Engagement Ring Insurance

bcnoelle

I know this has been asked before, so sorry!  I was wondering where you ladies got or are looking into getting your engagement/wedding ring insurance.  I know you can add it to your home owner's policy, but I was possibly looking for another option. Also, those who have gotten it, did you insure it for the appraised amount?  Our appraised amount was higher than what we actually paid for the ring so we are thinking of just getting it insured for less.  Thanks so much!

LoLoWedsM

I know a lot of people use jewlers mutual.

ericak926

I checked our Homeowner's Insurance (Nationwide) and they were more expensive than Jewelers Mutual so I went with them. We insured the bridal set for the appraised value.

jed15

I had mine insured with Allstate- I have the lost or stolen replacement plan. Mine is insured for slightly less than the appraised value, but a few more thousand than we payed for it. Depending on how different your appraisal and actual costs are, it probably shouldn't be too much more expensive to get your ring insured for the appraised amount, If you get the ring insured at 2% the total cost per year, an extra $2000 would be 40 bucks extra a year. From what I have read, you should look for a policy that charges 1.5-3% of the insured amount per year.Also I changed my car insurance when I got the ring insurance and saved money on the car for having multiple policies, so keep that in mind!Good luck!

bcnoelle

Thanks for all the advice!  Our appraised amount surprised us because it was twice what my FI paid. I think he got a really good deal with a diamond broker because the economy was so bad.  I think we are going to just go with the price paid to insure and then I probably will have to wait for a poor economy again if it's lost or stolen!