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bethtamar

Insuring your Engagement Ring

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Quote:
Originally Posted by lryates76 View Post
Mine is through State Farm. I have my vehicle and home owners through there as well. They give multi-policy discounts!
Ditto. State Farm.

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We have my ring insured through USAA and love it. My FI was in the Navy, so he has access to USAA and they are so fabulous! Very inexpensive, and for our homeowner's insurance it's like $3,000 less a year that what State Farm offered us.

 

If anyone has access to USAA, use it!

 

On a random note, my finance even bought my engagement diamond from USAA, super high quality (I know it sounds weird) but it's a hearts & arrows ideal cut and gorgeous, and they have flexible payment options as well.

 

[Ok, stepping down from my USAA speech!]

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Quote:
Originally Posted by gkashmira View Post
I have a renters policy with Nationwide - I am assuming my ring is also covered - is that correct?
Not necessarily. It depends how much your ring is worth. Most policies will automatically cover up to $1,000 or $2,000 worth of jewelry. After that, you will need to add additional Special Personal Property coverage which is typically an additional $8-$10 per thousand of value.

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I have yet to do this too! I think the ring does have to be appraised first before adding it to insurance. I need to do this post haste because the ring was covered from the jeweler for only 6 weeks after purchase. (Today makes 8!)

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Quote:
Originally Posted by beachbride View Post
So, since I haven't done this yet.... Do I have to get my ring appraised first, or do they go by what you paid for the ring...
My e-ring, and both our wedding bands are insured through our home-owner's insurance. The company we use is escaping me right now, Hanover maybe? Anyway, the insurance company had to have copies of the original appraisals on hand before they would insure it. I'm not sure what our rate is per thousand, but I think my e-ring costs like $180 a year, and our wedding bands were another $80 or so. When you consider the cost of replacing the ring it's not bad.

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Quote:
Originally Posted by gkashmira View Post
I have a renters policy with Nationwide - I am assuming my ring is also covered - is that correct?
Quote:
Originally Posted by Tlseege View Post
Not necessarily. It depends how much your ring is worth. Most policies will automatically cover up to $1,000 or $2,000 worth of jewelry. After that, you will need to add additional Special Personal Property coverage which is typically an additional $8-$10 per thousand of value.
i'd definitely suggest adding on, or getting a seperate policy for any valueable jewelry!

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Quote:
Originally Posted by tvt View Post
i have mine insured through Jewelers Mutual. The jeweler that we bought the ring from suggested it. Also Trisha's sister is a jeweler and said they were good. So we went for it!
Same here! Our jeweler recommended Jewelers Mutual. They are pretty reasonable and cover the entire cost of the ring if it's lost/stolen.

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Quote:
Originally Posted by beachbride View Post
So, since I haven't done this yet.... Do I have to get my ring appraised first, or do they go by what you paid for the ring...

I had to send the appraisal in with the application. Mike got the appraisal when he bought the ring. You should ask Amos if he has it.

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