Engagement Ring Insurance, HELP!

[yoohoo]

I just recently got engaged. My fiance loved the ring, which has an appraisal value of $9000. I am seeking insurance for the ring through the Chubb engagement ring insurance program, which I learned about thru their website and thru this forum. THe price ranges I am being quoted range from $250-450 a year, which is a bit more than my budget. I was just wondering if this quote is a good offer, since I know nothing about ring insurance and I dont own a home, I just rent an apt. My fiance lives in Brooklyn, NY. HELP!

 

[Architect]

First all, congrats on getting engaged, I also got engaged as of 12-30-02

As far as your rates go, I think the low end is about right for how much it should cost to insure a ring. The ring I got my fiance was appraised at $12,500 and we got it insured under her parents insurance policy for about $250 a year. I didn't even think about going through a ring incsurance program because I didn't know they had those. Each insurance company is different so you need to shop around, just as if you were buying car insurance. Have you thought about insuring it under her parents policy until you get married? Normally that is the tradition...insure it through them and when you get married, transfer it over to your insurance. Hope that helps. Good luck!

 

[Mara]

Maybe it is a regional thing but that sounds a little high for a per year cost. I think that our insurance co (State Farm) is charging us about 1.5% of the total appraisal. We don't own a home either, but we have both renters insurance and a separate personal articles policy that my jewelry and other items reside under. I don't know what EXACTLY this covers, but I am looking into it. My boyfriend got it originally.

Luckily we also got a very conservative appraiser who does not believe in inflating the pricing on appraisals. This is fine for us because we don't really care how much our ring appraises for as long as it appraises for what we paid for it. That is the realistic cost for what we could replace it for. That way also we do not have to deal with paying more per year to insure a stone that we could replace for less than the appraisal says.

Also when you are considering getting the ring insured, see if they cover chippage of the stone, and also if they will give you the check for the new purchase rather than THEM finding you the new stone/ring. I have heard that can be a caveat so you will want to read the fine print etc to know exactly what your insurance policy will cover. Since my boyfriend got our original policy, I am looking into our fine print as well before we committ to using SF for our ring.

Best of luck! Hope that helps some.

 

[greta2002]

We insured my engagement ring as an "add-on" to our home owner's insurance policy (Farmer's Insurance). The cost was ~$205/year with a $500 deductible for a ring that was appraised at $24,350. You may want to contact your home owner's/renter's insurance agent for a better rate.

 

[Richard Sherwood]

The average is 1.5 to 2.0%. I think that the rates are higher than average in New York City though, because of higher than average losses in that region.

 

[ready]

I decided to use State Farm for my fiance's ring as well. Their rates were very reasonable (1.4 % by my calculation). The policy is separate from my other policies, like Mara's. It covers any loss or damage, except an act of war. Even if she accidentally drops it in the garbage disposal, it's covered. The benefit (hope we never need it) is paid in cash - and you go out and buy it...not the other way around.

 

[divergrrl]

By all means call your insurance agent. My insurance is $70 year on a $9700 ring. Granted we have our home, auto, and life through Country Companies, and are long time customers, but still, you should be able to find a better deal out there! When you combine either homeowners/renters, car, and beyond, you get a better deal!

 

[ez1putt]

One thing to consider:

I called MetLife about this when I got engaged last month...they told me I could not have it insured under my policy after I gave it to her. I guess she takes legal possession and they wouldn't let me insure it. If you go through a normal ins. agent, ask about this....you may have to have it insured under her policy (which may effect the rates). I have renters and she has a homeowners...so we got a better deal under her policy anyway.

 

[babeskidoodle]

I just today got a policy from chubb for 1.25% of the value, in Minnesota. Not too bad looking at the other prices. I guess they figure it's hard to loose a ring when it's frozen to your finger

Charlie

 

[divergrrl]

Wow! My husbands (then only my boyfriend) insurance comapany insured the ring the DAY he bought it. The jeweler faxed the pics, appraisal, etc. that DAY! Of course, he'd been looking for months before and our agent knew it was coming.

Good Luck!

 

[Richard Sherwood]

>>>>>I guess they figure it's hard to loose a ring when it's frozen to your finger<<<<<

Hahahahahahahaahahhaaaahahahaha!!!!!

Now THAT'S funny!