Engagement Ring Insurance

lacqueredlover

How did you insure your engagement ring?  My FI and I live in NYC so we don't have homeowners insurance to add a rider to, so has anyone gotten an independent policy on a ring?  Any advice is appreciate!  Thanks!

JCbride2015

We added a rider to our renters' insurance.

birdybride2014

we also added ours to our renters insurance

sarawifenow

Ditto PPs.

lacqueredlover

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

theartistformerlyknownas

I haven't done it yet (bad Lolo) but my insurance company (USAA) does offer "Valuable Personal Property Insurance" policies for individual items worth over $2,500. Covers replacement cost with no deductible.

lacqueredlover

Being a grown up is so annoying sometimes haha. Thanks ladies!

birdybride2014

FI pays it for us but I think it is like....$60 a month, and that is with it bundled with....other things? It might be through progressive and it might be bundled with his truck insurance. Either way, the renters insurance itself is cheap.

kat1114

I went with State Farm. With renters insurance and the rider on my ring, we pay about $25 a month. 

Maggie0829

I would suggest you get renter's insurance to protect all of your belongings, including your engagement ring.

JCbride2015

lacqueredlover said:

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

It's not expensive, get on that ASAP!  We live in Jersey City, so pretty HCOL as well, and our insurance without the ring was running about $120 per year.  The ring insurance will vary widely with the cost of your ring, but I think we added a $7500 "jewelry rider" onto the policy and it cost us maybe $60 additional for the year.  Totally worth the peace of mind.  And with our policy, it applies to any jewelry up to that amount, so other jewelry would be covered too.

We have Liberty Mutual btw, and I like them.  We haven't had to file a claim so far, but they are easy to work with.

ETF autocorrect

lacqueredlover

Yeah I think that's what we will end up doing, thank you guys!

lacqueredlover

Awesome thank you!  Yeah I was wondering how expensive it was.  I was more concerned about the jewelry rider since the appraisal for my ring is fairly high which is why I want it insured ASAP!

theartistformerlyknownas

Yeah when I rented it was only $12/mo. It's under $10/mo for the ring policy.

princessleia22

We had my ring appraised shortly after we were engaged.  It's an heirloom ring that belonged to DH's grandmother. The value wasn't so high that we felt insurance was necessary.  Plus, if anything happened to it the sentimental loss (to us and his family) would be worse than any financial loss. But, we did look into plans through our renters insurance and individual plans. We plan to get it reappraised now though, because we have since learned who designed/made the ring which could affect the value. And this time we are taking it to an antique jewelry appraiser, instead of a normal jewelry appraiser, so they will actually know the particulars of this ring.

flyingfoxes

FI added it on to his renter's policy once I sold my house and canceled my homeowner's policy.

larrygaga

JCbride2015 said:

We added a rider to our renters' insurance.

this

Jells2dot0

We have a separate personal articles policy that is different from a rider. It's it's own stand alone policy through State Farm, where we also have a ton of other policies. The policy is expensive- like $500 a year- but I'm sure it's because of the ring value and the fact that it's more than just a rider. 

BreMR

I went to Perfect Circle which is a jewelry insurance company. All you need to insure your ring is an appraisal and you can scan it in to them, it covers theft, loss, damage, EVERYTHING! I think it was about $80 for the year.. it's based on the value of the ring I believe. ETA the website : http://www.perfectcircleinsurance.com/?gclid=CNCvsY2disECFYU9aQod04IA9Q&gclsrc=aw.ds

JennyColada

I don't know how much ours is, but I know that a perk of it is that they will give us the full replacement value for my ring. So if I lose my ring in 20 years then they will give me whatever it will cost to replace my ring based on the value at that time (not in today's time), which is great!

Cookie Pusher

JCbride2015 said:

lacqueredlover said:

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

It's not expensive, get on that ASAP!  We live in Jersey City, so pretty HCOL as well, and our insurance without the ring was running about $120 per year.  The ring insurance will vary widely with the cost of your ring, but I think we added a $7500 "jewelry rider" onto the policy and it cost us maybe $60 additional for the year.  Totally worth the peace of mind.  And with our policy, it applies to any jewelry up to that amount, so other jewelry would be covered too.

We have Liberty Mutual btw, and I like them.  We haven't had to file a claim so far, but they are easy to work with.

ETF autocorrect

We also have our renter's and car insurances through LM. We don't have a ton of coverage on the renter's (under 20k) but the rider for my ring almost doubles our overall coverage. We pay around $25/month total.

@JCbride2015 - do you guys have your auto through them too? DH and I take advantage of the alumni discount. Plus, they have a newlywed discount now!

JCbride2015

Cookie Pusher said:

JCbride2015 said:

lacqueredlover said:

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

It's not expensive, get on that ASAP!  We live in Jersey City, so pretty HCOL as well, and our insurance without the ring was running about $120 per year.  The ring insurance will vary widely with the cost of your ring, but I think we added a $7500 "jewelry rider" onto the policy and it cost us maybe $60 additional for the year.  Totally worth the peace of mind.  And with our policy, it applies to any jewelry up to that amount, so other jewelry would be covered too.

We have Liberty Mutual btw, and I like them.  We haven't had to file a claim so far, but they are easy to work with.

ETF autocorrect

We also have our renter's and car insurances through LM. We don't have a ton of coverage on the renter's (under 20k) but the rider for my ring almost doubles our overall coverage. We pay around $25/month total.

@JCbride2015 - do you guys have your auto through them too? DH and I take advantage of the alumni discount. Plus, they have a newlywed discount now!

No, I think we have Progressive auto insurance.  We priced it out with LM and we save money by having the split policies for some reason.  

Cookie Pusher

JCbride2015 said:

Cookie Pusher said:

JCbride2015 said:

lacqueredlover said:

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

It's not expensive, get on that ASAP!  We live in Jersey City, so pretty HCOL as well, and our insurance without the ring was running about $120 per year.  The ring insurance will vary widely with the cost of your ring, but I think we added a $7500 "jewelry rider" onto the policy and it cost us maybe $60 additional for the year.  Totally worth the peace of mind.  And with our policy, it applies to any jewelry up to that amount, so other jewelry would be covered too.

We have Liberty Mutual btw, and I like them.  We haven't had to file a claim so far, but they are easy to work with.

ETF autocorrect

We also have our renter's and car insurances through LM. We don't have a ton of coverage on the renter's (under 20k) but the rider for my ring almost doubles our overall coverage. We pay around $25/month total.

@JCbride2015 - do you guys have your auto through them too? DH and I take advantage of the alumni discount. Plus, they have a newlywed discount now!

No, I think we have Progressive auto insurance.  We priced it out with LM and we save money by having the split policies for some reason.  

That's so weird! DH's driving record was pretty bad for a while (2 total losses, a few other accidents and several tickets), and LM gave us the best price. We got a good deal having adding the renter's. I had my own auto policy since I maintained a separate address, but combined them when we got married. I cut our insurance cost in half. That could buy me A LOT of shoes....

JCbride2015

Cookie Pusher said:

JCbride2015 said:

Cookie Pusher said:

JCbride2015 said:

lacqueredlover said:

Is your renters insurance expensive?  We don't currently have it although I'm thinking that might be the best way to insure the ring.

It's not expensive, get on that ASAP!  We live in Jersey City, so pretty HCOL as well, and our insurance without the ring was running about $120 per year.  The ring insurance will vary widely with the cost of your ring, but I think we added a $7500 "jewelry rider" onto the policy and it cost us maybe $60 additional for the year.  Totally worth the peace of mind.  And with our policy, it applies to any jewelry up to that amount, so other jewelry would be covered too.

We have Liberty Mutual btw, and I like them.  We haven't had to file a claim so far, but they are easy to work with.

ETF autocorrect

We also have our renter's and car insurances through LM. We don't have a ton of coverage on the renter's (under 20k) but the rider for my ring almost doubles our overall coverage. We pay around $25/month total.

@JCbride2015 - do you guys have your auto through them too? DH and I take advantage of the alumni discount. Plus, they have a newlywed discount now!

No, I think we have Progressive auto insurance.  We priced it out with LM and we save money by having the split policies for some reason.  

That's so weird! DH's driving record was pretty bad for a while (2 total losses, a few other accidents and several tickets), and LM gave us the best price. We got a good deal having adding the renter's. I had my own auto policy since I maintained a separate address, but combined them when we got married. I cut our insurance cost in half. That could buy me A LOT of shoes....

Speaking of shoes, I'm lusting after these bad boys right now.  I tried them on in the store in Piperlime and they are actually comfortable but I think they show too much toe cleavage for work.  Le sigh.

Cookie Pusher

JCbride2015 said:

Speaking of shoes, I'm lusting after these bad boys right now.  I tried them on in the store in Piperlime and they are actually comfortable but I think they show too much toe cleavage for work.  Le sigh.

Oooooh but they are so cute!! But yea, toe cleavage at work is usually frowned-upon. I know in my corporate staffing gig, that would not fly. Of course, after working there, my taste in shoes is all sensible and stuff. Except my giraffe print 5" stilettos. Because I had to have those bad boys.

It's funny, I stressed money SO hard before the wedding that I gave up my dream wedding shoes. Now that I have the insurance savings, I still wouldn't buy the shoes. But really, how often would I wear these $900 Valentino shoes?

(Ok, I'd wear them every day, but still...)

Cookie Pusher

OP - I have some friends who have insured their rings with Jewelers Mutual. Regardless of who you get your ring insured by, I echo PPs in saying that you should get renter's insurance. It's relatively inexpensive, and it's better to pay for it but never use it than need it but not have it.

Sugargirl1019

I agree that you should get renters insurance, and then add on a rider for the jewelry policy. Renters is around 120, like PPs said.

The rider WILL be affected by how much your ring is appraised for. Mine is 306 a year.

JCbride2015

Damn, either you ladies have some fancy-ass rings or we have a better deal on insurance than we thought.  Just looked it up-- my base policy is $143 per year and the jewelry rider is $86.

Jells2dot0

JCbride2015 said:

Damn, either you ladies have some fancy-ass rings or we have a better deal on insurance than we thought.  Just looked it up-- my base policy is $143 per year and the jewelry rider is $86.

I have always thought my ring policy was pricey, but I don't really know the true value of my ring. So, maybe it's not? I'd like to think that it's a normal price since we have three car policies, one home owner's policy, one rental property policy, and a personal liability policy on top of the personal articles' policy all with the same company! We give them a ton of business.

Cookie Pusher

We didn't find our rider particularly expensive considering the appraisal on my ring. Insurance in our county is just outrageous, though.

perdonami

I have been discussing insuring my engagement ring with DH and he is totally against it saying that it isn't worth insuring. 

Has anyone insured a ring under $6k? Is it worth it if the ring is not super expensive?