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ť Diamond/ring insurance.... who has it and how much do you pay??

Diamond/ring insurance.... who has it and how much do you pay??

P: 3/29/2008 1:56:26 AM
lovehersomuch Cut Rock Total Posts: 315 Last Post: 6/10/2009 Member Since: 6/20/2007	wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks
Posted: 3/29/2008 1:56:26 AM

There are 26 replies to this message. There are 26 replies on this page.

P: 3/29/2008 2:01:29 AM
surfgirl Ideal Rock Total Posts: 4,438 Last Post: 5/19/2009 Member Since: 4/5/2007	If you do a search on this there are literally tons of threads with too much information to re-write...Happy reading!
Posted: 3/29/2008 2:01:29 AM

P: 3/29/2008 2:40:38 AM
Gypsy Ideal Rock Total Posts: 14,306 Last Post: 11/20/2009 Member Since: 8/9/2005	Ditto Surfgirl. DKS's husband accidently THREW OUT her diamond. No insurance. A TON of folks have had their diamonds SHATTER, BREAK, CRACK. No insurance. I have it. I didn't for the first three years I had my diamond. Everytime I bumped or grazed it, thought about taking it for repolish, replate, my stomach would tie up in knots. And I have an asscher, so it's not like it's SUPER easy to switch diamonds on me. I've had insurance now for a while and IT IS SO WORTH IT. I can't BELIEVE I went so long without it. Cost depends on where you live, how much your ring costs, what type of policy you have, and so on and so forth. I live in EXPENSIVE Northern California. My ring has an appraised value of about 15K. I pay close to 250 a year for a cash-out policy through Chubbb. A replacement policy would have been cheaper, but I absolutely wanted a cash out policy. TOTALLY worth it.
Posted: 3/29/2008 2:40:38 AM

P: 3/29/2008 2:56:51 AM
honey22 Ideal Rock Total Posts: 3,951 Last Post: 11/24/2009 Member Since: 7/29/2007	Date: 3/29/2008 2:40:38 AM Author: Gypsy Ditto Surfgirl. DKS's husband accidently THREW OUT her diamond. No insurance. I still feel sick everytime I think of this!!!! Wedding Date Take 2: 26th November 2009!
Posted: 3/29/2008 2:56:51 AM

P: 3/29/2008 8:38:15 AM
sna77 Ideal Rock Total Posts: 1,022 Last Post: 7/20/2009 Member Since: 11/2/2006	Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks you'd be crazy not to insure your ring... do you have homeowner's insurance? If so, get an appraisal, and add a rider... Pretty simple... If you don't have a h/o policy, use Jewler's Mutaual or Chubb... Edit: just checked some of your other threads, and you are looking at buying a home now... Do you currently have renter's insurance? If so, you can often add a rider. Make sure your FI is covered in case you dotn live together etc, etc...
Posted: 3/29/2008 8:38:15 AM

P: 3/29/2008 10:58:39 AM
Dani Ideal Rock Total Posts: 4,608 Last Post: 11/24/2009 Member Since: 11/12/2004	Date: 3/29/2008 2:40:38 AM Author: Gypsy Ditto Surfgirl. DKS's husband accidently THREW OUT her diamond. No insurance. A TON of folks have had their diamonds SHATTER, BREAK, CRACK. No insurance. I have it. I didn't for the first three years I had my diamond. Everytime I bumped or grazed it, thought about taking it for repolish, replate, my stomach would tie up in knots. And I have an asscher, so it's not like it's SUPER easy to switch diamonds on me. I've had insurance now for a while and IT IS SO WORTH IT. I can't BELIEVE I went so long without it. Cost depends on where you live, how much your ring costs, what type of policy you have, and so on and so forth. I live in EXPENSIVE Northern California. My ring has an appraised value of about 15K. I pay close to 250 a year for a cash-out policy through Chubbb. A replacement policy would have been cheaper, but I absolutely wanted a cash out policy. TOTALLY worth it. Gypsy- Chubb only offers cash-out policies, correct? My ring is insured through Chubb, and I always assumed I had a cash out policy, at least that's what I told my agent I wanted....Maybe I should go did up my documents....
Posted: 3/29/2008 10:58:39 AM

P: 3/29/2008 11:22:03 AM
bem3231 Ideal Rock Total Posts: 502 Last Post: 8/31/2008 Member Since: 8/28/2007	I made sure that I had insurance before I even took possession of my ring. I think that it runs between about 1.5 - 3% of the insured value of the ring per year, depending on what kind of policy you have. There are many thread on this if you do a search. Good luck!
Posted: 3/29/2008 11:22:03 AM

P: 3/29/2008 12:53:25 PM
ajl Cut Rock Total Posts: 107 Last Post: 6/24/2008 Member Since: 1/23/2008	Get the insurance! And update it every couple of years. My kids lost my rings for me- that is how I found PS.
Posted: 3/29/2008 12:53:25 PM

P: 3/29/2008 1:06:08 PM
diamondrnglover Ideal Rock Total Posts: 1,204 Last Post: 11/25/2009 Member Since: 12/12/2006	I have it for my ring thru my homeowners, I have personal article rider thru State Farm, in my area in the midwest it costs around $10 per each $1000, I pay $71 annually for my ring appraised at $6600, you will need a appraisal.
Posted: 3/29/2008 1:06:08 PM

P: 3/29/2008 1:19:02 PM
krisvrn Ideal Rock Total Posts: 611 Last Post: 11/8/2009 Member Since: 11/15/2007	Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc
Posted: 3/29/2008 1:19:02 PM

P: 3/29/2008 1:30:49 PM
EmeraldCutQuest Cut Rock Total Posts: 113 Last Post: 11/10/2009 Member Since: 1/15/2008	I did a lot of research -- a homeowner's rider, if you can get it, seems best. You can insure just about any amount you want, from the purchase price to the appraised value. Most of the independents that I taked to insure the appraised value only -- seems unfair to me, since all they will pay (unless it's a cash-out) is what it will cost THEM to replace the ring -- a cost often far less than the appraisal value that you are paying insurance for. Regardless of which way you go, you have to weigh the value to YOU of peace-of-mind vs. the insurance cost. Also, don't neglect to consider 'self-insuring' part or all of the coverage. It's a matter of your assessment of loss/damage probability and associated financial pain as compared to the ongoing premiums pain. --ECQ.
Posted: 3/29/2008 1:30:49 PM

P: 3/29/2008 1:39:00 PM
LegacyGirl Ideal Rock Total Posts: 1,757 Last Post: 1/15/2009 Member Since: 11/16/2007	Date: 3/29/2008 1:19:02 PM Author: krisvrn Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc When you have it though Travelers is this a seperate policy or is it attached to your homeowners? I'm wondering who else I call call to get a cash out policy because I can't find an agent who will insure me though Chubb.
Posted: 3/29/2008 1:39:00 PM

P: 3/29/2008 1:44:14 PM
krisvrn Ideal Rock Total Posts: 611 Last Post: 11/8/2009 Member Since: 11/15/2007	Date: 3/29/2008 1:39:00 PM Author: LegacyGirl Date: 3/29/2008 1:19:02 PM Author: krisvrn Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc When you have it though Travelers is this a seperate policy or is it attached to your homeowners? I'm wondering who else I call call to get a cash out policy because I can't find an agent who will insure me though Chubb. it's a stand alone policy. my ring was insured thru allstate along with our cars, house etc but i did not like it was for replacement value and not cash out.
Posted: 3/29/2008 1:44:14 PM

P: 3/29/2008 1:46:15 PM
LegacyGirl Ideal Rock Total Posts: 1,757 Last Post: 1/15/2009 Member Since: 11/16/2007	Date: 3/29/2008 1:44:14 PM Author: krisvrn Date: 3/29/2008 1:39:00 PM Author: LegacyGirl Date: 3/29/2008 1:19:02 PM Author: krisvrn Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc When you have it though Travelers is this a seperate policy or is it attached to your homeowners? I'm wondering who else I call call to get a cash out policy because I can't find an agent who will insure me though Chubb. it's a stand alone policy. my ring was insured thru allstate along with our cars, house etc but i did not like it was for replacement value and not cash out. And you can just call Travelers and ask for this?
Posted: 3/29/2008 1:46:15 PM

P: 3/29/2008 7:28:48 PM
Pandora II Ideal Rock Total Posts: 6,272 Last Post: 11/24/2009 Member Since: 8/3/2006	Can you easily afford to replace the ring if something happens to it? If the answer is no, then you need insurance. I have all risks global cover as a rider on my house insurance - I took out the policy before my ring even left the vendor. I would NEVER not have insurance for anything I can't instantly (and painlessly) replace - I wouldn't sleep at night without it.
Posted: 3/29/2008 7:28:48 PM

P: 3/29/2008 7:47:22 PM
Gypsy Ideal Rock Total Posts: 14,306 Last Post: 11/20/2009 Member Since: 8/9/2005	Date: 3/29/2008 10:58:39 AM Author: Dani Date: 3/29/2008 2:40:38 AM Author: Gypsy Ditto Surfgirl. DKS's husband accidently THREW OUT her diamond. No insurance. A TON of folks have had their diamonds SHATTER, BREAK, CRACK. No insurance. I have it. I didn't for the first three years I had my diamond. Everytime I bumped or grazed it, thought about taking it for repolish, replate, my stomach would tie up in knots. And I have an asscher, so it's not like it's SUPER easy to switch diamonds on me. I've had insurance now for a while and IT IS SO WORTH IT. I can't BELIEVE I went so long without it. Cost depends on where you live, how much your ring costs, what type of policy you have, and so on and so forth. I live in EXPENSIVE Northern California. My ring has an appraised value of about 15K. I pay close to 250 a year for a cash-out policy through Chubbb. A replacement policy would have been cheaper, but I absolutely wanted a cash out policy. TOTALLY worth it. Gypsy- Chubb only offers cash-out policies, correct? My ring is insured through Chubb, and I always assumed I had a cash out policy, at least that's what I told my agent I wanted....Maybe I should go did up my documents.... I don't know Dani. I would check you documents. They may do replacement policies too for all I know. I absolutely did NOT want a replacement policy. I'm too much of a control freak. Plus if something, god forbid, happened to my ring, I absolutely do NOT know what I would replace it with. Another asscher? Similar setting? A cushion? Completely different setting? An Transitional antique ring like Surfgirls? I don't know what would speak to me. And I want my ring to speak to me, not be be a stand in for a lost 'item.' My ring is more than an 'item' to me... as it is for most PSers.
Posted: 3/29/2008 7:47:22 PM

P: 3/29/2008 7:54:15 PM
krisvrn Ideal Rock Total Posts: 611 Last Post: 11/8/2009 Member Since: 11/15/2007	Date: 3/29/2008 1:46:15 PM Author: LegacyGirl Date: 3/29/2008 1:44:14 PM Author: krisvrn Date: 3/29/2008 1:39:00 PM Author: LegacyGirl Date: 3/29/2008 1:19:02 PM Author: krisvrn Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc When you have it though Travelers is this a seperate policy or is it attached to your homeowners? I'm wondering who else I call call to get a cash out policy because I can't find an agent who will insure me though Chubb. it's a stand alone policy. my ring was insured thru allstate along with our cars, house etc but i did not like it was for replacement value and not cash out. And you can just call Travelers and ask for this? Actually I had called Chubb and talked to the Customer contact rep and she looked to see who could do it for me. I guess Chubb works with Travelers???
Posted: 3/29/2008 7:54:15 PM

P: 3/29/2008 11:57:59 PM
deegee Cut Rock Total Posts: 357 Last Post: 11/24/2009 Member Since: 4/28/2007	I have Jewelers Mutual and I pay about 1% of the appraised value per year. I am so glad I have the insurance! In January of this year I chipped the beautiful Whiteflash ACA stone I had purchased in June of 2007. I was kind of worried because my ring wasn't even a year old, but JM replaced the stone fairly quickly with another WF ACA (I picked it out) with no questions asked. I don't think I have a cash out policy though, but I'm not sure. I should go read my policy.
Posted: 3/29/2008 11:57:59 PM

P: 3/30/2008 10:17:37 PM
LegacyGirl Ideal Rock Total Posts: 1,757 Last Post: 1/15/2009 Member Since: 11/16/2007	Date: 3/29/2008 7:54:15 PM Author: krisvrn Date: 3/29/2008 1:46:15 PM Author: LegacyGirl Date: 3/29/2008 1:44:14 PM Author: krisvrn Date: 3/29/2008 1:39:00 PM Author: LegacyGirl Date: 3/29/2008 1:19:02 PM Author: krisvrn Date: 3/29/2008 1:56:26 AM Author:lovehersomuch wanted to get an idea what i should expect to pay for insurance on an engagement/wedding ring. what number of ppl out there actually get this and is it pretty much for peace of mind or did anyone actually use their insurance for recovery/theft/lost ring? thanks Mine is thru Travelers Ins and my ring is appraised for $15K and it is for cash out policy and I live in the midwest. Premium is $170 annually. Prices depend on appraisal/ area where you live etc When you have it though Travelers is this a seperate policy or is it attached to your homeowners? I'm wondering who else I call call to get a cash out policy because I can't find an agent who will insure me though Chubb. it's a stand alone policy. my ring was insured thru allstate along with our cars, house etc but i did not like it was for replacement value and not cash out. And you can just call Travelers and ask for this? Actually I had called Chubb and talked to the Customer contact rep and she looked to see who could do it for me. I guess Chubb works with Travelers??? Thanks for the info! I'll try again I guess. Who knew it would be so hard to get insurance!
Posted: 3/30/2008 10:17:37 PM

P: 3/30/2008 11:46:18 PM
Kissmark Cut Rock Total Posts: 414 Last Post: 6/12/2009 Member Since: 5/28/2007	I also have it w/ chubb. I live in NY so it's more expensive than other areas, and my premium is about 1.8% or a cash out policy that also covers "mysterious disappearance"
Posted: 3/30/2008 11:46:18 PM

P: 3/30/2008 11:58:16 PM
Allison D. Ideal Rock Total Posts: 1,726 Last Post: 11/24/2009 Member Since: 2/1/2008	I recently checked rates through my insurance company here in New England.....for a cash-out (agreed-amount or agreed-value) policy, it's running about $12 per thousand. Allison Dewey...."Alj" Consumer Relations, Whiteflash **the artist formerly known as aljdewey**
Posted: 3/30/2008 11:58:16 PM

P: 3/31/2008 12:07:31 AM
LegacyGirl Ideal Rock Total Posts: 1,757 Last Post: 1/15/2009 Member Since: 11/16/2007	What is awful is that I don't mind paying a little more I just want to find someone to give me the cash out policy. I found one company here that would offer it but the item insured would have to be $25k or more!
Posted: 3/31/2008 12:07:31 AM

P: 3/31/2008 1:03:59 AM
Kissmark Cut Rock Total Posts: 414 Last Post: 6/12/2009 Member Since: 5/28/2007	Date: 3/30/2008 11:58:16 PM Author: Allison D. I recently checked rates through my insurance company here in New England.....for a cash-out (agreed-amount or agreed-value) policy, it's running about $12 per thousand. Allison D can you tell me which company gave you that quote? LegacyGirl where do you live? I think Chubb is covered in most places and I don't think they really have a minimum. If you are not sure you can contact them directly and they should be able to refer you to an underwriter.
Posted: 3/31/2008 1:03:59 AM

P: 3/31/2008 1:11:36 AM
LegacyGirl Ideal Rock Total Posts: 1,757 Last Post: 1/15/2009 Member Since: 11/16/2007	I'm in Florida. I'll try calling Chubb again because the agents they gave me the first time I did do not want to insure me at all
Posted: 3/31/2008 1:11:36 AM

P: 3/31/2008 8:44:42 AM
midwestgirl Rough Rock Total Posts: 34 Last Post: 4/9/2008 Member Since: 2/25/2008	Hope this isn't too much of a threadjack... Did those of you who bought your diamond and setting separately get insurance on the diamond before getting it set (or would you recommend doing so?)
Posted: 3/31/2008 8:44:42 AM

P: 3/31/2008 12:09:12 PM
vespergirl Ideal Rock Total Posts: 3,944 Last Post: 11/24/2009 Member Since: 1/29/2007	I have a 2 ct RB in plat setting that was appraised for $30K, and we pay $200/year for Allstate insurance - it's a rider on our home insurance. I almost switched to Chubb when I read about their cash-out policy, so I called my insurance agent to find out what the deal was with our Allstate policy. He said that if the jeweler that they use (which happens to be the same jeweler that we got my diamond from!) can't find a diamond just like mine (it's H&A, so I'm picky to find a really great cut) then they will estimate what they consider to be the "actual" value of the ring and cut me a check for that amount (he told me that would probably be around $24,000, which is still more than my husband paid for the ring.) Since the Chubb policy was going to cost almost twice as much, we decided to stay with Allstate, because it seemed like a reasonable policy. Plus, I read someone else's thread on here, that she had the same policy as mine, Allstate's recommended jeweler couldn't find a stone as nice as her original stone, so they just cut her a check - so it looks like they will do that for us ultra-picky PSers. ;)
Posted: 3/31/2008 12:09:12 PM

P: 3/31/2008 12:14:05 PM
Pandora II Ideal Rock Total Posts: 6,272 Last Post: 11/24/2009 Member Since: 8/3/2006	Date: 3/31/2008 8:44:42 AM Author: midwestgirl Hope this isn't too much of a threadjack... Did those of you who bought your diamond and setting separately get insurance on the diamond before getting it set (or would you recommend doing so?) If the jeweller setting the stone didn't supply the stone, it is your reponsibility to insure the stone before setting - otherwise you are not covered if the stone breaks or chips. Diamonds may be hard, but they are still quite brittle. Toughness and hardness are NOT the same thing. If you have a pear or a princess, it is even more important as the tips are vulnerable.
Posted: 3/31/2008 12:14:05 PM

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