INSURANCE-how much??

[varshini]

Hi,

I was wondering if you ALL have insurance? And if you do what is the total you pay? I am going ot be getting a ring that it going to cost about 3500...but I don''t wnat to pay alot for insurance

 

[denverappraiser]

Insurance premiums vary quite a bit depending on your state and neighborhood of residence, what sorts of coverage you choose, the maximum limit of liability that you declare on your application and other details of the policy. 1%/year of the declared value is on the cheap side. 3%/year is fairly high end.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[candlelite80]

Just to give you an idea, my engagement ring appraised for $14,450 and Chubb is charging us around $280 a year and we are in NJ. Hope that helps give you an idea.

 

[avlis]

i pay 1.6% per year on insurred value. this includes any loss away from home be it theft or misplaced ring or missing stone. my ring is insured for about 40% more than the actual purchase price to cover for inflation and procrastination about renewing the appraisal every so often.

 

[Regular Guy]

Date: 5/10/2007 8:19:29 AM
Author:varshini

...but I don''t wnat to pay alot for insurance

Maybe he can help...

Also...lots of threads here for insurance. I have insurance...with my homeownders policy, paying about $80 annually, I think, to cover $6.5K value, or thereabouts. Chubb & Jeweler''s Mutual are two frequently discussed stand alone insurers here..

Regards,

 

[FireGoddess]

Ah Ira, so easy a caveman could do it.

Which brings me to the fact that I have Travelers insurance, through Geico.

I pay a few hundred a year but my insured value is significantly higher than yours. It''s definitely worth it to have the insurance if you wouldn''t be able to easily replace the ring at full cost if something happened to it.

 

[neatfreak]

My ring is valued at $5700 retail (not inflated insurance appraisal), we paid a bit less than $4500. I insured it for the full value since it was just a bit of difference, and here in WI it costs me 1% of retail value through Jewelers Mutual, so $57 per year.

The key to determining your need for insurance is simple: If lost, damaged, or stolen, could you afford to replace the ring without feeling pinched financially? If the answer is yes, then you don''t need to bother paying for insurance. If not, you should insure your ring.

 

[kcoursolle]

Insure your stone!!!!! The premium will not be a ton of money to pay each year and damage happens, theft happens, center stones fall out, and people loose their rings...things happen and it would be heartbreaking if they happened to you and you didn''t have insurance.