Can Fiance insure ering for Fiancee? (homeowners)

[zhuzhu]

My boyfriend (fiance) has a house with homeowners insurance from All State and I am currently living in a different state (renting). Our engagement ring will be ready in a couple of weeks and we would like to add it to his homeowners insurance policy as I understand it to be the least expensive and convenient method. Can this be done under his name only until we get married in about 1 year or 2?

Thanks!!!

 

[denverappraiser]

Generally no. The person in possession of the property must be the named insured. Talk to your agent or insurance company.

If you''ve got a renters policy you can usually add a rider to it and your fiancee can pay the bill in your behalf if he wants. You can do the same with a stand alone type of policy if you don''t have a renters to attach it to.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[zhuzhu]

Thanks Neil,

So does that mean once we are married then we can have it insured under the "house"? Even if I live in a different state?

 

[nolimits]

Why not procure a renter''s policy (good idea anyhow) and include a jewelry waiver on it? Seems logical. Depending who your fiance uses for insurance, his company may even write a policy for you but combine with his to get a multiple line discount and also send the bill to him instead of you!

 

[zhuzhu]

" write a policy for you but combine with his to get a multiple line discount"

That''s what I had in mind too as I live in CA and his house, which is in PA, has much lower rate on insurance than CA!

 

[nolimits]

Date: 1/22/2008 6:19:37 PM
Author: zhuzhu
'' write a policy for you but combine with his to get a multiple line discount''

That''s what I had in mind too as I live in CA and his house, which is in PA, has much lower rate on insurance than CA!

I don''t think you''ll get to avoid CA rates, but if he has an agent such as State Farm, I don''t understand why they couldn''t write you a policy for your rental in CA and then place together with his umbrella. I have State Farm and I know they''ll insure me and my girlfriends autos separately but somehow place them together under the same general policy to help us save money. I don''t know why it wouldn''t work. People insure rental property all the time with the same type of circumstances.

 

[zhuzhu]

I just get an estimate from jewelry Mutuals, and they quoted me $150 a year for a $10K insurance (my e-ring should be less than that). Does that sound crazy high to you?

 

[denverappraiser]

Date: 1/22/2008 6:14:33 PM
Author: zhuzhu
Thanks Neil,

So does that mean once we are married then we can have it insured under the 'house'? Even if I live in a different state?

Again, talk to your agent. You have to declare a place of residence and the jewelry rider will probably be based on that. The house rate will be based on the location of the house, whether or not you and/or your husband live in it.

Most insurers are well versed in dealing with clients who have several homes, some owned and some rented and can walk you through the rules for how they handle it. This kind of question is what you’re paying the agent for so make them earn their commission. Call ‘em up.

Jewelers Mutual rates vary by state and even by city. 1.5% of the declared value is a little higher than most places but it would be a bargain for people who live in, say, Manhattan.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[nolimits]

Date: 1/22/2008 6:38:43 PM
Author: zhuzhu
I just get an estimate from jewelry Mutuals, and they quoted me $150 a year for a $10K insurance (my e-ring should be less than that). Does that sound crazy high to you?

I''m not sure if that is a great rate or not, but I do know that I could blow $12.50 per month on other things that wouldn''t provide near the security that insurance policy will provide in the event of theft, loss, damage, etc.

I would read the fine print before committing. It seems I read something here or another diamond forum on the web where this insurance company only allowed you to REPLACE the ring up to X amount that it was insured. For instance, you insure for $7,500 and something happens, then you can buy another ring up to $7,500 but they don''t actually give you cash.

My concern would be where you have to purchase from for the insurance company to honor it. Also what happens if you want to upgrade since the sentimental value of the original stone is gone? The new upgrade costs $10k and insurance will only pay $7,500 which forces you to finance the remainder balance or wait and save the $2,500 before buying. Will they apply the $7,500 to a bigger ring? How long can you wait to apply the $7,500 to the new upgrade (while you save)?

It just irritates me they do it this way vs. giving you cash if something happens. I understand fraud, etc. probably plays a big role in their decision and I respect that but at the same time it''s frustrating. Heck, for all we know with all sentimental value gone, someone may want a check for $7,500 and then replace with a simulant/synthetic stone and quality setting and invest the remaining funds into their childen''s college funds or their retirement accounts.