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Insuring your Engagement Ring

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Quote:
Originally Posted by lizz10179 View Post
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.
well, I think I might, I got this whole binder and stuff.... maybe I should check it out... I just wasn't sure if you went elsewhere to get it appraised after you bought it.... who knows, but 8 months later and I still haven't insured it... I am so worried I am going to lose it!!!

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Originally Posted by akh View Post
i think most any jewelry store will give you an appraisal when you buy the ring so it's probably in your binder
thank you, Ann!! smile105.gif

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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.
Hi girls!

Okay here is the insurance agent again! wink.gif

Those of you who are insuring your ring on your homeowners/renters insurance...BE CAREFUL!!! As mentioned...most of these policies cover only up to $1000 - $2500 for jewelry unless you either increase the coverage up and most only go up to $5,000 or add either a rider (floater) onto the policy for the ring coverage or purchase an additional personal articles policy.

These separate policies cost additional, but are usually very reasonablely priced. The other good thing about them is that they offer broader coverage. So on the home/renter policy, it's only covered for fire, vandalism theft (the same as the home is insured for) and your deductible applies (most are at least $500 or $1000). The floater policies usually cover for all perils like if you lose the stone or chip it or lose the ring itself and you can usually get these with no deductible if you want.

So... be very careful in thinking that you have good coverage for your ring! You may very well, but you might not and you won't know unless you need it. So I suggest calling your insurance company and verifying exactly how much its covered for and for what type of losses!!

On a side note: The jeweler my ring came from offered a lifetime warranty on the ring as long as I came to them every 6 mo. to have it cleaned. I also purchased a separate personal articles policy for my ring and it costs $64 a year w/ State Farm.

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i had to take it to get appraised after he bought it, but we haven't sent in paperwork yet...however i know that it will go under his homeowner's policy.

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I would venture to say that if they are asking for an appraisal then they will insure it separately than the regular coverage available on the home policy...but honestly, all companies do things different (some do it on a different policy and others add floaters to the home policy) and different states do things different.

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Quote:
Originally Posted by michelle08 View Post
Hi girls!

Okay here is the insurance agent again! wink.gif

Those of you who are insuring your ring on your homeowners/renters insurance...BE CAREFUL!!! As mentioned...most of these policies cover only up to $1000 - $2500 for jewelry unless you either increase the coverage up and most only go up to $5,000 or add either a rider (floater) onto the policy for the ring coverage or purchase an additional personal articles policy.

These separate policies cost additional, but are usually very reasonablely priced. The other good thing about them is that they offer broader coverage. So on the home/renter policy, it's only covered for fire, vandalism theft (the same as the home is insured for) and your deductible applies (most are at least $500 or $1000). The floater policies usually cover for all perils like if you lose the stone or chip it or lose the ring itself and you can usually get these with no deductible if you want.

So... be very careful in thinking that you have good coverage for your ring! You may very well, but you might not and you won't know unless you need it. So I suggest calling your insurance company and verifying exactly how much its covered for and for what type of losses!!

On a side note: The jeweler my ring came from offered a lifetime warranty on the ring as long as I came to them every 6 mo. to have it cleaned. I also purchased a separate personal articles policy for my ring and it costs $64 a year w/ State Farm.
thanks for the insureance advice Michelle!

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Quote:
Originally Posted by beachbride View Post
thanks for the insureance advice Michelle!
No problem!! Not only is this site good for wedding advice but other aspects of our lives too and we all have different professions, hobbies, etc...and we can definately help each other out! :)

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thanks Michelle! Mine isn't insured either. I don't know anyone (except you guys) who have their rings insured.

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I would have never thought of it if i didn't work in the insurance industry...you really don't know because it's not common knowledge unless a friend tells you or sometimes jewelry stores recommend or your insurance agent. :)

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