Insuring your Engagement Ring

[*Lo*]

Haha ya my FI also wouldn't give me the ring until it was insured. It was appraised by one of the jewellers associations and then he didn't agree with it because it was $15,000 more than he paid for it! So he went to an independent appraiser and since the ring was already built at that point, they cannot see the entire stone so the appraisal was less. We had to actually switch home insurance companies because they would not insure the ring even separately saying that it was too much risk. (Ridiculous).

 

So we found a new company that did. I believe it is $600 a year just for the ring insurance and then about $600 for home insurance for us. But they will write us a cheque for the total appraised value no matter what. So if I lose it, or it is stolen, or it falls off and is run over by a car, or falls off swimming in the ocean on our honeymoon...it doesn't matter. Don't take a chance!!! Make sure your policies cover your beautiful rings!!

 

I live in Toronto though so it is probably a lot higher here. I swear Torontonians pay more for everything.

[kerryjbrown]

I have a seperate policy on my house that I rent out to cover my regular jewelery (they only cover up to about 2-3k normally). This is with The Hartford, I have had them for 4 years since I bought the house, with no issues (they cover my property and the renters in the house). For the engagement ring, I insured it through our HOI on our current house through State Farm. They were great and had it insured within 2 days.

[michelle08]

You should first check with the company who has your home/renter's insurance and auto insurance. The price all depends on the value of the ring and then of course the deductible you are willing to assume (the larger the deductible the lower the premium...usually $100, $250, $500 are common).

 

I work for State Farm and we usually recommend people insure their engagement rings on a seperate policy (personal articles policy) and with other companies it's called a rider/floater onto their home insurance. The reason is as someone else stated that this policy will cover many more things than just having it insured under the jewelry coverage on the home insurance. The home insurance will just cover usually up to 1,000 or 2,500 and for only fire, vandalism, theft whereas the pesonal articles policy will cover if it's lost or the stone chips or you run over it or pretty much anything which is better because this isn't a piece of jewelry you store in a jewelry box, it's something you where everyday and anything can happen to it!

 

I don't know about jewelers mutual but I'm sure they are fine and obviously specialty...but it doesn't hurt to check with your home and auto insurer because of the discounts that may be available.

[Dreams425]

I just completed this process...we have a rider on our renters insurance because the renters insurance only covered up to $5000 for my jewelry. This way I have a separate rider for the ring and I am covered under any circumstances and I will not have to pay a deductible! Anyone who has homeowners or renters likely has some type of value for jewelry that is covered but it may not be enough. The rider cost is insignificant and well worth it in case something happens. I think the easiest thing is calling your insurance company and asking for a rider.

[Blkatz]

not sure if anyone mentioned this company or not, but several of my friends and I went to Jewelers Mutual Insurance - Home

[Blkatz]

oops-just re-read the previous messages and a bunch of people have used them too! I found them to be the cheapest

[KatyKo]

I have State Farm Insurance for all my belongings and just paid for new coverage for my ring.

 

It was fairly, inexpensive, I will pay $60 annually with no deductible. The girl told me they would replace it if I lost it, it got stolen, the stone fell out or even if I threw it on the ground and ran over it with my car! I doubt that will ever happen

[*Casey*]

Quote:

Originally Posted by STACEY I am not familiar with Jewlers Mutual. DO you own a house, or have auto insurance?

No home or renters insurance... thats why we chose Jewelers Mutual. I called around to a bunch of different places, but they all required that you have a home or renters insurance policy with them. And maybe that would've been a good idea since there was a huge fire in an apartment right down the hall from my FI's place yesterday morning. Scary! So we chose to do the $2500 deductible and I think it ends up being about $1000/year.

[ginalynn]

I went with a company called Jeweler's Mutual at the advice of the jeweler my FI bought my ering from. The benefit of using them over a regular insurance company is that a regular insurance replaces your ring and diamond with something that they feel is comparable instead of letting you have ANY input. If you use Jewelers Mutual you go through the jeweler of your choice to basically recreate your ring to the same quality it was before, or if you want something totally different, they give you the value of your ring that it was appraised and insured at to design whatever you want. This was very important to me because my FI got me a HeartStar Squared diamond, which I LOVE! If I lost it and had it covered by a regular insurance policy they would likely replace it as cheap as they could with a low quality princess cut diamond. It was very reasonable to insure my ring, something like 1% of the appraisal value per year. This is the website: Jewelers Mutual Insurance - Home Hope that helps you decide!

 

I forgot this part...I also have a $0 deductable, which in my opinion is awesome!!

[Chanti]

gossip girl, which company insures your ring? i am also in toronto and looking to do the same. mine got appraised 4 times more than FI paid for it and i'm really scared of losing it before it gets insured!!!