Insuring the ring?

blabla89

Wondering what the best way is to get my e-ring insured – how have you ladies insured yours? FI just called to find out about putting my ring on his condo insurance. They made it sound like it would be completely covered until we read the list of exclusions – wear and tear, participating in the fine arts, insects and varmint, and a ton of other stuff. Knowing my luck I’ll knock out the center stone at a concert or my dog will eat it (is that considered varmint?) or something crazy that isn’t covered. Are these standard exclusions? Insurance is my least favorite thing ever and I don't even know where to start figuring this out.

HisGirlFriday13

We got a jewellery rider from our insurance place. We actually kind of slacked and did it after we got married and combined our auto insurance (two separate policies), and renters' insurance. We got riders for all my nice jewellery -- my e-ring and wedding band; jewellery I inherited from my grandmother; jewellery I was given by my parents and grandparents, etc.

chibiyui

I went with my car insurance carrier (State Farm) no crazy exclusions that I know of.

ETA. it went as a rider on my renters insurance which I have to get me a lower rate on my car.

pumpkinsandturkeys

Definitely insure it.

FI added mine to his homeowner's/car insurance, because they're both with the same provider. I think it's only costing a few extra bucks a month, and covers pretty much everything.

I'd look into those exclusions a little further and maybe explore some other options, but some insurance is better than no insurance when it comes to this.

Swazzle

My rings are insured by Perfect Circle/Jewelers Mutual (CLICK).

jenna8984

I just put mine on my homeowners but I honestly did not ask or read the fine print/exclusions. I should probably do that....I always thought insurance was just if it got lost or stolen, I didn't really know it covered a lost stone or damage.

Also when I first read your "participating in the fine arts"  I had no idea what that meant. My mind was like "what? getting paint on it while painting? what the hell is a fine art?" hahah then you said concert- makes more sense!

AprilH81

My homeowners and car insurance is through State Farm so I went with them for the Personal Articles policy.  With State Farm it covers everything except intentional damage/loss.  If I lose it while snorkeling on vacation it is covered.  If I get mad at H and throw it in the ocean it is not. 

After the wedding we added both bands and we can add anything else as long as we have some way of proving the value (like a receipt).

 

blabla89

jenna8984 said:

I just put mine on my homeowners but I honestly did not ask or read the fine print/exclusions. I should probably do that....I always thought insurance was just if it got lost or stolen, I didn't really know it covered a lost stone or damage.

Also when I first read your "participating in the fine arts"  I had no idea what that meant. My mind was like "what? getting paint on it while painting? what the hell is a fine art?" hahah then you said concert- makes more sense!

Well yes, that could happen too. I don't go to many concerts anymore, but when I was younger and I went to a lot of shows there was lost jewelry, broken glasses, broken phones, etc. all the time, so that's what I'm afraid of.

Peaseblossom55

FI got my ring through Blue nile and got in insured through them.  I don't know any of the other details though FI took care of that.

JennyColada

Fi added it to his homeowner's insurance.

AprilH81

jenna8984 said:

I just put mine on my homeowners but I honestly did not ask or read the fine print/exclusions. I should probably do that....I always thought insurance was just if it got lost or stolen, I didn't really know it covered a lost stone or damage.

Also when I first read your "participating in the fine arts"  I had no idea what that meant. My mind was like "what? getting paint on it while painting? what the hell is a fine art?" hahah then you said concert- makes more sense!

You should really check into that.  My homeowner's policy had a dollar limit on individual pieces and my ring is worth more that the limit.  It was worth the small fee ($70 a year I think) to have the policy on the rings.

Jells2dot0

AprilH81 said:

jenna8984 said:

I just put mine on my homeowners but I honestly did not ask or read the fine print/exclusions. I should probably do that....I always thought insurance was just if it got lost or stolen, I didn't really know it covered a lost stone or damage.

Also when I first read your "participating in the fine arts"  I had no idea what that meant. My mind was like "what? getting paint on it while painting? what the hell is a fine art?" hahah then you said concert- makes more sense!

You should really check into that.  My homeowner's policy had a dollar limit on individual pieces and my ring is worth more that the limit.  It was worth the small fee ($70 a year I think) to have the policy on the rings.

 

THIS. My ring is more than the homeowner's policy would cover. However, my separate ring policy is almost $500 a year! I believe my DH took out a much heftier policy on it than just a simple rider.

flyingfoxes

I added mine to my homeowner's policy - I think it added around $55 to my annual premium but has no deductible.  I think he bought the warranty plan on it from Helzberg so they will check it every 6 months for loose settings/stones.

OHBride85

AprilH81 said:

My homeowners and car insurance is through State Farm so I went with them for the Personal Articles policy.  With State Farm it covers everything except intentional damage/loss.  If I lose it while snorkeling on vacation it is covered.  If I get mad at H and throw it in the ocean it is not. 

This is exactly what I did with State Farm!

JCbride2015

We added a rider to our renter's insurance.

Did anybody get a separate appraisal?  Or are you just going with whatever the receipt says?  We purchased a rider of about the same amount as the receipt.  If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

AprilH81

JCBride2014 said:

We added a rider to our renter's insurance.

Did anybody get a separate appraisal?  Or are you just going with whatever the receipt says?  We purchased a rider of about the same amount as the receipt.  If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

An appraisal was included with the purchase of the engagement ring and my wedding band.  We asked for an appraisal of H's ring for the current price of gold.  Our policy will replace the ring/stones with something of equal quality so we needed the specs of the diamonds, not just the price.

JennyColada

JCBride2014 said:

We added a rider to our renter's insurance.

Did anybody get a separate appraisal?  Or are you just going with whatever the receipt says?  We purchased a rider of about the same amount as the receipt.  If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

We got an appraisal, but that's because Fi paid cash and so he got a really great deal on the ring.

HobokensFury

At first I used Jewlers Mutual. I have since gotten rid of it and added it as a rider on our renter's insurance.

ShallowSeas

My rings are insured through our jeweler. They have their own insurance that we purchased.  Since the diamond I have is inherited and therefore not purchased at the jeweler where we got my rings, it is not insured through the jeweler.  We have my diamond insured under our renter's insurance. 

JCbride2015

AprilH81 said:

JCBride2014 said:

We added a rider to our renter's insurance.

Did anybody get a separate appraisal?  Or are you just going with whatever the receipt says?  We purchased a rider of about the same amount as the receipt.  If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

An appraisal was included with the purchase of the engagement ring and my wedding band.  We asked for an appraisal of H's ring for the current price of gold.  Our policy will replace the ring/stones with something of equal quality so we needed the specs of the diamonds, not just the price.

Interesting.  We have paperwork with the diamond specs, but I just realized we should prob scan it to save electronically.  God forbid there's a fire or something we would lose the paperwork.

MaryGraceRich

My ring was also purchases through Helzberg Diamonds and I bought there warranty which covers everything except loss or theft. However if I lose a stone, even my center stone, but I still have the ring itself they replace it with something equal quality and size or better. When we buy a house we will put insurance on it for loss or theft.

pumpkinsandturkeys

JCBride2014 said:

We added a rider to our renter's insurance.

Did anybody get a separate appraisal?  Or are you just going with whatever the receipt says?  We purchased a rider of about the same amount as the receipt.  If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

We got two copies of an appraisal by an independent entity when we bought the ring. We just had to show insurance one of those cards, and the receipt of purchase. They actually insured my ring for almost $1000 more than its appraised value, just in case of inflation, etc.

HisGirlFriday13

Both of my rings came with appraisals that listed the replacement value of the ring as of the day of the appraisal AND the specs of it for replacement needs.

We have to get the appraisals updated once a year when we renew our policies because of the price of gold and whatever. Our appraisals were scanned at the jeweller's and kept on file, and scanned and kept on file at the insurance agent's office, so we have them two places other than our apartment.

jenna8984

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

HobokensFury

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

mysticl

lalalaurita said:

Wondering what the best way is to get my e-ring insured – how have you ladies insured yours? FI just called to find out about putting my ring on his condo insurance. They made it sound like it would be completely covered until we read the list of exclusions – wear and tear, participating in the fine arts, insects and varmint, and a ton of other stuff. Knowing my luck I’ll knock out the center stone at a concert or my dog will eat it (is that considered varmint?) or something crazy that isn’t covered. Are these standard exclusions? Insurance is my least favorite thing ever and I don't even know where to start figuring this out.

My ring has a warranty through the jeweler it was purchased from.  I have to take it to one of their stores every 6 months for a free cleaning and inspection.  As long as I do that they will replace a missing diamond for a small fee.  

jenna8984

HobokenBride2012 said:

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

Yes I suppose you're right. Nobody on here knows my real name and I wouldn't be dumb enough to say anything on Facebook. But technically he is the licensed one who wrote the paper so since I'm not a jeweler I would have no knowledge if that amount was not accurate.

RedJacks25

Mine's not insured yet (FI is taking care of that today, actually), but we're just adding it on to our renter's insurance. I'm pretty sure it will only cover being lost or stolen, but we have a lifetime warranty on it from the jeweler.

mysticl

jenna8984 said:

HobokenBride2012 said:

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

Yes I suppose you're right. Nobody on here knows my real name and I wouldn't be dumb enough to say anything on Facebook. But technically he is the licensed one who wrote the paper so since I'm not a jeweler I would have no knowledge if that amount was not accurate.

Except you clearly do.  Don't think the insurance company won't come after you too if your friend ever gets busted.  

jenna8984

mysticl said:

jenna8984 said:

HobokenBride2012 said:

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

Yes I suppose you're right. Nobody on here knows my real name and I wouldn't be dumb enough to say anything on Facebook. But technically he is the licensed one who wrote the paper so since I'm not a jeweler I would have no knowledge if that amount was not accurate.

Except you clearly do.  Don't think the insurance company won't come after you too if your friend ever gets busted.  

Well technically it's many years old and we didn't know the exact value. There was no paperwork on it (passed down from family) so it's pretty subjective. He told me that it could be worth anywhere between this and this and he chose a little over the highest number. So it's not really something we have a receipt for that disputes his appraisal. He just mentioned that another appraiser might come in on the lower end.

RedJacks25

jenna8984 said:

mysticl said:

jenna8984 said:

HobokenBride2012 said:

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

Yes I suppose you're right. Nobody on here knows my real name and I wouldn't be dumb enough to say anything on Facebook. But technically he is the licensed one who wrote the paper so since I'm not a jeweler I would have no knowledge if that amount was not accurate.

Except you clearly do.  Don't think the insurance company won't come after you too if your friend ever gets busted.  

Well technically it's many years old and we didn't know the exact value. There was no paperwork on it (passed down from family) so it's pretty subjective. He told me that it could be worth anywhere between this and this and he chose a little over the highest number. So it's not really something we have a receipt for that disputes his appraisal. He just mentioned that another appraiser might come in on the lower end.

...except you clearly said: "I purposely brought mine to a friend who runs a questionable jewelry store"