Ring Insurance Questions

julbgordo

I was just curious if you took out insurance on your engagement ring/wedding bands.  FI and I are waiting to get insurance until we buy our wedding bands which will be within the next year.  Then we would take out insurance on all three at the same time.  Do you feel it was worth it?  Am I right that this goes in with your home insurance?  As a side note, none of our individual bands cost more than 2k each.

Thanks

slubkin

There is some coverage under homeowners' but you should check with your insurance agent about what exactly that covers, since it might not cover full replacement value.

I bought a personal article policy that's separate from my renters' insurance but I pay for them together (along with car policy- State Farm's been good to me that way!).  Some insurance companies give a multi-line discount if you have more than one type of policy with them. I think my personal article policy came out to about $50 a year- almost negligible addition to my monthly insurance payments- and it covers up to $2000.  You can get coverage in varying amounts, which will be based on the appraisal of your rings (this type of policy will require a professional appraisal). 

I set mine up to cover just the engagement ring at first, and after I found the wedding band I sent them the appraisal for that, and they added it to the policy as well. (FI's ring is not worth enough to insure, but it's what he wanted.)

alecat9

We only got insurance on my wedding and engagement rings and chose not to cover DH's wedding band because it wouldn't be cost effective (his ring is affordable to replace easily). We added a rider on to our homeowners insurance. Know your insurance and what it will cover and what it won't. I personally would make sure that the ring will be covered even if you no longer have the ring, aka lost or stolen. Sometimes they will say that they will only try to fix it and replace it only if absolutely necessary. Ultimately, warranties are often no enough and too easy to lose (especially if you forget after the first year to get your ring inspected.)

HobokensFury

We used Jewler's Mutual for ring insurance.  I personally would not wait because what happens if you lose your ring tomorrow?

aerinpegadrak

We didn't have to buy separate insurance for the rings because our jeweler offers a lifetime warranty that covers loss or theft.  We just have to bring the rings in once a year for cleaning and inspection.

tpender13

I added my e-ring to our renter's insurance. I made sure that it's covered for what it's worth, whether it's lost, stolen, damaged, or whatever, no matter where in the world we happen to be. It only ended up adding about $4 a month to the policy.

saisongbird

I have my rings under Jeweler's Mutual as well.  It's instant and fairly inexpensive - definitely get it done!

Habs2Hart

Mine is under homeowners insurance aswell.  It is insured for it's appraisal price, not the purchase price, which is usually more than purchase.  I never let it out of my site, but just in case it is peace of mind if something were to happen. 

neelynicole

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_chit-chat_ring-insurance-questions?plckFindPostKey=Cat:Wedding BoardsForum:14Discussion:ed47dcac-812a-4d61-a851-24f73eb3fc2bPost:1589af50-31d3-4955-9170-be013a1476c5">Re: Ring Insurance Questions</a>:
[QUOTE]I've always had insurance on all my jewelry under our homeowner insurance, so when I got my e-ring we just updated it. Thank God {knock on wood} I've never had to use it so I can't really say if it's benefited... but always better safe then sorry. 
Posted by bellebride116[/QUOTE]

This.

TurtlesAllTheWayDown

We got a rider on our renter's insurance that covers the full replacement cost of the rings. 

julbgordo

Thanks all

Pirata13

We have a seperate policy on our rings. It covers them 100% whether lost, stolen etc.  I got mine with my engagement ring, then added the bands later. Unless you are getting your bands very soon, like this week, I'd go ahead and insure your e-ring. All you need to do is provide copies of your receipts from the bands for them to add them later. Adding the separate policy on those items only cost us about $2 a month, maybe a little more. Well worth it.

AshleyLynnB

We only insured my E-ring and Wedding ring through our Homeowners Insurance. It is very inexpensive and I think has a lot of peice of mind to go with it. Our Insurance covers it if the ring is suddenly lost in any way. So if you lose it down the drain or it is stolen the complete ring and stone are covered by the policy.

My mother lost her diamond a couple months ago when two of the prongs broke. They only had insurance through the jeweler who is now out of business and was in a different state. They had to pay for a new diamond out of pocket. They now have the ring on their homeowners insurance as a back up.

You can never count on your jewelry store being there forever, I would always go through an actual insurance company.

logpowell

We added a rider to our homeowner's policy for my engagement ring as soon as I got the ring.  We didn't bother with a rider for the wedding bands since those were relatively inexpensive and would be covered as general jewelry under our policy.  Similar to another poster, the ring is covered for the appraised value, which was more than the purchase price.  Make sure the policy covers theft and loss, as sometimes only theft with a police report to substantiate the theft is covered.

It is definitely worth it, if nothing else for the peace of mind.

a_spinhirne

I'm in agreement with the previous poster who said they would not wait to get insurance...something could happen tomorrow.  My rings are both covered through Jewelry Mutual for the appraisal price, for about $100 a year.  My husband chose an inexpensive $200 titanium ring for himself and so his is not insured.

LeahMI

I'm a young bride-to-be (very far away from my wedding date) and my FI and I don't have any kind of insurance yet. What do you suggest we do? My ring is my grandmothers (bought in 1948) but my FI will be purchasing a new band for me sometime in the next year and a half or so. What do you recommend we do?

vegasgroom

My home owners' policy had numerous restrictions on what was covered that made it next to worthless; coverage limited to $8k I think, no coverage out of the country, no coverage for several other causes of loss that didn't seem that unusual, etc.  I got a seperate policy from State Farm for FI's engagement ring that averages costing me about 1.4% of the stated value annually.

I'm not sure why you'd wait to insure it; if you've done the math and determined that the cost of insurance, the cost of replacement and the liklihood that you could lose it make insuring it a good idea, then you're statistically just as likely to have an event that causes you to lose it now as you are later, so you either need the insurance or you don't and if you need it, you need it now.

mazinggrace

The day after I got my engagement ring I had it insured. Reason being is that most homeowners insurance only covers $500 in jewelry and my engagement ring is worth more than that. It costs me $24 per 6 months to cover my ring for 125% the purchase price. And even if something happens like the diamond cracks, falls out,  theft, lose it is covered. What if something happens to your ring from now until then and you find out that your insurance will only pay for $500. Would you be able to replace the ring and not be mad for not getting it insured? I think it is a good idea to take out a personal articles policy and add your ring to it. Better safe than sorry. 

mazinggrace

Leah MI - You need to first start by getting your ring appraised. Value is the key, then call any insurance agency and get a personal articles policy. If you have someone like State Farm for auto they can just add it to your existing policy and then you get a discount for multiple policies!!!

JeremiahsBabe

My E-ring was not very expensive (Great deal on it!)  At what price point should you insure a ring.  Mine only cost $800.  My ring is also under a lifetime warrenty through helzberg diamonds so if a diamond falls out or i lose it it is replaced.  Is it still worth insuring?

mana8503

to answer that "is it worth it to insure?" question ask yourself the cost/benefit question.

My ring comes with an insurance from the jeweler with $xx per 1,000 a month.  I did the math:

XX*12 is how much I pay for the insurance a year
how much the ring cost/insurance for a year = is how many years it'd take to basically paid for another ring/

It would be 16 years for me.  Now you ask yourself... do you think it could be damage, lost, stolen etc in that time span.  I hope not, but the possibility is high for ME.  So it's worth it!

Hope that helps!  I'm a math nerd...

pisci1kn

I say don't wait.  My FI had put my ring on his HO insurance as soon as he picked it up from the jewelers and I switched it onto mine within the next week. It will be less than $100 a year and definitely worth it even if your bands are reasonably prices. It is really easy to add it or make changes.  Just tell your insurance company that you want a separate schedule for your ring and to have it covered by all perils, that way not matter what happens to it you are covered.  And each ring needs to be on your seperate insurance plans because you will get nothing if your ring is on your FI's insurance plan - you own it so its your property - even if you share a house.

chicagogirl327

Insure it now! E-rings are almost always more expensive and you can add the wedding bands in later. What if you lost it before the wedding?!

My fiance pays $100/year to have the full value of my e-ring available if something were to happen. SO worth it in our opinion!

simbidi

We got a personal articles policy through State Farm for my bridal set because the appraisal value is $7500.  It is attached to my homeowners policy and covers loss or damage.  We also have the lifetime warranty from the jewelry store.  The lifetime warranty was only $250 and the personal articles policy is $68/yr.  I will do the same once FI's ring is picked up.  I think it is very much worth it!

bwaton

I thought it was worth getting the insurance. It was less than $200 a year and yes the insurance is added to the house value.  When you realize that the ring that is worth 60 times the amount you pay for the insurance a year, if god forbid anything were to happen to the ring, it  makes it easier to decide to go with insurance. You can also add the wedding bands to the same policy at least with my insurance, you could. It was some work in the paperwork and time on the phone. Without a doubt I feel so much more relaxed wearing the ring knowing that it's insured. Good luck. I hope you find this helpful.