Engagement ring insurance for an antique

[kemurphy]

I just go the appraisal back on my ring and now I would like to know peoples opinions on the best insurance options. I like to joke that I'm haunted by Murphy's Law as my last name is currently Murphy (so glad I'll change it in a year!) My ring has already had a bit of a misadventure... my jeweler sent it out to get the band re-engraved after sizing it and it got lost by the USPS for a week! The poor jeweler almost had a heart attach! Due to this happening in the first month of ownership I want this puppy insured!

My State Farm agent is writing up a quote for me but I'm not sure if that is the right way to go. They would do a policy where they would look for an equivalent ring and if I don't like it I would get the cash value of the equivalent ring they found, not what I insured my ring for.

My concern with this is that I'm not sure what they would consider an equivalent ring. I'm not as concerned with the diamond but more with the setting. I'm probably biased but I think my ring is the most beautiful setting I've ever seen!

I've read that in the past CHUBB was the best option as they did a cash out policy but they don't offer that anymore. I've also read that people like Jewelers Mutual but how would they handle an antique ring?

What options are there for insuring antique rings? Mine is a 1 ct old european cut diamond in a platinum edwardian setting.

 

[diamondseeker2006]

That is definitely a case where only you could choose the replacement. So as long as State Farm will send you a check after they attempt to find you one (which is extremely unlikely), then I would think that is fine.

 

[rubybeth]

Jeweler's Mutual specializes in insuring jewelry, including antiques. If you have a valid claim, they let you choose your jeweler for the repair or replacement, so you could pick a vendor that offers the style of stone or setting you need fixed/replaced. I insured an antique 5-stone ring with them a few months ago, and they insured it even though one of the diamonds has a small chip on it.

 

[NiceSmile]

did you check with other insurance options?

what do other people think are the best insurance options?

on a 25k ring, how much should it cost to insure annually?

thanks!

 

[diamondseeker2006]

did you check with other insurance options?

what do other people think are the best insurance options?

on a 25k ring, how much should it cost to insure annually?

thanks!

The cost will vary with location. Mine costs about $1 per hundred. Just never insure with an inflated appraisal!

 

[missy]

did you check with other insurance options?

what do other people think are the best insurance options?

on a 25k ring, how much should it cost to insure annually?

thanks!

The cost will vary with location. Mine costs about $1 per hundred. Just never insure with an inflated appraisal!

Lucky you! It costs us about 2% of the value here. And I totally agree with DS. Don't insure it for more than it is worth. That makes no sense.

 

[ponder]

What state are you in? My State farm policy is a cash payment policy for the agreed upon insured amount as determined by the appraisal or receipt. Just curious as I continually hound my agent with questions as he rarely settles jewelry claims with anything but a check within 48 hours of the claim. He says that they can supply a replacement if the customer chooses that route due to a piece of jewelry that has become underinsured due to significant inflation over a long period of time.

 

[kemurphy]

Hi ponder, I live in California. That's very interesting that your agent does that! That's really want I want, even if it means the premiums are higher. What percentage of the value do you pay in premiums if you don't mind me asking? The replacement policy from my State Farm agent was 1.5% of the appraised value.

 

[ponder]

I'm in Texas and 1.5% sounds about right for what I pay on my personal articles policy that covers my diamonds. All my other jewelry I simply leave under the blanket of my homeowners policy. There must be a state to state difference in the availability of cash payout policies through state farm, since I seem to be one of the few that have one, but I know I'm not alone on PS with this type of policy.

 

[Laila619]

I'm in Texas and 1.5% sounds about right for what I pay on my personal articles policy that covers my diamonds. All my other jewelry I simply leave under the blanket of my homeowners policy. There must be a state to state difference in the availability of cash payout policies through state farm, since I seem to be one of the few that have one, but I know I'm not alone on PS with this type of policy.

My State Farm agent said they would do either a check or a replacement, whatever I wanted.

 

[kemurphy]

Thank you all for your help! It turns out Jewelers Mutual will do an agreed cash value policy as long as you pay 40% more in premiums. I think I'll go with them as I would really prefer a cash out policy rather than a replacement policy. Hopefully I will never ever have to use it!