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Tennyt1

Engagement Ring Insurance

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Quote:
Originally Posted by Tlseege View Post
Jewelers Mutual.
Your basic homeowners coverage doesn't have near the peril coverage as JM does. So you have to be very careful with that.
peril coverage?? What exactly is that? Sorry for my ignorance!

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Not ignorance, most people don't know. I work in insurance... homeowners actually... so I sometimes just speak the lingo without thinking.

Perils are the things that could happen. Ie: fire, theft, flood.

A lot of policies don't cover things like simply losing your ring. You'll just want to speak with your agent and make sure that you're covered. I would say the odds are much greater that you will take your ring off and lose it than it will be swept away in a flood.

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We added it to our homeowner's as a scheduled item-- so it's covered from loss, theft, damage. Also, if I lose my ring the insurance company will just cut me a check for the appraised amount not make me find a similar one. . . something to think about. (Mine is a custom design so wouldn't be able to find another like it). Good luck.

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We bought our ring from Jared. Because our ring was recently purchased, we didn't need to pay a fee to get it appraised, because the ring was recently bought, and the appraisal value and what we paid are still similar. They will send you a statement in the mail similar to the appraisal with the qualities of the diamond and what you paid which will work for insurance purposes. Jared works directly with your insurance company, and picks out your replacement diamond themselves by matching your cut, clarity, color, carat, etc (so even if the value of your diamond does go up between appraisals, you will still get the right diamond). I guess some insurance companies will try to replace your diamond with what they think is comparable (replacing an Ideal cut with a Good cut, as long as it's the same weight). They do recommend getting an actual appraisal within 5 years, and every 5 yrs after, but seriously, I will be doing mine in a year and maybe even every year after (they do free inspections every 6months too). Just thought I'd let you guys know in case any of you are Jared girls out there (btw, we had to ask for this, they didn't just give it to us).

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