Questions about Ring Insurance!

[wishinpink]

With the rings arriving next week, my ff and I are wondering how to get them insured. We have the ering, and 2 wedding bands all coming together.

The rings are going to his parent's house until the proposal. We want to insure the rings but are unsure about how to do it in our situation.

1. Both his parents and my parents own homes and probably have home insurance? My parents live in Redmond WA, his parents live in Bellevue, WA.
2. FF lives in the Bronx in NY.
3. I currently live at home with my parents in Redmond, but I am leaving soon for a music camp in June in Tennessee, and then I will be going to graduate school in NY starting August in the Upper West Side in NY.
4. FF and I are not planning on living together before marriage.
5. FF currently lives in his school's apartment, I will be living in the NY international house.

I think it makes a difference in price of jewelry insurance based on where you live. Also, do we insure it under our parents' home insurance as a rider, or use someone like jewelry mutual to insure it ourselves. Under who's name?

It seems to be cheaper if the ring is insured in WA rather than NY, can I insure it for WA even if i'll be living in NY during school? I'd be living at home in the summer...

Do we need to get it appraised to insure it?


Would appreciate help/input!!! Thank you!

 

[wishinpink]

No one knows? =(

 

[Fly Girl]

Rosebud - I would call my State Farm agent (or whoever has your homeowner's insurance) and ask them about your situation.
Your plans strike me as overly complicated. Best to get that e-ring on your finger, ASAP, so it is clear who the owner is, and where the ring is.

 

[beach]

Usually insurance is based on your primary residence. They will ask about alarm systems and security... I would not use home owners insurance for a ring. IMO get a seperate policy with gemshield, jewelers mutual or chubb.

 

[D&T]

Date: 5/27/2009 12:00:35 AM
Author: beach
Usually insurance is based on your primary residence. They will ask about alarm systems and security... I would not use home owners insurance for a ring. IMO get a seperate policy with gemshield, jewelers mutual or chubb.

ditto...

 

[wishinpink]

Why is it bad to use homeowner''s insurance on the ring?

 

[Fly Girl]

Date: 5/27/2009 1:08:54 AM
Author: rosebud10
Why is it bad to use homeowner''s insurance on the ring?

It has to do with the deductibles and the coverage limits. I have a personal articles policy from State Farm, where you can get first dollar coverage, but there are still issues when it comes to a replacement if the ring is lost. For example, you probably won''t get to pick the vendor you want for a replacement. If you have insured a diamond ring with them, they will replace it with a diamond ring from a State Farm jeweler. This might be fine with you, but if you have a particular vendor in mind, you may not be pleased with this.

There are lots of threads here on PS about insurance.

 

[girlie-girl]

When is he planning on proposing, do you know? Will you be wearing the ring whilst at school in NY? Personally, I''d get a stand alone policy through Jeweler''s Mutual or Chubb and definitely would put it in your name or his, not your parents'' as it''s not their ring.

I had a quick look on JM''s quote page. I have no idea what the value of the rings are, so I entered $15,000. In Washington state the quote was $158/yr., but in Bronx, NY it jumped to $300. I''m sure that has to do with crime in both areas and the likelihood that something will happen to the ring whilst in NY vs. WA. You don''t want to mess around with this in an attempt to save money if it''s going to come back and bite you later on. I think it''d be prudent to ask the insurance agent which state you should insure it in. They may have special rules when it comes to students living away from home. Here''s a link to Jeweler''s Mutual:

http://www.jewelersmutual.com/default.aspx

When I insured my rings with Jeweler''s Mutual, I needed to provide an appraisal dated within 18 months of the policy start date. So I would venture a guess that you would need an appraisal no matter who you work with.

Good luck!

 

[denverappraiser]

Wow, that’s a complicated network of states.

If no one is going to wear it, you might consider keeping things in a safe deposit box at the bank and leaving it uninsured until the presentation. Not only will this save a bit of money in insurance fees, it keeps your and his parents out of the liability loop. I’m sure they’re just doing a favor but it may not be in anyone’s best interest to accept.

The insurance is going to be in the name of the owner of the ring and generally it is based on their home address but the companies also ask who will be wearing it and/or where it will be stored. They may then ask to include your parents as additional named insured parties. The property of children living with their parents is generally covered under the parents policy and you are treading near both the boundary of who qualifies as 'children' and what constitutes living with them. I believe college age students living on campus while in school still may qualify. Ask your agent.

Yes, you will need to provide paperwork if you get it insured. Sometimes the seller can provide you with this and sometimes you need to get it from an appraiser. The usual reasons for getting new items appraised has to do with getting a second expert opinion, to get additional information for the shopping process or if the paperwork provided by the jeweler is either incomplete or inaccurate.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver