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Ladies with more than 1 e-ring: Do you insure them all?

KristyDarling

KristyDarling

Ideal_Rock
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Joined
Jul 27, 2005
Messages
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Hi all! I'm in the process of insuring a new-to-me loose diamond and feeling :shock: about the cost of insuring both this stone and the 3-stone ring shown in my avatar. For those of you with more than one engagement type of ring or multiple high-value pieces, do you insure them all? Why, or why not?

The cost of insuring both my 3-stone and the loose diamond - which will be set eventually - through Jewelers Mutual is pretty darned high. Even though I'd choose the highest deductible, the combined premiums would still amount to A LOT each year. My husband is balking at it and says the odds of something happening to either ring are low enough that he'd rather not insure them at all. I told him that damage can occur at any time - during the setting process, prong tightening, and whatnot - and you never know if our house might get burgled (not uncommon in my city). That said, I'm pretty careful with my jewelry and am at home most of the time. We do have a safe but I keep my jewels in a jewelry box. I put them in the safe when we're traveling.

Eager to hear what others have done in this situation! TIA!
 
Insurance is so expensive but I like to have it on things that I can’t replace with little effort. I’d insure both just for peace of mind, but that’s just me.
 
I insure all three of my engagement rings, as well as two 2 diamond bracelets with JM. It is ridiculously expensive, but I don't feel comfortable wearing them if they aren't insured.

Edited to add I could not easily afford to replace them.
 
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My 2 are both insured. Although the value isn't as high as many rings here it is still expensive to insure!
 
I had both my e-rings and eternity band insured. I’ve known of people who lost their ring on a walk or accidentally chipped or scratched their diamond. In more scary cases, some got robbed. We insure through state farm.
 
Well, I would definitely insure the loose stone for the time being.

When I first got engaged/ married I paid for insurance. But once the premiums started inching up to $600, $700 annually I decided to self insure. If I continued to pay the premiums I would have already paid more than my ring cost initially and then some. I do have all the safeguards in place and I don’t travel with my high end jewelry.

Let me ask you a question, how long have you had your 3 stone and approximately how much have you already paid into it?
 
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I insure both of my main rings. Even though the oval is irreplaceable, I’d want to find something to take it’s place. My plan is to gift each child a ring eventually, so two rings of similar value are important to me and I could not afford to replace either on my own right now.
 
@KristyDarling You might contact a Chubb agent in your area. They will write standalone policies for valuable articles in certain cases.

I find Chubb to be immensely more cost effective than JM in my area, and my policy is cash out so no concerns about replacing with “like kind and quality”. My policy also covers loose stones.
 
I have all of my e-rings insured. I wear all three fairly frequently. My insurance bill is ridiculous. But if one of my rings were lost, stolen or mangled, I doubt I'd want to write a check to replace it.
 
I have my two larger diamond rings insured. I don’t have my 2.17 antique Asscher insured. Most of my things are not insured.
 
I have some rings insured if I couldnt just easily replace them. I have some "umentionable" alternate e rings that arent insured because the cost to replace them would be under 2k and the premium feels like overkill.

However, for stuff that would be hard to replace (my custom cut CBI, for example), I have insured.
 
Thanks, everyone, for your responses. It helps for me to get a sense for others' thought processes and motivations behind insuring.

@lulu_ma To answer your question, I've owned the center diamond of my 3-stone cushion cut ring for 10 years (2 different settings) and I've paid about $10,500 in premiums :eek-2:. This is why my husband said, "If you think you can keep this new stone safe and intact for the next 20 years, then I'd rather not insure it and if something were to happen to it, say in 20 years, I'll just buy you a new stone." I get his line of reasoning, but of course there's just no way to guarantee I can keep it safe over time. And therein lies the conundrum that makes big bucks for every insurance company in the world!! ;(

@yssie Thanks for the Chubb info! I've just emailed all five of my local Chubb brokers from the Chubb website and provided all valuation info/documents. One has already gotten back to me to say that they don't offer stand-alone jewelry policies. Hopefully one of the other 4 does!
 
I’m with your husband on this.

I don’t have additional insurance beyond what’s covered under my home policy. I think the premiums are expensive and the risks are low.

My engagement ring is branded and came with a 5 year warranty. If my stone was damaged, chipped or fell out of the setting, it would be replaced as long as I got it inspected every 6 months. It covered everything but theft or loss. Why would a jeweler offer this if they expect a lot of claims? I wore my engagement ring daily and only took it off to get inspected. It was fine and I didn’t need the warranty.

Plus I’d rather spend the money on buying more bling if nothing happens. I’ll have more pieces in my rotation to spread out the risk of loss or damage.
 
I insure none of my jewellery, never have.
I have only ever lost two earrings (one of each pair). I have never damaged any jewellery or lost gems from settings in 50 years of owning and loving jewellery.
The money I don’t spend on insurance I buy more ha ha.
I’m not “anti insurance” I have every other type, just not for my jewellery. The cost is too high and claiming is very specific.
 
I have my engagement ring and my 5 stone and both my son's rolex's on my insurance policy its peace of mind for me....
 
I have two natural diamond e-rings on my policy, not very expensive rings by PS standards. My lab diamond e-ring is not insured.
 
I only have Bubbalah and my OEC studs insured.
I cannot insure my Cartier Black Opal ring as it is just too much money to insure all my pricey pieces.

It's all about risk benefit.
I don't wear my black opal much so she is safe where she is whereas I wear Bubbalah and my OEC studs more often. So those are insured.

And what is a thread without photos? I ask you? Where are the photos!



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@KristyDarling here’s something you might consider. Create your own insurance policy. Every year put that “premium” money aside in a savings account. The only problem with this is that it would be super tempting to use those funds for more bling!

I just want to clarify that I insure in every other aspect of my life. And, ironically, I was once (a long time ago) a commercial underwriter for Chubb. Chubb is an excellent company btw but I can’t get jewelry coverage through them bc they don’t do standalone policies or insure coastal properties in my area.
 
I don't have insurance for my jewelry. I know a lot of people probably think this is foolish but I am very careful with my pieces. I don't know, it's a lot of money and I just feel pretty confident nothing is going to happen to them. I guess I feel the same way as your dh @KristyDarling.
 
Quite a spectrum of viewpoints here....this is so helpful, thank you!

For those of you like @chere @Bron357 @junebug17 who do not insure all your higher value pieces, what happens when you bring your jewels in to the jeweler for stuff like setting, prong tightening, repairs, etc.? Does your jeweler's insurance cover them while they're being worked on?

@lulu_ma Good to know that you respect Chubb as a company. Hopefully one of the brokers I contacted will get back to me about a stand-alone policy. Only 1 out of 5 was willing to do that - the others said they'd only work with me if it were part of a comprehensive package, i.e. home, auto, etc. As for your self-insurance idea -- major kudos to you for having the discipline to do it! I wish I had that kind of self-control! We have a lot of other expenses besides just my jewelry maintenance/insurance (much lower on the priority list by comparison) so that stash would probably get raided sooner rather than later :lol: ;(

@missy Ohhhh you know I always love seeing your priceless pieces so thank you for posting!! It totally makes sense why you insure Bubbalah and the studs but not your Cartier ring. That's also why I don't insure my nicer pieces that I don't wear as often. It's the highest-dollar most frequently worn pieces that I'm worried about - which are my 3-stone cushion and my EC ring-to-be. (pics to come in good time, I hope! :bigsmile:) It's the insanity of the premiums that are paralyzing me!
 
In my 40 plus years and my mothers 60 plus years of having jewellery repaired, resized and remade we have never had a problem.
That’s not to say problems couldn’t happen but with a good bench it’s unlikely that any gems will be damaged. Obviously certain gems require more care and consideration ie tanzanite and opal but as long as your bench is professional and experienced it’s low risk.
In any regards you need to check your insurance policies wording carefully to ensure events you are concerned about are in fact covered.
Defined events like robbery are straightforward but loss claims due to structural failure or “wear and tear” can be problematic getting approved.
That’s why reading and understanding your policy in detail is crucial.
I worked in general insurance and I can assure you that insurance companies make their money by NOT paying out on claims.
 
@KristyDarling, I am going to sound like the most irresponsible jewelry owner lol - I just never worried about it too much. I've never had to have my higher priced items repaired, although I did have one resized by a local jeweler so I took a risk there I suppose. I do see how having insurance can give someone peace of mind.
 
I never asked or read the fine print on the repair slip to check if my jeweler insures my ring. I think they have to since they send it out. I’ve only sent it in twice to add sizing beads and to get the prongs tighten. I punched a metal filing cabinet really hard by accident. The jeweler thought the ring was fine but he didn’t see the dent I left on the cabinet. I insisted he send it in. Other than that one time, the prongs have been tight in the past 11 years.

My rings platinum rings have been maintenance free once they are sized. I won't need to replace the shank like a gold ring and its unlikely the prongs will need to be re-tipped.

I buy everything on my credit card and its insured for 90 days. I resize or reset in that window. If anything happens, I get my money back. Fortunately I haven’t had to make a claim yet.
 
I'm a long time lurker but rarely post or comment. I thought perhaps I'd add my two cents, just for another point of view.

I insure my jewelry with a specific rider to our homeowners policy. While it's not cheap, it seems reasonable. I once lost one of my diamond studs, they were quick to cut a check for replacement. The one piece I failed to (remember to) ensure was a 1.5ct OEC diamond pendant left to me by my MIL. Unfortunately, I did lose it. It was a hard lesson learned. :wall:

There are two other high end pieces coming which I will be insuring... and maybe even sharing here on PS! ;)2 Best of luck with what you decide!
 
KristyDarling said:
Hi all! I'm in the process of insuring a new-to-me loose diamond and feeling :shock: about the cost of insuring both this stone and the 3-stone ring shown in my avatar. For those of you with more than one engagement type of ring or multiple high-value pieces, do you insure them all? Why, or why not?

The cost of insuring both my 3-stone and the loose diamond - which will be set eventually - through Jewelers Mutual is pretty darned high. Even though I'd choose the highest deductible, the combined premiums would still amount to A LOT each year. My husband is balking at it and says the odds of something happening to either ring are low enough that he'd rather not insure them at all. I told him that damage can occur at any time - during the setting process, prong tightening, and whatnot - and you never know if our house might get burgled (not uncommon in my city). That said, I'm pretty careful with my jewelry and am at home most of the time. We do have a safe but I keep my jewels in a jewelry box. I put them in the safe when we're traveling.

Eager to hear what others have done in this situation! TIA!
Click to expand...

Jewelers Mutual was recommended to me through a trusted source. It was explained to me that claims do not affect your home owner’s premiums since this is a separate company.
Like others, I insure my higher value pieces that are financially not easy to replace. It is expensive when you look at the cost over 5-10 years.
 
I only insure the AVR ring and my studs since they are worn often and most likely to be lost or damaged (plus I'd want to replace them if lost). I can take them on vacation without worrying. I do not insure my second diamond ring or any other jewelry. I do not keep it all in the same place in my home in case of a robbery. My homeowners insurance would technically cover it in the event of a fire. I honestly do consider dropping the insurance every year. My premiums through Chubb are not high, so that's a plus.
 
I have my ACA ring and earrings and my french cut band insured. Since moving to Delaware it’s much cheaper to insure but I decided to only insure items I can’t readily replace.
 
I only insure Dainty (my ER) and Flotsam & Jetsam (my diamond studs).

I believe in insuring my jewelry items that meet two requirements:
1) Cost over $12,000 (that's my personal pain threshold)
2) Are often worn out of the house

When I finish my diamond tennis bracelet I plan to insure it as well. Right now I do not have the loose diamonds that will go into the bracelet insured. When it comes time to set these diamonds, I will figure out a way to insure them while they are at the bench.

None of my other jewelry items, though much loved, meet the above two requirements.
 
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