Is Insurance Recommended & How?

[dimsummy]

First post here...have to say that the info here is extremely helpful. You folks rock!

Is insurance recommended for a diamond ring? I''m not a homeowner so there''s no home insurance.

It''s not a big ring (under 1 ct) but it will be worn in NYC (upside down in the subway) until marriage.

How does one get insurance?
Is this something that the jeweler can arrange prior to getting the ring?

Thanks for any advice!

 

[diamondnovice]

Here is my opinion of insurance. It is a gamble. If you take out insurance, you are assuming that your odds of needing to make a claim outweighs the cost of your premiums that you may never collect on. If you don't take out insurance, you are gambling that you may never need to claim but if you are wrong, you can lose thousands of dollars. At least for me, I am not willing to lose nearly $8,500 if I damage, lose, or get my ring stolen, for just about a $60 per year premium, therefore I carry insurance on my engagement ring that is also under a carat.

Even though you are not a homeowner, there is renter's insurance to cover your belongings in your apartment. I believe that you can add a jewelry rider to renter's insurance. If not, there is also Jeweler's Mutual which I have seen discussed here in other threads.

Good luck.

 

[dimonbob]

Welcome to the forum Dimsummy,

Insurance is expensive but you would kick yourself around the block if something happened to your ring and you were not insured.

First you have to get an appraisal on your ring.

I recommend Jewelers Mutual but there are others. Contact them and fill out the form and send it in with a copy of the appraisal.

 

[Richard Sherwood]

I think Chubb offers jewelry coverage as well.

 

[dimsummy]

Thank you all!