Questions about insurance!!

[brian.hauth]

I recently just graduated college in December and moved to a new town where I am currently renting an apartment. I just bought an engagement ring for my future fiance and have some questions on insurance.

1. When I got my whiteflash ring it came with a verification report which basically says that the ring that was shipped to me is, in fact, the diamond described on the GIA report. It also provides an estimated retail value. But then at the bottom of the page it says "This is not an appraisal, only a verification of the merchandise shipped." My question is, Do I need to get an appraisal in order to get insurance for my ring???

2. With insurance, how do I go about getting it, since I live in an apartment... which, by the way, I don''t have renter''s insurance yet. So first should I get renter''s insurance and then get some insurance added to that for the amount that I paid for the ring? I''m pretty clueless when it comes to insurance like this. Also, since my gf currently lives about an hour away because she''s still in school, should she get renter''s insurance for the amount of the ring, since she''ll be wearing it an hour away from here??

Any helpful ideas about insurance would be very helpful! I''m very much so a beginner at this so an idea on what to do would be great also!!

 

[diamondseeker2006]

Hi, you don't have to have renter's insurance. You can get a jewelry policy just for the ring. Chubb may require a minimum amount, but Jeweler's Mutual may be a possibility. I think the policy will need to be in her name since she will have possession of it, though.

Oh, I forgot to answer! I insured my WF earrings with the sales receipt and the diamond certificates. I did not want to pay an inflated insurance premium. So no, you do not need an additional appraisal.

 

[Julianna]

What diamondseeker said.

ALSO, if you DO get a renter''s policy (which is advised, of course, if you are in fact a renter), you can get a PAP (personal articles policy) that covers ONLY the ring in addition to your policy. Your renter''s policy (or homeowner''s policy if you own a home) covers jewelry but only to a certain (and rather low) limit. Thus, either get that PAP or, like ds said, go with Chubb or Jeweler''s Mutual.

If she has a renter''s policy, she can do the same. Doesn''t matter which of you covers it, as long as it''s covered. You may be able to get a standalone PAP from a homeowners insurance company, but I am not 100% sure on that.

If you''re going to get it appraised for insurance purposes, please go to an independent appraiser (ie. one who is not selling jewelry themselves and thus has no interest in giving you a biased opinion).

 

[brian.hauth]

So is it better to go to with a Chubb or Jeweler''s Mutual rather than getting a personal items insurance through State Farm or some general insurance company? I paid $5300 for the stone and $195 for the setting so I hope that would meet the minimum amount.

 

[Julianna]

Date: 2/12/2008 8:49:18 PM
Author: brian.hauth
So is it better to go to with a Chubb or Jeweler''s Mutual rather than getting a personal items insurance through State Farm or some general insurance company? I paid $5300 for the stone and $195 for the setting so I hope that would meet the minimum amount.

Not better, per se, just different.

It''s a matter of convenience and general preference.

 

[brian.hauth]

Another question from a dumb insurance beginner (me)....

DO I NEED to get it appraised from an appraiser in order for the insurance company to insure me? Or can I just tell them how much its worth so then they''ll insure me for that much? How does the whole thing work??

 

[lisa1.01fvs1]

Hi Brian there was a thread about this a few days ago http://www.pricescope.com/forum/op-requested/chubb-or-state-farm-advice-needed-t78160.html

I was in the very same boat!

Good luck