Ring - Insurance

[Deleted User]

Hi!

I just found something out that I thought might be good to share. We were just changing Home Owners Insurance and our plan comes with the standard $5,000 in jewelry coverage. However, we found out that the max they would cover on one piece is $3,000. So I asked since my wedding band & engagement ring aren't combined, do they cound as one piece or two pieces of jewelry. They said since they weren't soldered together, they would count as two pieces of jewelry. This is good for us because we did have my rings appraised after the wedding and combined they are worth more then $3,000. So basically if something happened to my rings & they were solder together, I wouldn't get the full value of my rings. Now I can buy additional jewerly coverage if I wanted to, but that is what the rules were under my reguler Jewelry Endorsement on my homeowners insurance. I'm not sure if that is standard with all companies or just the company we went through, but ladies, depending on what the value of your rings are, you may want to check that part of your home owners/renters insurance.

mellyln

Irenauk we have our rings covered through Jewlersmutual… haven't had problems (but haven't had issues with my rings either… knock on wood). It was VERY easy to set up and the representative I was assigned was very attentive with questions. They answered via phone or email and it was a very easy process. 

KatWAG

I have a personal articles policy just for this reason. All of my jewlery is listed and will be covered at full value if lost/ stolen/ damaged/ etc

ohmrs2014

I have a separate policy for my e-ring and wedding band.  We went through jeweler's mutual.

princessleia22

My e-ring is an heirloom ring, so we had no idea of details on it or value. When I took it in to get resized, we had them do an appraisal to see if we should get additional insurance and to have a recorded valuation if insurance claim was ever needed on it. It ended up being within a range that is covered on our standard policy, but it was certainly good to know and definitely good idea to have record of the value (or receipt of sale).

I was a bit worried FI or FMIL would side eye the fact that first thing I did when I got the ring was get it appraised, but they fully understood that it was the smart thing to do to have an idea of value and agreed with it.  And they understood that I was looking into insuring it.

JennyColada

We took out a special policy with our homeowners insurance (my e-ring is more than the standard policy covered, so we didn't have much choice). We may need to re-evaluate when we get our bands though.

Jtsma10

The best thing to do is take out a personal articles policy on your rings. The Homeowners policy does cover it but they have a deductible before anything would pay out. In a PAP, there is no deductible, so if you were to lose it or it was stolen you wouldn't have to pay anything out for it. (Unless you wanted one) And they are pretty inexpensive. My insurance company is about $10 a year for every $100 worth of coverage. Example: $3,000 worth of coverage= $300 a year= $25 per month. I would suggest you go with your insurance company because sometimes there's discounts for having more than one line of insurance with them.

 

Correction, $11=$1000 worth of jewerly. Sorry for the mix-up!

KatWAG

Jtsma10 said:

The best thing to do is take out a personal articles policy on your rings. The Homeowners policy does cover it but they have a deductible before anything would pay out. In a PAP, there is no deductible, so if you were to lose it or it was stolen you wouldn't have to pay anything out for it. (Unless you wanted one) And they are pretty inexpensive. My insurance company is about $10 a year for every $100 worth of coverage. Example: $3,000 worth of coverage= $300 a year= $25 per month. I would suggest you go with your insurance company because sometimes there's discounts for having more than one line of insurance with them.

I could not agree more with this. As I stated I have a PAP. Just a few months ago, I lost a pair of diamond earrings. I searched high and low and have no idea what happened to them. I calles my insurance company and told them I lost them. They asked me if i would like them to replace the earrings or send me a check for the insured amount. It was easy speasy.

Jtsma10

@KatWag; Glad your insurance company was able to help in a time of need. That's what they're there for. I work a Neighorbly insurance company and I see more and more people lose their jewerly and have to pay out of pocket for it

tammym1001

I took out a jewelry policy with my homeowner's insurance. Since we already have our home and cars with them they gave me a price of $10 for every $1,000. I don't think I could beat that anywhere and now I know my ring is covered no matter what. Our homeowner's policy also has the $5,000 limit on jewelry, but it will cover $5,000 on one piece of jewelry. There aren't different maximums.

JaniV123

Im getting my set added to my grandmother's jewelry insurance. my FI got my ring on an inventory clearance event so he paid much less than the actual worth of the ring.