Insuring your Engagement Ring

Really great advice, Michelle. Since my FI did the insurance, I'm going to double check and make sure we have appropriate coverage. You're the best!

Thanks for the info Michelle. I have a floater policy on my set, with no deductable. I also had it get it appraised, but it's nice to have the documents in case something did happen.

Tammy, I love that pic of you guys walking away. It could be in a magazine...

Tammy' date=' I love that pic of you guys walking away. It could be in a magazine...QUOTE']

 

Awe thanks.. Yeah it's one of my favorites.. hmm course I've only seen two so far so I guess I should say it's my favorite one of Juans so far.. lol I'm surprised you can't see how wet we are in the pic, we took it right after we got blasted by a wave.. Cain's pants were soaked and my dress was as well. that's why I was holding it like that.. :-)

Quote:

Originally Posted by carlymcmullen Tammy' date=' I love that pic of you guys walking away. It could be in a magazine...QUOTE']   Awe thanks.. Yeah it's one of my favorites.. hmm course I've only seen two so far so I guess I should say it's my favorite one of Juans so far.. lol I'm surprised you can't see how wet we are in the pic, we took it right after we got blasted by a wave.. Cain's pants were soaked and my dress was as well. that's why I was holding it like that.. :-)

I just love that Tammy!!! It does look like it could be in a magazine...the whole "postcard" look is awesome!!

Hi, thought I'd bump this thread with a reply since no one has mentioned Chubb insurance. I learned about them thru another great forum (pricescope). They are similar to Jewelers Mutual but a little more expensive because their policy is amazing. Basically, they will cut you a check for the replacement amount your ring appraised for (e.g., you buy a ring for $10K but got a great deal and according to your independent appraiser it's replacement cost would be $13K). Because you are paying the insurance premium for the replacement worth $13K, you will get a check from them for at least $13K if you file a claim.

If you get a revised appraisal after your ring is stolen/lost/damaged (to account for increase in diamond or platinum pricing at the time of the loss) and it appraises for more than $13K, then you will get a check for the higher amount up to 50% (i.e., up to $19,500). I don't know of any other insurance carrier that allows for this.

Also, keep in mind that many homeowners insurance with riders for separate jewelry only stipulate that you get an item of "like kind." With Chubb, you get the check and get to pick whatever you want with it. Not to mention with that higher amount, you could probably upgrade!

I'm with Erie insurance for home & auto coverage. When I asked Erie for a rider estimate for my e-ring it was only $60 less than the amount Chubb quoted me, so I went with Chubb.

Keep in mind that Chubb rates vary state to state so mine might be much lower than what you get quoted. You can contact an authorized Chubb agent local to you for an accurate quote. Good luck!

Great advice!!! You are right about the insurance under home or riders covering "like Kind". So depending on the price difference it may be worth it.

Oh - I'm so confused about this. When I did an initial insurance quote, the amount they wanted per year was crazy. I want to say it was $3000 to $3500 a year. I dropped that to do after that.

Is this consistent with others or was the insurance company over-quoting me?

Are you doing the math correctly? Do you mean they want to charge to $300 - $350?

Let me get this straight. Your insurance company was trying to charge you $3000 to $3500 per year to insure your ring? Unless your ring is worth over $100,000 -- that is ridiculous.

I live in Maryland and my home/auto insurance company quoted me $205 annual premium for $18,500 worth of coverage. Chubb quoted me $265 for the same amount so I went with them.