insurance question

[blab13692468]

hi all...i have an insurance question. i am 25 years old and am currently living with my parents. I moved back home after I graduated college and am working full-time. I recently purchased a loose diamond for $7000 and am waiting for my setting/mounting to arrive so I can have the stone set. The mounting costs $900. Since I am living at home, I do not have homeowners insurance. I will probably stay at home until I get married next summer. I haven''t popped the question yet, but I need some advice in regards to insurance. What are my best options?

Also...I purchased the stone for $7000 at a local independant store. Do I insure it for that much or do I insure it as if I bought it a big retailer like Tiffany''s? Do I insure the band/setting too? Thanks!

 

[chas]

Hi blab13692468,

Another option until you can aquire insurance is to keep the ring in a safe deposit box until you need it. This way it will be safe and secure until you are able to get your insurance for the ring.

Chas

 

[NewlyEngaged]

Blab... You should be able to add the stone (and ring itself once it is a finished product) to your parents homeowners policy. It would be "scheduled", so it will not affect their rating with the company by adding it. I just insured mine and it was $16 per thousand dollars in value. Anything over that and it is $18. Not sure what the next "up" level is, but my ring appraisal is for $11,500, so I'm fine with those two tiers.

Not certain on insuring the stone itself though as I think about it while writing this to you. Some companies will not insure loose stones. Come to think of it, most won't. So okay, chas suggestion of a safe deposit box is more than adequate. Sorry, long day. Brain working moderate to good. Also planning to propose on Sunday, so brain way pre-occupied.

Hope this is helpful anyways.

 

[fire&ice]

Most insurance companies will not insure the loose stone. Chas is right. Keep it in the safety deposit box. Insure the ring once complete. Once on your fiancee's hand, the ring needs to be insured by the person whose "home" it will reside in. If your fiancee does not live with you, she needs to insure the ring w/ a rider on her renter's or homeowner's policy. If she doesn't have either, you can insure the ring separately w/ either Chubb's or Jeweler's Mutual.

Good luck.