Insurace Question

Pondracer · Apr 18, 2005

Hi,

I purchased my wife''s diamond ring for a total of about $8200. State Farm just quoted me $110 per year to insure the ring. Our total jewelry is less than $10,000. I have two cars and my home insured through them, and I think I''m getting screwed. We never had a homeowner claim and only one claim on the cars in the last 3 years (which was minor).

Anybody have any experience with insurance costs for a diamond ring?

Jeff G.

NyssaLynne · Apr 18, 2005

Sounds a bit high to me, but I have heard that State Farm is expensive. It also depends on where you live as to cost.

Jewelry policies generally have nothing to do with how many policies you have with a company or how many auto or homeowner''s claims you have turned in. It is usually a set amount per $100 of coverage. They can be written as stand-alone policies, often called a Valuable Articles policy.

Try Chubb (who I have my policy through - they give a cash payout on claims) or Jeweler''s Mutual. You will find lots of info around here on both companies.

Xrisus · Apr 18, 2005

The price might be a little highe tha expected if the insurance for the ring is under a "personal floater policy." This means that the ring is insured no matter where it is lost, stolen, or any other horrible mishap. I do think that the policy quoted is a little expensive as I insured my fiance''s ring (which was comparably priced) for about $65-75 yr (I can''t remember the exact amount). The only other option you have is to place it under your home-owners insurance, but in that case the coverage is fairly limited.