

Do I read right and you own a home? We just bought home owners/builders risk insurance for the build process and added the ring to and we are paying a total of $600 a year! Then when we actually move in our homeowners policy with ring and assets will be around $500. My rings are only appraised at about $7000 but I am thinking that is alot but I can check with my Fiance on if they gave a seperate amount for the ring.

Post # 21
Bee
11814 posts
Sugar Beekeeper
  • Wedding: September 2009 - Barr Mansion

My ring is worth about $4500, and it only costs about $70/year.

Post # 22
Bee
11814 posts
Sugar Beekeeper
  • Wedding: September 2009 - Barr Mansion

Oh, and btw we own a home, too.  I’ve never heard that about "adding assets to the home."

Post # 23
Member
365 posts
Helper bee
  • Wedding: April 2009

My insurance is through USAA, and my "valuable personal property" policy, which covers any miscellaneous jewelry up to $2500 total PLUS my engagement ring which was purchased for $5000 (probably need to get it re-appraised) costs just $61/year.  To add my wedding band & his wedding band, it would go up to $77.  We also have renter’s insurance & both cars insured through them.  

Post # 24
Member
1276 posts
Bumble bee
  • Wedding: August 2009

Hmmm…I’m thinking that $400/year for about $35K of stuff plus your house is not too expensive.  Possibly varies by area.  But my 1BR condo insurance plus the minimum coverage on stuff (I can’t recall, but I know that I specifically did not include my diamonds, so I doubt over $10K) was something like $250.  I could easily see the extra stuff bringing it up to $400/yr.

FWIW, my Fiance is always really responsible about these types of things and he feels it’s totally not worth it to insure my engagement jewelry.  I tend to agree with him…so maybe I’m siding with your Dad on it being unnecessary.  I think something on your finger is very unlikely to be stolen.  And unless you have a tension setting, it’s unlikely the center stone will fall out.  Any side stones are not that expensive to replace.

Post # 25
Member
165 posts
Blushing bee
  • Wedding: July 2009

I agree w/Indie B, as a home owner, your assests are covered up to a certain price of your home and that should all be included. Unless its a mansion, which you said you only have college stuff, you should not need to be adding additional assets policies on. I would definetly be shopping around for the insurance and I understand alot of people are doing ring insurance through jewlers, but sometimes you get a better rate with a company that you have multiple policies with.

The topic ‘What do you pay for ring insurance?’ is closed to new replies.

Find Amazing Vendors