Insurance Question

[TuffEnough]

Hi everyone-

Thanks to all of the help from the people on this forum I recently purchased a beautiful diamond ring for my then girlfriend and now fiance. I''ll post pictures soon, but for now would like some assistance on insurance for the ring. I called my homeowners company, Erie Insurance and they stated that they will insure the ring, but only if it is in my posession. Once given to my fiance, she will have to get it insured. This doesnt make sense to me since I am the one that purchased the ring.

Can anyone tell me the correct way to get the ring insured.....I have read on the forum that many people use Chubb......and I am going to call them tomorrow, but can I insure the ring in my name or will my fiance have to get the insurance under her name?

Thanks!

 

[CrownJewel]

My fiance insured my ring (Chubb) before giving it to me. He did it so that both of our names are on the papers. I''m looking at the papers now and it says "Name of Insured: Fiance and Me."

 

[TuffEnough]

That''s what I needed to know.....Thanks!

 

[RockDoc]

Date: 1/3/2007 1:19:46 AM
Author:TuffEnough
Hi everyone-

Thanks to all of the help from the people on this forum I recently purchased a beautiful diamond ring for my then girlfriend and now fiance. I''ll post pictures soon, but for now would like some assistance on insurance for the ring. I called my homeowners company, Erie Insurance and they stated that they will insure the ring, but only if it is in my posession. Once given to my fiance, she will have to get it insured. This doesnt make sense to me since I am the one that purchased the ring.

Can anyone tell me the correct way to get the ring insured.....I have read on the forum that many people use Chubb......and I am going to call them tomorrow, but can I insure the ring in my name or will my fiance have to get the insurance under her name?

Thanks!

I think the Erie representative possibly didn''t explain things well to you.

If you fiance lives in a different area, the insurance premium is "rated" based on the zip code where the ring will be kept.

Until you get married, the ring is actually YOUR property, so she really doesn''t have an insurable interest in it.

Chubb agents I''ve recommended are licensed in various states, so let me know the state and if you wish I can suggest the most appropriate agent licensed in your locale.

The value of it needs to be a minimum of around $ 11-15K in order to get Chubb coverage on it.

Rockdoc

 

[shiatsu]

Insurance agent here- if you're going to put it on your homeowners insurance, the person who owns the ring must live in the household that has the homeowner's insurance on it and you must have the person's name on your policy. Does this make sense? They won't be covering a ring on the homeowners policy of a person who's not on the policy and/or lives in another household just because you gave it to her. Once you actually get married, then things change a little and she may not necessarily need to be on your policy to get it covered, she will probably need to live in the household though.

You'll have to schedule it also, which raises the rates some, otherwise there will be a limit to what they will pay out (typically $1,000 - $2,000) and there will be a deductible. And keep in mind, some companies in some states won't cover a ring that is lost instead of stolen. You'll have to check your particular policy to find out exactly what is covered and not covered.