How much did it cost for you to insure your ring?

[davidmarcs]

I just bought an engagement ring and want to get it insured. I tried to put it under my renters insurance but I was told that I need a separate policy which would cost me approximately $420.00 a year to insure a $18,000.00 ring. This sounded pretty high to me. Does anyone have any advice or similar experiences?

Dave

 

[NewEnglandLady]

David, are you in a major U.S. city? My ring is insured for about $19k and my policy through Jeweler's Mutual is around $200/year (in major U.S. city). $420 seems really high to me.

 

[Miss Fortune]

that sounds about right to me. I live in los angeles and my 15K ring cost $500 a year to insure. I'm with jewelers mutual.

 

[davidmarcs]

I live in Long Island, NY. I thought it seemed very high as well. Is Jewlers mutual part of home owners insurance or is it separate. Is it a respected company, have you ever had problems with them?

 

[Miss Fortune]

Date: 1/12/2009 2:10:24 PM
Author: davidmarcs
I live in Long Island, NY. I thought it seemed very high as well. Is Jewlers mutual part of home owners insurance or is it separate. Is it a respected company, have you ever had problems with them?

it''s a totally separate company from home owners. they only do jewelry. I''ve never had any problems with them BUT I''ve never filed a claim with them soooo... I''m getting ready to insure my new wedding band with them as well. Better safe than sorry. It is expensive!!

 

[vespergirl]

My ring cost about $20K, but was appraised for $35K. We added a rider to our home insurance, and pay $300 a year to insure it.

 

[ImpatientOne]

My insuarnce company (USAA) charges ~ 1% of the appraised value, for example, $25,000 = $250 per year.

 

[kindred]

I do not have a policy with Jeweler''s Mutual but someone posted the link before to get an estimate.

Click here and you can select your state and enter the insured value of your jewelery and it will give you an approximate cost to insure.

In my state, an $18,000 piece of jewelery would cost $225 a year to insure.

 

[kcoursolle]

I'm in Los Angeles and my insurance prices are about this, but I also don't have a deductible. Being in a high crime city makes a huge difference because I noticed that if I moved to the midwest my policy would only cost about 1/2 as much.

ETA: I have jewelers mutual insurance.

 

[diamondringlover]

I am in the midwest and mine is insured for $7200 and it cost me $85 a year and I have no deductible (lol I know this because I just paid the bill!)

 

[MMT]

I think it depends where you live. I have Jewelers mutual and pay $10 per $1000 value per year. That was the same that allstate was charging if I wanted to put it on my home owners.