Ring Insurance

[cushionsearcher]

Hello All,

My future fiance and I are going to be purchasing a ring in the very near future and since I''m a bit of a clutz and tend to lose things, we definitely want to get the ring insured, we''re just not sure how to go about doing that. We do not own a home and therefore do not have a homeowner''s policy. We both have cars that we insure, but I know that Geico isn''t in the ring insuring business and I''m not sure about USAA.

We''re working with Jonathan from GOG and I think he will be giving us an appraisal. Do we need a second appraisal from an independant source? From here, how do we go about insuring the ring? Should it be insured before it is picked up? If not, what if something happens to it in between the time that it''s bought and paid for and the time it''s technically insured? Can anyone suggest an insurer - do you know what they require before starting a policy?

Thanks is advance for the help.

 

[Odinsmom]

I have my ring insured through Chubb Insurance. They write a Valuable Articles Policy that will insure the ring. You only need one appraisal that was written within the past 6 months. I went to Chubbs web site and called agents in my area. Not all Chubb agents write VAP policies.

 

[aljdewey]

I don't have homeowners insurance, either, but we picked up renter's insurance and an "agreed value" rider on the e-ring. Typically, insurance companies want to write a replacement value policy--where they replace the ring with one of like value/quality. A few, though, will write "agreed value" policies. You'd have to provide an appraisal, and both you and the insurance company will agree to that figure as the payout value. In the event of loss, the insurance pays you this amount.




When I was shopping, I was quoted $1.15 per $100 for replacement cost and $1.70 per $100 for agreed value.