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Insurance on Engagement Ring?

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NakedFinger

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Those with their ring already, do you have insurance on it? And ladies that dont, have you and FF discussed insuring it?

My FF and I have discussed insurance on the ring. We cant decide whether to lump it into our home owners insurance or take out a seperate policy on it.

Anyone have any input/advice on it? Thanks!
 

Inanna

Brilliant_Rock
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Sep 14, 2008
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I have insurance on my ring through Jeweler''s Mutual, the company recommended by our jeweler. For my area it costs $10 per $1000 of coverage per year... pretty cheap considering the sense of security it gives FI and I. We insured my ring within 2 weeks of purchase.

You can get a quote on their website: http://www.jewelersmutual.com/

I''ve also heard of people going through Chubb, but I have no specific knowledge of their policies.
 

Hudson_Hawk

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I think most people on PS have insurance on their rings and "good" jewelry. Regardless of the sentimental value, we have searched for the perfect stone and setting and saved long and hard for what we have, and not having insurance is just too risky. There have been many sob stories over the years (and even recently) where stones have been lost, stolen, or damaged beyond recognition (food disposal anyone?) and insurance has covered the loss. Similarly there have been other sob stories where the ring was damaged, stolen, or lost and there was no insurance. The consumer was left in the cold in those instances.

Insurance is such a minor cost compared to the out of pocket expense of purchasing a ring or significant piece of jewelry. It''s a peace of mind thing for me.

I would speak with your insurance agent about your best method for insuring your ring. I have my ring (and watch and other valuable property) insured under a rider to my renters insurance. It''s specifically for valuable property. My ring is insured for the appraised price, which is not too high over the price we paid. It''s enough to ensure I can get a similar stone and setting in several years (with inflation, etc), but not SO much over the value that I''m paying huge premiums.

I would do a search on PS for "Jewelers Mutual" "Chubb" and/or "Insurance" to get more input.
 

NakedFinger

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Perfect! Thank you ladies!
 

tlh

Ideal_Rock
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depends on what insurance company you use. You could get a rider policy which insures just the ring on its own... or a seperate policy - same company usually w/ some discounts. It depends on how expensive your ring is. Most (EDIT renters and homeowners) policies have jewelry limits and only over 1-5k worth of jewelry in case of theft... and dont cover if the stone falls out.

A rider policy covers everything... so if a prong breaks and you lose the stone... your stone is paid for.. WITHOUT A DEDUCTIBLE. Your HO/Renters policy has a deductible and would not cover loss of a stone by damaged prongs. So really it depends on the value of your stone if your own policy would be sufficient... and whether or not you are ok with a named peril policy... or an all risk policy.

I'd advise telling your SO not to leave the store w/o insuring it first or you'll kick his tush... then that is one less thing for you and him to worry about... so just have him do research and talk to your agent. Best wishes!
 

Hudson_Hawk

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Date: 4/1/2009 10:21:00 AM
Author: tlh
depends on what insurance company you use. You could get a rider policy which insures just the ring on its own... or a seperate policy - same company usually w/ some discounts. It depends on how expensive your ring is. Most (EDIT renters and homeowners) policies have jewelry limits and only over 1-5k worth of jewelry in case of theft... and dont cover if the stone falls out.


A rider policy covers everything... so if a prong breaks and you lose the stone... your stone is paid for.. WITHOUT A DEDUCTIBLE. Your HO/Renters policy has a deductible and would not cover loss of a stone by damaged prongs. So really it depends on the value of your stone if your own policy would be sufficient... and whether or not you are ok with a named peril policy... or an all risk policy.


I''d advise telling your SO not to leave the store w/o insuring it first or you''ll kick his tush... then that is one less thing for you and him to worry about... so just have him do research and talk to your agent. Best wishes!
I always thought my policy was a rider, but perhaps it''s a policy all of its own. It covers my ring regardless of what happens to the ring or the stone. Loss, theft, or damage.
 

LaraOnline

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Feb 24, 2008
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My insurance is connected with my home insurance, but is a separate listed (portable) item. This means that if it is lost, stolen or damaged outside the house (anywhere within Australia and NZ) I am covered to the retail value.

I just had my ring valued, and it came in quite high - well, we all know retailers in Australia charge the earth, don''t we - I think it was a fair valuation, but it does mean my premiums will be higher than I would have liked.

I asked the insurer about listing the item as a nominated lesser value, to reduce the premium, but they refused!
I have to list at the valued price.

If I travel outside of Australia and NZ, the maximum amount they will pay me out is about $AUS5000, so I''ll be wearing my original set should we travel...
 

Bia

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Yup. My FI bought insurance to cover pretty much any scenario that could possibly be associated with my ring! LOL He''s such a worrier...

Not sure through who though, I''d have to ask.
 

tlh

Ideal_Rock
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I used to work in insurance in a former life. You have to look at your policy very closely. There are 2 types of policies... Policies that list what is covered, theft, fire, vandelism, etc. And policies that cover everything unless it is excluded, flood, manufacturers defects, etc. Most policies have some sort of strange combination of the two, and to be honest - most agents don''t always know exactly what they are selling.

A rider is a policy that is sold alongside an additional policy.. it cannot be sold on its own as it "rides" along w/ your main policy. Other companies for example State Farm do not have "rider" policies and just have a seperate jewelry policy all together. I cannot recall a rider policy that I had dealt with that did not cover "all risks" with exceptions of manufactuer''s defects, etc. If you know to call it a rider policy, that is what it is... and a rider policy would cover theft, damage, you just losing it.. etc.

A HO/Renter''s policy is very specific in most cases and only covers "named perils" for example, theft, water damage from a broken pipe excluding flood damages, fire, wind damage, etc. But in the event of theft, most policies had put in "special limits" to avoid having to pay out too much money. They limit, theft of jewelry, furs, sometimes ELECTRONICS, and money. Basically anything that someone breaking into your home would actually steal. The amounts on these limits is low. (each policy differs) Like $200 cash, $1000 jewelry, $2000 furs, $5,000 electronics etc.
Insurance companies have built in a lot of safegaurds to prevent from overpaying.. and thus minimize THEIR risk. I could go into it further... but it would take a long time. This is definately a case of read the fine print...
 

musey

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Sep 30, 2006
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Insuring my (our) ring was never a question, it was assumed. No discussion needed. It was insured before it was on my finger.

We attached it (and my wedding ring) as a rider on our renter's insurance.

If you're interested, there's a TON of info on this in past threads, even with recommended companies (Chubb comes to mind ... ?), you should be able to find a lot of it if you do a search
I like to use google rather than the PS search function. You just enter "insure ring site:pricescope.com/idealbb" and all the hits will be from PS.
 

LaraOnline

Ideal_Rock
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Feb 24, 2008
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Yes, tlh makes a good point.
If you just let it sit as part of the declared value of your general home contents, you will be able to claim a pathetic amount... like $1000-$2000 max!!!
And if it''s lost outside the house, you will not be insured.

Better to have it as a specified item with an additional premium, that covers you for outside your living room!
 

Pandora II

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I have my rings and DH''s w-band insured as separate riders on our household insurance. I''m automatically covered for items up to a value of £1.5k GBP per item, so all my cheaper jewellery is covered.

My rings are covered globally for all risks. I pay around $100 a year for cover for around $8k. I like peace of mind so it was a no brainer for me.
 

jcarlylew

Ideal_Rock
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Jun 27, 2008
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thank you all! this thread reminds me while we have insurance on the setting, not on the stone. i really need to get on that!
 

NakedFinger

Brilliant_Rock
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TLH- thank you for your thorough response! That helps a lot!

Thank you ladies for your wisdom!
 

SarahLovesJS

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Feb 2, 2008
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Yep, we have it..got a personal articles policy I believe is what it is called. Also got it on the wedding bands. Better safe than sorry in my opinion on expensive jewelry.
 

Hudson_Hawk

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I checked with my ins company yesterday. I have a separate policy, not a rider. Phew!
 

Dreamgirl

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Mar 25, 2008
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I think it''s a good idea but have no idea about how much it would cost to insure a ring...
 

Blair138

Brilliant_Rock
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Apr 8, 2008
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Yes, FI got it before he even asked me so I would be able to wear it without worry. I would be very upset if I lost it or if it got damaged, but I have piece of mind knowing that if it did, we could get it replaced. FI added my ring to his homeowner''s insurance.
 

bee*

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12,170
I have my ering insured on the house contents insurance. I found it easier to do it that way.
 

supergirl10

Shiny_Rock
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Jun 21, 2008
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Date: 4/1/2009 10:52:46 AM
Author: Bia
Yup. My FI bought insurance to cover pretty much any scenario that could possibly be associated with my ring! LOL He's such a worrier...
Ditto this this Bia my FI is a huge worrier as well. Infact we knew we were getting the ring on friday so he had the insurance as of Thursday lol he is so funny!



Also i just have to chime in and agree with Lara, my insurance is nearly exactly the same as yours.

Even though my ring is really quite tiny to most of you gals it is probably the most expensive thing i personally own (since i have a really old car and we don't own a place) so it really important to me have it properly and comprehensively insured!

I have heard all these horror stories about people loosing rings into garbage, down sinks or even just in their own house and never ever finding it again.

Or these is ones like my mum where my little sister at 3yrs took it outside to "play" with it in the garden and lost it . Or another friend who's daughter took it to school and gave it to her friend
 

Dancing Fire

Super_Ideal_Rock
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nope, no insurance, it would cost us $20 per 1k coverage.
 

Tuckins1

Ideal_Rock
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Apr 13, 2008
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8,614
Yes. I have insurance on both of my rings. We put it right on our homeowners policy because they offer great coverage and it was not very expensive. You should definitely have some sort of insurance just in case something happens to it.
 

chiquitapet

Ideal_Rock
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Oct 17, 2007
Messages
3,185
I have my e-ring insured through Chubb from the day we bought it and is covered worldwide. We just got home contents insurance 2 weeks ago, onto which I have put the other 2 diamond rings I own. I also had them listed separately, so that they are covered outside the house - Australia and New Zealand only, though.
 

Diamond*Dana

Ideal_Rock
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We have a rider on our homeowners insurance.
 

risingsun

Ideal_Rock
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Dec 19, 2006
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My rings and some other jewelry pieces are insured by a rider attached to our homeowners policy. I wouldn''t be without it!
 

princessplease

Ideal_Rock
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My insurance company insures up to $1500, so I have to get it appraised in order to have jewelry insurance put on it. I think my insurance company charges $75 for $10,000 appraisal, so it it definitely worth it. We may go this weekend to get it appraised in Philly by Gem Appraisers.
 
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