Insurance: Her Policy or Mine?

"If we shadows have offended ..."

Andrew,

Great question. 

Insurance is a pretty competitive business and there are quite a few different products on the market that are superficially similar.  Make sure to read the fine print in the section about how claims will be handled.  This can make a difference of 2-3x in the price depending on what you decide you want.  Use the search box at the top right hand corner for ‘insurance’ and you should get plenty to read about on this topic.

Personal property is insured on what the companies call ‘inland marine’ type policies.  The PP component of your insurance policy actually has separate rules from the insurance on the building, even though you bought them as a bundle.  Renters policies are pretty much the same program, and from the same companies as the homeowners policies but without the building. 

As long as the owner of the policy can with a straight face claim to be the owner of the property, it won’t matter which one you go with.  In theory, a company could limit their loses that occur in certain states but, in practice, I’ve never heard of such a thing so I don’t think this will be a deciding issue.  Your agent should be able to tell you if there are any restrictions on insuring property that primarily located in another state as well as answer the question about who is the 'owner' of the ring and whether this has an effect on their policy.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

There's never a crowd when you go that extra mile.

Wink Jones
GG
Winfield's/High Performance Diamonds

Here’s a random digression for people here who are into such things.  Adh, I apologize for hijacking your thread and please feel free to chime in if your question wasn’t sufficiently answered above.

There’s an interesting body of law surrounding this topic.  Courts have decided that an engagement ring actually belongs to the man until the day of the wedding under the logic that this is part of a contractual relationship that isn’t complete until the actual marriage. By receiving the ring, the woman has agreed to marry but, until she actually does it, the contract is not complete.  At the point that they become married, the ring then becomes the property of the woman, until then it’s a loan. It turns out that with expensive items this is an important detail.  Gifts from boyfriends of over $11,000/year must be reported as taxable income while gifts from a husband have no limit.  Were this not to be the rule, an expensive engagement ring would come along with a substantial tax burden for the recipient.

Neil Beaty
GG(GIA) ISA NAJA
Independent Appraisals in Denver

There's never a crowd when you go that extra mile.