Insurance, should I get one just for diamond or one under a renter''s policy?

[diamondheart]

Well my e-ring is done and the appraiser gave me the files to give to the insurance company so they can insure it. I haven''t chosen an insurance company and will need to do one ASAP as I am going to pick up the ring on Monday.

I have spoken to other people and they told me their ring was covered thru renters or homeowners insurance. I don''t have any of these.

I have also seen here people recommend Chubb for insuring their ring.

I need a little guidance as to what to look for and which is better. I probably should get renters insurance anyways.

Thanks

 

[Ellen]

I personally would get renters insurance for one, it''s not that expensive, and if something happens, you don''t want to be out possibly everything you own.

Then add the ring, but make sure you have as detailed a description as possible. The ins. co. will only go by what is written, so the more details/specifics you have, the better chance of it being replaced with something similar. Mine has so much info, chances are they would never find one like it with the jewelers they deal with, and would eventually quit trying, and cash out. I''d then buy from the same vendor I got my original ring from.

 

[Regular Guy]

I''m sure adding the ring to renter''s insurance would involve adding a rider. In this case, it probably wouldn''t make sense to get it through renters, unless you''d otherwise want renter''s insurance. With homeowner''s insurance, a) usually you''re required to have it, and adding the rider also eliminated some paperwork hassle, as you can pay through your mortgage payments.

In addition to Chubb, there''s also Jeweler''s Mutual, and some others, like State Farm has a stand alone policy. Lots has been written here on insurance...you might search through the boards here.

 

[Molly1024]

My e-ring and w-band are both covered by a separate "valuable property" policy in addition to our renter''s insurance.

 

[FireGoddess]

There is usually a jewelry cap on renter''s insurance, so you''d want to make sure that the insured value of your ring falls UNDER that cap. If the jewelry cap is $10,000 on renter''s insurance and you paid more than that for the ring, then obviously you''d want to get a rider or valuable articles policy specifically for the ring, so you could insure it for its actual replacement cost. The cost of my ring was more than the cap on my renter''s insurance, so I have a separate valuable articles policy.

 

[kcoursolle]

I am someone who would actually prefer to insure with a jewelry insurance company instead of just adding it to your renters policy. These comanpies know jewelry and can help you more, and as mentioned earlier there might be a cap on renters insurance. Our renters insurance has a cap of 1k for jewelry. Two big names for jewelry insurance are chubb (as you mentioned) and jewelers mutual.