Insurance Question

[EringNoob]

This may seem like a dumb question, my apologies in advance, but who usually insures the ring, me or her?

 

[mystiqkal]

my FI insured the ring, but really his money is my money and vice versa. If he was too busy to get the insurance, i would''ve and it wouldnt have been a big deal. But then again, our money is really shared considering that we''ve been living together for 3 years and just bought a house and share bills so it might be different for other couples...

 

[MMT]

I agree when I got engaged my money was his and his mine. If that''s the case it would be nice so that you can have it already insured when you place it on her finger. I just switched my insurance to jewelers mutual. It''s quick and easy to do online.

 

[denverappraiser]

The ‘named insured’ should be the person who is in possession of the ring. Usually this is the woman although you can do it either way. Personally, I would recommend making the initial policy in the name of the man and listing the woman as an additional insured simply because it seems sort of tacky to hand over a nice gift along with a bill for the insurance that it requires. It seems like it sort of diminishes the presentation. In the end this is a financial management question and part of marriage involves a certain amount of merging of your finances. This decision doesn’t stand in isolation and it relates to things like who owns your home and who has more money. Not exactly the conversation to be having while you’re down on one knee.

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

 

[strmrdr]

If its a jewelery only policy then it doesn't matter as much initially as Neil said.
They will often cover it under a separate owner/user.
If its covered under home owners insurance then it has to be the person actually in possession of the ring with a lot of insurance companies.
If its homeowners insurance that is going to be used then ask the insurance company.