Insurance on a ring

[robbie3982]

The ff and I are going to look at the rings I saw yesterday

and I started wondering about how insurance works. I''d kind of like to have it insured immediately, but I want to get an independent appraisal. And I''m actually pretty sure that we need one. The GIA report doesn''t have a monetary value on it.

So how do you guys work this when you buy rings? Just have no insurance until you get it appraised?

 

[Tacori E-ring]

yes, but that is why you want to get an appraisal right away

I am sure different companies require different things. Like our homeowners only require an appraisal under a certain amount (I think $5,000). We have a seperate rider on our homeowners.

 

[Modified Brilliant]

Hi Robbie,

If you type in "insurance" in the search box, you''ll find hundreds of threads on the topic.
It''s an important topic that is discussed here often. An independent appraisal is a good idea for an unbiased report and will give you peace of mind. Also, a good idea to match the report with the diamond.

Welcome to PS

www.metrojewelryappraisers.com

 

[CBurby]

I am in the same position as you Robbie, except for we are renters and don't have renters insurance. The one question that I had was how much I should expect to pay for this insurance. For example, if I had to take out a separate policy for the ring and it was purchased for $5,500, what should I expect to pay each month? I am just curious because it doesn't make sense to me to pay $25 a month to insure a ring, where the likelihood of anything happening is pretty slim.

 

[Modified Brilliant]

Hi Cburby,

You can purchase "stand alone" jewelry insurance from a company such as Jewelers Mutual at www.insureyourjewelry.com . Your premium is based on the appraised value of your item and where you live. The coverage is for replacement of your item but it is extremely reasonable. You could go online or give them a call for a quick quote. The other option is to call your agent who handles your auto insurance for a quote on insuring your ring. Hope this helps.

www.metrojewelryappraisers.com

 

[Tacori E-ring]

Date: 7/14/2006 1:01:20 PM
Author: CBurby
I am in the same position as you Robbie, except for we are renters and don't have renters insurance. The one question that I had was how much I should expect to pay for this insurance. For example, if I had to take out a separate policy for the ring and it was purchased for $5,500, what should I expect to pay each month? I am just curious because it doesn't make sense to me to pay $25 a month to insure a ring, where the likelihood of anything happening is pretty slim.

Oh, don't say that. Look at all the treads on here. Mata's diamond was chipped, laney's diamond lost in a battle with a shopping cart, things happen, that's life. If you cannot afford to buy a new ring you need insurance. I also suggest you get renters insurance. I know so many people that were our a lot more money because of flooding, lighting, or other things you just cannot control.