Engagement Ring Insurance...?

sgsnyder

So, I had never heard of this before looking at the checklist, but it makes sense. My only concern is how do I go about getting it? I read through the article the Knot provided, but it didn't make much sense to me. I live with my mother so I do not have homeowners/rental insurance, and the ring was his mother and father's so there is no receipt. So what do I do? I want my ring to be protected just in case. Please help me out!

CrazyCatLady3

I have independent insurance for my ring (not a rider on HO insurance) through Jeweler's Mutual.  Just go to their website and you can get a quote and sign up online.

Maggie0829

You will most likely have to go and get the ring appraised.  This helps in determining how much insurance you will need on your ring.

You can do what CrazyCatLady suggested, or you can ask your parents who they have their home insurance through and make an appointment to talk to someone.

KatWAG

Take your ring to get appraised.

I have a personal articles policy for all my jewelry. Your parents could also add the ring to their policy. But make sure to read the fine print, some HO policies will only cover up to a certain amount.

JennyColada

PPs covered it, especially on double-checking what the HO's insurance would cover.

Also, a thing to keep in mind, once your get your wedding band, if you have it soldered together with your e-ring then it counts as ONE item, not two (and thus is still affected by the maximum coverage amount of the insurance as a single item).

Jtsma10

With A PAP, it will cover if it's lost, stolen or damaged. It's not very expensive, about $11 per $1,000 worth of coverage. Example: $5,000 ring would be $55 a year for coverage. On your mother's homeowners policy there is a deducible, meaning she would have to pay that amount first before you could get your fixed or replaced. With a PAP, you can have a $0 deducible. (Best option) Also reccommend getting it looked at again, you don't want to insure a $20,000 ring for only $5,000, And vice versa. Try your local agent, if you have to call a 1-800 number every single time to talk to someone isn't worth it. Can't show someone your ring through the phone.

FutureSchloss

I'm getting my to be appraised in June, then I'm getting a Personal Articles Insurance policy from the company that I already get the rest of my insurance from (car, rental, life, etc). Not too hard, and you can always ask the insurance company about options. But absolutely make sure you'll get enough to cover it, and get it re-appraised after you get the wedding band (if you're getting a separate wedding band). You can get a policy while still living with your parents. I am not independent yet but I am still getting my policy.

So pretty much, everything everyone else said

Tinabell622

The first step is to always get the ring appraised, that way you and the insurance company know how much it is worth. The next step is to decide what kind of policy you would like. You can get a stand-alone policy from Jewelers Mutual, or you may be able to add a rider (such as Personal Articles Insurance) to any existing insurance policies you have (car, HO, etc.). Then decide on how much of a deductible you are willing to pay in the event you need to make a claim, as this will reflect your principle. The higher your deductible, the lower your principle. Compare rates and policies between companies; they all have their pros and cons, its all about finding one that is best for you.