Insurance

[jj71787]

Hi Everyone.

I purchased a ring in December, didn't propose until Christmas eve. I have been looking into insurance and had a few questions.

Bluenile give 3 prices. Price purchased, Price they think the ring will be if replaced, Appraisal price. Which price do I give for a quote?

I have seen some threads here but they are from 2017. What company do you use to insure? JM seems a bit pricey, Lavalier is about $30 cheaper ( how are they?), Gemsafe doesn't respond to emails or phone calls.

 

[Morenita21]

Hi Everyone.

I purchased a ring in December, didn't propose until Christmas eve. I have been looking into insurance and had a few questions.

Bluenile give 3 prices. Price purchased, Price they think the ring will be if replaced, Appraisal price. Which price do I give for a quote?

I have seen some threads here but they are from 2017. What company do you use to insure? JM seems a bit pricey, Lavalier is about $30 cheaper ( how are they?), Gemsafe doesn't respond to emails or phone calls.

Do you have a homeowners or renters insurance policy? You can insure it there under a jewelry floater and they add the premium to your policy. I was an Insurance Broker in Canada and that’s how we do it here.

 

[Morenita21]

Do you have a homeowners or renters insurance policy? You can insure it there under a jewelry floater and they add the premium to your policy. I was an Insurance Broker in Canada and that’s how we do it here.

Also, use the appraisal value as they overstate the value on purpose to include inflation as most people never replace the ring.

 

[rockysalamander]

I use Jewellers Mutual and the actual cost of what I paid or replacement value.

 

[jj71787]

I do not have renters insurance. But I heard stories of them not fully covering what jewelry insurance would cover.

Also, obviously the appraisal price would make the premium much higher but not sure why they say the ring is worth 1 price but appraised at a different price.

 

[srke]

I would nt put it on your home insurance as you don't want your home insurance to drop you should you ever make a claim for your ring. And sometimes home insurance has more restrictive clauses like you're only covered if it gets stolen when it is at home, or only covering for theft and not for damage or accidental loss.
Also Id go actual cost or replacement value, with maybe a tiny bit extra to allow for inflation and price increases. If the appraisal is some sort of feel good amount that's substantially more than what you actually paid, there's no point as the insurance will only pay what it costs them to replace the ring anyway. So even if you pay the premiums for say 10k (unless you get a policy where they agree to pay your a specified cash amount) on a policy where they agree to replace like with like, if it only costs them 5k to replace the ring then that's all they'll pay anyway and you'd have paid higher premiums over the years for no reason.

 

[Dmndsr4evr11]

I just used JM with my recent upgrade as I heard from other PS’ers about issues with tacking it into homeowners. That’s what I did with my former ring and still have other jewelry under my homeowners but I’m thinking of moving them all to JM. It is pricey and I insured it with the vendor’s quoted replacement value as I want an equivalent replacement should the need arise. I had an independent appraisal done too which came in at $2000 less than the vendor’s replacement value and $30 difference in premium.

 

[FireMonkey]

I use Jewellers Mutual and the actual cost of what I paid or replacement value.

Ditto. IMO, this is the best option.

Congrats on your engagement!