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bethtamar

Insuring your Engagement Ring

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I'm so glad to see a thread like this - FI and I are both in the insurance industry, and you would not believe how many people just don't think to insure their valuables!

 

I haven't read the whole thread, but my $.02 is this - pay the extra premium and make sure your limits are high enough to cover your ring! (it is usually not a huge amount). Ours is insured through our homeowner's policy, but as a separate item. Within the first few pages, i noticed someone saying that your homeowner's or renter's policies only cover jewelry up to a certain amount and she is absolutely right. MAKE SURE YOU HAVE PROPER COVERAGE - because if anything ever happens, you don't want to have to replace your ring out of your own pocket!

 

Sorry - i'm lecturing now. i'll stop!!! :)

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So I'm trying to insure my ring through Jewelers Mutual today. My quote was a little high with 0 deductible. Do any of yall know how much the average deductible is? I'm so lost... never done this before. Any advice would be greatly greatly appreciated! Thanks girls!

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My FI purchased e-ring insurance through Statewide, with whom he also has car and rental insurance. He received a discount too and pays $14/month. Not sure if there's a deductible. He did have to give a copy of the appraisal from the jeweler.

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Quote:
Originally Posted by kacie3344 View Post
So I'm trying to insure my ring through Jewelers Mutual today. My quote was a little high with 0 deductible. Do any of yall know how much the average deductible is? I'm so lost... never done this before. Any advice would be greatly greatly appreciated! Thanks girls!


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

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My fiance wouldn't even give me the ring until after he had it appraised an insured.

 

After he bought the ring, he took the GIA report and appraisal he got from the jeweler to a 2nd impartial appraiser to ensure that he got a good deal on the ring. He used "Just Appraisers" in NYC for this.

 

Then, he sent the appraisal from "Just Appraisers" and the appraisal from the jeweler he bought the ring from to JMI Insurance and got the ring insured.

 

He also bought a maintenance plan from the jeweler who maitains and cleans the ring periodically to keep it in pristine condition.

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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!
Mine is through Jewelers Mutual as well. The jeweler suggested it to us as well. It was an easy process and not expensive at all!

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Quote:
Originally Posted by kacie3344 View Post
So I'm trying to insure my ring through Jewelers Mutual today. My quote was a little high with 0 deductible. Do any of yall know how much the average deductible is? I'm so lost... never done this before. Any advice would be greatly greatly appreciated! Thanks girls!
I used Jewelers Mutual. I picked a $250 deductible and my cost per year was like $130 or very close to that. I was happy with it!

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