Insurance for Engagement Ring

[NYfan23]

Hi All,

I know this topic has been covered but I hope someone can shed some light on my personal expierence or at least link me to a similar thread.

I just purchased a ring and it appraises for $26,000. I live in NYC with my girlfriend. I would like to insure the ring before I propose on Dec 5th.

I moved into my GF's apartment so I am not sure if she has renter's insurance. Here are my options:

- Follow up with her parents about possible renters insurance on the apartment
- Go thru Jewelers Mutual -- however, they want me to spend $585/year on insurance
- Wait until after we are engaged and then discuss with my fiance (issue is that I am shipping the ring to CT to save $ on taxes.)
- Create new renters insurance just so I can insure the ring


I tried to go under my fathers homeowners policy but since i am not listed and I dont live with him, it's an issue. I don't want to cause a problem.

Please advise!

 

[telephone89]

I have no idea about regular insurance for where you are - but if you are shipping it, you can pay extra to have it insured during shipping. It will cost more, but should they lose/damage the ring you'd be covered in that case.

This is what I would do, and then discuss insurance w/ your fiancée ( ) after the proposal

 

[boxbits]

I'm not sure what anyone else does, but my ring was appraised at a value similar to yours and I also live in a rented apartment in NYC. We opted to go with separate ring insurance (Jewelers Mutual) so we didn't have to worry about any lapse in coverage when we moved or if we had to readjust the coverage on renters insurance for other reasons. JM gives a discount if the ring is stored in a safety deposit box, safe, etc. when not being worn. Keeping the ring in a safety deposit box is not practical for me since I wear it everyday, but we did purchase a safe from Staples to keep in the apartment. Whatever you decide to do, keep the diamond cert, proof of purchase, appraisal and anything else you have to prove the value of your ring (including photographs) in a safe place. I put everything in the safe and also scanned everything and emailed it to myself.

 

[NYfan23]

Thanks, guys. The information is very helpful.

Any other suggestions?

 

[Donotbugme]

I just went through this a month ago. I spoke with my homeowner insurance (progressive) before I took delivery of my ring. They said they will cover it until I gave the ring to my fiancee. Since we are not married my policy does not cover the ring once I give her the ring and she takes possession, even though she lives in the same house as me. Once we get married she would then fall under my policy.

I would advise you to call the renter insurance company because you may not be covered on her policy. Which is fine if you give her the ring right away then it hers. I would also check to see what losses they cover and where the losses are covered and are not covered based on location. Is it covered if it's stolen/lost outside of the apartment? Outside of the state or Country?

I purchased the mutual Jewelry insurance for this year to cover the gap until we are married. I also made sure I had the insurance in place before it even shipped because never trust the shipping companies. I also added in a low deductible and I think I saved 40-50 bucks.

Also did you pay $26,000 for the rock and setting? If you didn't you can bring down your cost by insuring it for a value closer to what you paid.