Attire & Accessories Forum

Insuring an engagement ring

So, my BF and I went to look at rings yesterday, and will probably place an order with some customizations in a few weeks.  I want the ring to be insured from the minute it leaves the store, so I've looked into getting some insurance quotes.  I got a quote from a jewelry-specific insurance co. and also from allstate, where I have my condo/homeowner's policy.  The price for independent insurance or getting a rider on my HO policy came out to be around the same, but I kind of had sticker shock.  The premium for the year is higher than the premium for the year on my entire condo unit/HO policy.  (The ring will be a nice size but we're not talking the Hope Diamond here).  They explained to me that jewelry is more high-risk to insure, so I get it, but was wondering if you ladies have had any experiences insuring through your homeowner's policy or separately, and if you have any companies you recommend.  I had never heard of the jewelry-specific company so was a little leery.

Re: Insuring an engagement ring

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_attire-accessories_insuring-an-engagement-ring?plckFindPostKey=Cat:Wedding BoardsForum:15Discussion:2d875095-718a-4a5c-9753-516d70bb8892Post:8f678eec-be10-4eed-a51c-2c4d3b2ad6c7">Insuring an engagement ring</a>:
    [QUOTE]So, my BF and I went to look at rings yesterday, and will probably place an order with some customizations in a few weeks.  I want the ring to be insured from the minute it leaves the store, so I've looked into getting some insurance quotes.  I got a quote from a jewelry-specific insurance co. and also from allstate, where I have my condo/homeowner's policy.  The price for independent insurance or getting a rider on my HO policy came out to be around the same, but I kind of had sticker shock.  The premium for the year is higher than the premium for the year on my entire condo unit/HO policy.  (The ring will be a nice size but we're not talking the Hope Diamond here).  They explained to me that jewelry is more high-risk to insure, so I get it, but was wondering if you ladies have had any experiences insuring through your homeowner's policy or separately, and if you have any companies you recommend.  I had never heard of the jewelry-specific company so was a little leery.
    Posted by CrazyCatLady3[/QUOTE]

    Wow. that is surprising!!   I think adding a jewelry addendum to my policy was only about $100.00 a year.
  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_attire-accessories_insuring-an-engagement-ring?plckFindPostKey=Cat:Wedding BoardsForum:15Discussion:2d875095-718a-4a5c-9753-516d70bb8892Post:02dec566-35ed-4bef-aee1-4e638aebfed7">Re: Insuring an engagement ring</a>:
    [QUOTE]In Response to Insuring an engagement ring : Wow. that is surprising!!   I think adding a jewelry addendum to my policy was only about $100.00 a year.
    Posted by cmgilpin[/QUOTE]

    Same here.  The cost of my addendum was very miniscule to the overall cost of my home insurance policy.

  • CrazyCatLady3CrazyCatLady3 member
    500 Love Its 1000 Comments Second Anniversary First Answer
    edited February 2013
    I was quoted $341/yr on a no-deductible repair/replacement policy for an estimated $15k ring from Allstate.  I pay $295/yr for my condo unit HO policy.
    The jewelry insurance company quoted me $300/yr for a no-deductible repair/replacement policy.

    I mentioned condo unit HO policy because it's a little different than insuring a stand-alone house.  It includes internal walls/fixtures and personal property, but the building structure is separately insured through the condo board.  So HO insurance for a standalone home would be more I'm sure.  

    I still thought $341/yr seemed high--but I guess that it just the cost of having an expensive ring?  Just wanted to know if it seemed off-base.

    Do you think I am better off going through my HO insurance company because it's more well-known rather an independent jewelry insurance company?

  • Adding my ring to my HO policy was only $120/year and it was appraised at a similar value to yours. 
    Image and video hosting by TinyPic Anniversary 
  • kristbot, what company did you go through?
    I wonder if I am getting quoted a higher price because I live in NYC?
  • I live in NYC also, and the insurance on my ring in comparable to what you were quoted.  I think we just have to pay a ton for everything for living here!
  • My ring was priced around $15K too and I'm paying $200 a year (we got a rider on my parent's insurance).  Maybe it's because it's NYC... 
  • OK, thanks everyone!  ...So now I know the prices are probably due to my location.  The first question they asked me when I called for a quote was where I live.  Maybe they think I'll be mugged on the subway... :(
  • I went through State Farm, because our home insurance company didn't have very complete coverage. I wanted to be sure it covers EVERYTHING, including if it's lost (dropped down the drain). I also think that's pretty high, I would try other insurance companies.
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