Ring Insurance Recommendations

[bella_91]

Hi All:

I''m newly engaged and need to get my ring insured pronto.

I''d love to get some recommendations for insurers that folks have had good experiences with, to get an idea what insurance will cost per year (approximately) and to understand the process a bit better.

Should I get my ring independantly appraised before getting it insured? What paperwork will I need to provide the insurance company with?

Thanks in advance for your guidance!
Kris

 

[Lorelei]

It can be useful to get your ring appraised Kris, it can make things easier should you ever make a claim, so you can replace like with like, if you have a branded hearts and arrows diamond for example, it can aid you with getting a similar replacement and not just a 1 ct D VS diamond for example.

Here is a tool which you can use to find an appraiser in your area.

https://www.pricescope.com/appr_list.aspx

Also some use insurance companies such as www.jewelersmutual.com and I belive www.chubb.com insure jewellery.

 

[teacherk]

Hi Kris!

I just bought insurance for my new ring. I looked at the Touchstone that is linked from the Whiteflash site where I bought my ring. I really wanted a cash replacement policy though and my ring wasn''t worth enough to do the Chubb policy that allows for that. The other option through Touchstone was a replacement policy and would have cost about $75 a year. More than likely I would replace my ring at WF anyway but I didn''t want to be bound to that just in case. I ended up with a policy my local agent wote for me. I don''t have my final copies of the paperwork yet but I think the company is Intracoastal Marine or something like that. Sounds like boat insurance. My homeowners and auto is through Farm Bureau and that is who wrote my stand alone policy for my ring. I brought them the Verification letter I got from WF (they sent my ring to an appraiser there in Houston). It isn''t a full appraisal, just a statement of the approximate retail value from an appraiser. They also made a copy of my paid invoice and put some pictures in the file as well. That was it. I filled out a 2 page form that was very basic. My policy covers all types of loss including theft, loss, damage, just about anything you can think of. If something happens to my ring, I file a claim, they write me a check and I decide what I want to do from there. My premium is $98 per year and I insured my ring for $6800. I chose no deductible and I insured for just under the appraised value, even though I didn''t pay that much. I just wanted to know that I could really replace my ring comfortably if anything happened and not have to count on being able to get a smashing deal like I did this time around. The rate would be lower if I had opted for a deductible and insured for a bit less, but I have more peace of mind this way. Hope this helps!

 

[thegoat]

I would recommend Jewelers Mutual without hesitation!

See my postings regarding my dealings with them....2 claims in 2 months...both rings lost...over $28.000 paid out by them.

They of course, took the second loss more serious but conducted the claim handling with courtesy, professionalism and fairness.

In the NYC area, I believe the rate is about $20 per $1,000 of insurance.

They will have your ring replaced at appraisal value by either the jeweler who sold you the ring or who appraised it. If that doesn''t work, they will try to accomodate you with either a recommendation of a jeweler in your city they work with or another vendor of your choice, as long as it is not a chain store, such as Mayor''s or Kaye''s.