question about insurance

[blanche277]

regarding insuring the diamond, is it better to add a rider on your home insurance or is it better to have a separate insurance policy? If it's a separate insurance policy can you give me some recommendations? Also, any insights on things i should look out for or be aware of? Last question: who purchases insurance, the person wearing the diamond or the person who buys the diamond? THANKS!!!

 

[mrssalvo]

Many folks here prefer a stand alone policy that will offer a cash back if the item is lost or stolen but these policy's seem to be harder to find someone to write one. Jeweler's Mutual is another popular choice although they will not cash out, they will let you select the jeweler for the replacement. We use a rider on our homeowners and it works fine for us. I have a detailed appraisal so they must replace with the exact branded item or cash out. I think if you check your homeowners rider and make sure you can replace exactly what you have and not have to accept a "like kind." you'd be okay but each policy is different and you'd have to see what your homeowner's says. As for who pays, that's between the giver and the receiver to work out

 

[nfowife]

We have one with our homeowner's provider but it is not a rider- it is a standalone policy called "valuable personal property" insurance. A rider is for lower value items (I think under $5K). It is a replacement or cash option, but you only get the cash if they can't replace with a like item for the policy amount. You would insure on your insurance while you are engaged since technically it is your property until your are married, then it would be on the joint homeowner's policy or renter's policy.