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Engagement ring insurance ?

N

neysa

Rough_Rock
Joined
Aug 1, 2013
Messages
43
What companies do you guys use ? Do you insure it for purchase price or appraised value ?
My ring will be about 1800$, which for me and my fiance is still a lot of money and we want to make sure we are safe in case it's lost or damaged
Thank you !
 
Many around here use Jewelers Mutual. They tend to cost a bit more than other insurance, but they're one of the few who will insure loose stones while being set. They also work with any jeweler (including your original one) to find a stone that works for you, instead of forcing you to pick your replacement sight-unseen.

Insure for the purchase price, or close to it. If you insure for an appraised value, you'll pay a higher premium, and since the insurance will only reimburse enough to replace like-for-like, you'll never get the appraised value back.
 
Hi Neysa,
I added it to my exsisting homeowner's insurance policy. Hope that helps! :bigsmile:
 
Hey neysa... I have Jeweler's Mutual because it covers 100% and will replace the ring with the same quality or better. If you decide to add a rider to your home owner's insurance, make sure you read the fine about the coverage. I had my diamond necklace insured under home owner's until I discovered that there are many stipulations to pay or replace, and they would not give the amount of money it would cost to replace it. They would only pay about 40% of replacement value or cover a fraction of it. I think it's best to insure erings through companies that specialize in jewelry insurance (like JM). JM does cost more, but to me, it's worth it for the peace of mind. Just a thought... :))
 
Thank you so much guys for your time:) I will check Jewelers Insurance !
 
I just insured through jeweler's mutual. Going through my homeowner's was actually MORE expensive and they are more stringent about what they will pay for. For example, they told me they would use their "own" jeweler to replace the diamond and setting. :shock: :shock: Um, yeah..no thanks.
 
I've actually just applied to JM myself, looks very promising. They allowed me to insure less than WF's 'appraisal', which was basically an extra 30% of the purchase price. I only wanted to insure it with an extra 15% for future inflation/appreciation, and I can call them in the future to raise that amount to account for further inflation/appreciation without getting another appraisal.

It's going to cost about $83 for $5500 of insurance. $7 per month for peace of mind? Sounds pretty good to me
 
You should check your homeowner's or renter's insurance and see what amount of jewelry they cover. Most policies cover about $2500 worth and since many engagement rings are more than that, it makes sense to purchase additional insurance (either on top of your homeowner's or a separate policy). Since your engagement ring is $1800, you may currently have enough homeowner's insurance to cover a replacement on your ring.
 
I'm interested to know just HOW many people actually lose or damage their diamonds at a total loss? I wonder what the percentage of insured policies/actual claims comes out to???
 
soxfan|1376088307|3499952 said:
I'm interested to know just HOW many people actually lose or damage their diamonds at a total loss? I wonder what the percentage of insured policies/actual claims comes out to???
Click to expand...

I lost my entire engagement ring last year to the tune of 11k+ that was insured. :cry:
 
Thank you everyone for your time,my ring will be about 1800$ so hopefully the rate wont be that high. Does the insurance cover as well if its lost ,stolen,fall out lost diamond etc ? I never wore a ring in my life so no idea how it works withe me !
 
liaerfbv|1376105211|3500105 said:
soxfan|1376088307|3499952 said:
I'm interested to know just HOW many people actually lose or damage their diamonds at a total loss? I wonder what the percentage of insured policies/actual claims comes out to???
Click to expand...

I lost my entire engagement ring last year to the tune of 11k+ that was insured. :cry:
Click to expand...

was it able to be replaced to your liking??? :shock:
 
Ok I just read on their website it's the same thing
 
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