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Diamond/Ring insurance (Canada)

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cdndman

Rough_Rock
Joined
Jul 28, 2008
Messages
95
So i''ll definitely be getting insurance coverage for the engagement ring that i have being made right now... I know that most home insurance plans will cover a portion of expensive jewelery but I was wondering if anyone knew of an insurance company that has specialized insurance coverage for jewelery.

After some digging I see that there are numerous companies in the USA that provide coverage.. is it as simple as calling up my insurance company? also what type of coverage should i get?
 

hlmr

Ideal_Rock
Joined
Oct 21, 2004
Messages
2,870
You should add a rider on your home insurance for the ring. If you don''t have home insurance, I am not sure what the best route to take would be.
 

dockman3

Brilliant_Rock
Joined
May 30, 2008
Messages
560
I went with Jeweler''s mutual because I liked the fact that all they deal in is jewelry. I don''t know if they will cover you in Canada or not. Otherwise, Chubb has individual jewelry accounts you can get. But the easiest is going to be getting a rider on your home insurance. Just be sure to check out what kind of policy it is and what kind of loss/damage it covers. For example, is it a replacement or cash-out policy? Do you get to pick the jeweler to repair or replace it, or do you have to use one that they pick? Is it covered if it falls down the drain? Is it covered when you''re traveling? These are the kinds of questions to ask. Do a quick search for insurance here and you''ll find all kinds of threads with all the info you need.
 

cdndman

Rough_Rock
Joined
Jul 28, 2008
Messages
95
I called up my insurance company and they gave me the whole speeel... the problem is I don''t have home insurance since i''m still living with my parents and it can only be added to their home insurance if it''s still in my possesion... but looks like chubb''s offers insurance in my province so i''ll be looking into them. Thanks for the advice!!

on a side-note... any canadians using chubbs?
 

customcushion

Shiny_Rock
Joined
Jun 17, 2008
Messages
220
No, we''re insured with Gore Mutual based in Cambridge, Ontario.

It is a rider on our home policy, and we''re happy with it (and our insurance broker, if you need a referral
)
 

cdndman

Rough_Rock
Joined
Jul 28, 2008
Messages
95
hmmmm... do they do separate insurance though?? the problem i''m running into is finding a company that will only insure the ring. I don''t own or rent a place therefore home/rental insurance would be pointless for me
 

customcushion

Shiny_Rock
Joined
Jun 17, 2008
Messages
220
i have heard that it is tough to find seperate insurance for e-rings in canada, without home insurance.
i would call your parents insurance broker, or someone you know in insurance and ask for options. Can you insure it temporarily on your parents policy, and pay the premium ?
 

cdndman

Rough_Rock
Joined
Jul 28, 2008
Messages
95
I talked to my insurance company (who''s also my parents insurance company)... and they said that I could pay the premium and add it to their house insurance... however once the ring wasn''t in my possession it wouldn''t be covered and that my girlfriends parents insurance would have to cover it... however my girlfriends parents insurance company will only cover up to 4,000 and the ring would only be replaced with a ring of the same likeness... but i''m having this ring custom made. the appraisal value for replacement would be 8,000-9,000
 

customcushion

Shiny_Rock
Joined
Jun 17, 2008
Messages
220
Go with that then...

Maybe this will give you the inspiration to get your own place !
 

allycat0303

Ideal_Rock
Joined
Nov 19, 2004
Messages
3,255
Well I live in Quebec, so I don''t know if this will apply for you.

We went with La Capitale. They actually insured the stone unset for us to cover it while it was being set. It can be insured without homeowners too (my fiance bought it while he was in an appartment).
 

cdndman

Rough_Rock
Joined
Jul 28, 2008
Messages
95
as for La Capitale... it seems as they only do insurance in Quebec, so unfortunately that will not help me but thanks for the suggestion


and as for customcushion''s comment... I wish I could get my own place... however the housing market here is still cooling down.... and prices have yet to come down to a comfortable level... the average price for a house in my province is still sitting around 370,000... with condo''s sitting around 200-250,000. I do have a urge to get my own place however buying now and possibly loosing 20,000-50,000 while housing prices are still adjusting doesn''t seem to be a smart idea to me.
 
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