Post # 1
Today SO set up ring insurance (through his parents’ homeowners insurance as we are renting), and he says that the policy covers the ring being damaged, stolen, or even lost. As in, if I drop it at the grocery store and can’t find it we get full reimbursement. This seems too good to be true/I feel like he may have misunderstood the coverage. What does your ring insurance cover? Does it include just randomly losing it?
Post # 2
My ring insurance covers everything except for like, purposeful damage, seizure, and fraud.
What you need to find out is if they cover “mysterious disappearance.” A lot of add on policies aren’t referring to loss in the same way most people would think of loss, meaning if you do drop it at the grocery store they WON’T cover it because it’s considered mysterious disappearance and not loss
Post # 3
cbj9: I can’t comment on your specific policy, however, mine is insured as a single item on our home and contents insurance (cost about $20 extra a year) and is insured for loss, damage and theft, inc abroad. I have claimed with the insurance previously (I lost a diamond pendant, worth $800, in my bedroom) and they paid out with no issues at all.
So, no, it shouldn’t be too good to be true; if you lose it, they should pay out. However, in my case I had to provide proof of purchase, and had to source a similar item and provide them with details. It was pretty smooth though, and they paid out cash which allowed me to buy a better pendant.
Post # 4
cbj9: nope- “mysterious disappearances” should be covered by any good jewelry insurance policy. My contract specifically says that it covers mysterious disappearances so I would check the policy for that wording. If it does not state this I would look into purchasing jewelry specific insurance instead of the add on.
Post # 5
mine covers absoutely every possible situation. from dropping it down the garbage disposal, to a diamond falling out, to losing it, etc.
Post # 6
- Wedding: May 2014 - Madison, WI
Mine covers almost any situation (except nuclear explosion loss – seriously it’s listed as an exclusion in my policy). It includes mysterious disappearance too which seems to be the big one since so many people don’t know what happened to their missing rings.
Post # 7
Mine also covers all but “war, seizure and rodents” (for some reason). But does include mysterious disappearance. But I dont get cash for my ring (from my understanding no one does anymore) they work with a jeweler I pick and pay them for the new ring.
Also does the insurance know you do not live at that address? If you have to make a claim and it is not your legal address they may not replace it. Just an FYI
Post # 8
cbj9: You probably will not get a full reimbursement but a replacement that is comparable to the ring described in your appraisal. My jeweler recommended that you get an additional policy, not a rider, for your jewelery as most do not cover a replacement over $5,000 on a homeowners insurance policy. Check out this article from the NYT: http://www.nytimes.com/2008/09/10/business/businessspecial3/10INSURE.html?_r=0