Ring Insurance?

momocobabe

I just got engaged!!  Yay!  Finally!  And I'm pretty sure my ring is the most beautiful I've ever seen. 

Now, to insure it.  I'm planning on getting renter's insurance now too, so I assume I'll just get a ring rider with my renter's insurance.  The thing is, my ring is actually worth more than all the rest of my belongings combined, so the price and coverage of that ring rider is pretty important as I choose a company.  Anybody out there that's researched this and can tell me where to start?  I'm looking for the least expensive premium I can get, preferably with coverage for accidental loss and not just theft. 

Thanks ladies!

emarston1

When you contact insurance agencies about renter's insurance, ask about the ring insurance as well.

Personally, we didn't like the policy of our renter's insurance so we went with Jeweler's Mutual Insurance.  Plus they were about $30 cheaper than our renter's insurance.

http://www.jewelersmutual.com/

Jelenny

My FI works for Nationwide so I learned a little bit.

You CAN put your ring on your home owners or renters insurance, HOWEVER with that said make sure you research what the max is on it.  For example our policy would only give us $1200.00, my ring is more so if something happened then anything MORE would have to be out of pocket again.

I don't know the exact spelling of it but my ring basically has its own policy - an inland marine?  (again spelling you go tme the FI has it insured).  We had to get it appraised (always good to do anyway) and sent the appraisal to the insurance company so my ring is insured for what it was appraised for.

Hope this helps - good thing I had the FI guiding me with his inside knowledge.

NickDanielleB

Insure it on a rider for an "agreed amount" with a $0 deductible. You will need to provide an appraisal for the ring so the insurance company will know what its worth, if anything happens to it, the ring will be replaced with "like kind and quality."
 
it's also important to remember that if you don't add this as a listed item you'll only be able to collect the amount available on the policy e.g. $1200 AND not scheduling it means you have NO coverage if you LOSE it. The ring has to be stolen or damaged by a covered cause of loss. Scheduling it on a rider/floater means you may have coverage if it slips off your finger. Check with your renters/homeowners agent for policy information, each company is different.

The cost is minimal really. I got mine scheduled and the cost yearly is $35.

KilleenBride

when we bought our rings we got a 3 year insurance plan and then after the 3 years we can renew it it was only like $30, It has ring replacement, diamond replacement, they will also put both the engagement and wedding band together if I want, we got it through the place we bought it, does the place you got it at offer the insurance?

nebbiolo

From what I've learned, you can get better coverage for less if you go with a solo ring insurance vs. adding to your renters or homeowners.  They tend to deal with ring losses/damages more often, thus less hassle if you actually need to use it! 

Jelenny

That's what I did....kinda nice to say my ring has it's own policy 

Alauren4

If u have renters insurance u add it to your policy as one of your valuable items. There is no reason to get seperate ring insurance. I have homeowners insurance and my ring is on my policy, my fiance put it on with no problem. Now, this is to cover the ring in case it gets lost or stolen. However, your jeweler should insure your diamond for life. Hope this helps.

EricaDawn1986

We went with Statefarm.  They have a Personal Artical plan that isn't included in your renter's insurance but attaches to it.  I know you're looking for an inexpensive plan... but we realized that most of the cheaper plans don't really cover everything (ie if you LOSE it).  When your FI bought the ring, hopefully he got it appraised.  If he didn't, have that done.  The cost of insurance (at State Farm anyway) depends on how much the ring costs!  If ANYTHING AT ALL happens to my ring... I can lose it, I can drop it down the garbage disposal, it can get stolen.... I get the appraisal amount for it.  Most jewlers will appraise it a little bit high so you'll actually probably get MORE than you spent on it orignially should something happen.  Anyway... hope that helps.

I wouldn't just add the jewlery option on your renters insurance if you happen to have a really expensive ring.  Most of the time the coverage caps at $5,000 (from what I've seen). 

JennaV26

I have many, many family members that work for State Farm so I know a little bit!

I put a Personal Articles Policy with my renter's insurance which added about $60 to my total premium for the year. It's $0 deductible so it's 100% covered if anything happens to it (i.e. it gets stolen, etc. They won't pay to FIX the right, just cover it if it goes missing).

FI also bought the warranty insurance from the jewelry store so that if it gets damaged (like if a diamond falls out or constant wear damages the finish) then it's fixed for free. I believe it was around $80 but I already lost a diamond so it's worth it to have.

Once you get your wedding band you'll have to put them on your policy. Even if your rings are sautered together your coverage will only cover the e-ring.

JennaV26

Oh and you'll also have to turn in your appraisal information to ensure you're covered for the right amount. I'm pretty sure most jewelry stores give you all the paperwork you need when you buy the ring.

JKVozza

Go with State Farm. They are amazing!

sarahcallie

Another question: My fiance got an appraisal from the jeweler on my ring when he got it, but should we get another appraisal from another jeweler just to see if it will appraise higher? Will an insurance company accept an appraisal from the jeweler the ring was purchased from?

Also, I want to make sure we get a policy that will replace any diamonds that could possibly fall out of my e-ring band since the band is a pave band. What would I ask for?

Thanks for your help!! This is all so exciting!

kjs08

My ring has it's own insurance policy from my renter's but is "attached" to my renter's so I pay a combined amount for both every year. I don't know the details because my FI added it without my knowledge before we got engaged and told me after.

debralea123

I am recently engaged- and I'm an insurance agent!

I would put a seperate personal articles policy (pap) on your ring. It can then be covered for theft, mysterious dissapearance, breaking, a diomond falling out, whatever! This can also have a $0 deductible, as opposed to the 500 or 1,000 deductibles you will likely have with your renter's policy.

Another major advantage to the seperate policy is it will not count against your homeowners/renters claims history. You can only make 2 claims in 5 years with those, so the seperate policy comes in handy.

There are a lot of great companies. Start with the company you have auto insurance with (you might even get a discount for adding renter's insurance), and if they don't offer PAP's, call state farm, country financial, farmer's or allstate.

Best of luck, and congrats!

debralea123

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_just-engaged-proposals_ring-insurance-2?plckFindPostKey=Cat:Wedding BoardsForum:683Discussion:3198181c-9c41-4aa8-9434-eaf057f5e112Post:00047ef7-dee7-4cd7-9b81-e0ace3c4e194">Re: Ring Insurance?</a>:
[QUOTE]Another question: My fiance got an appraisal from the jeweler on my ring when he got it, but should we get another appraisal from another jeweler just to see if it will appraise higher? Will an insurance company accept an appraisal from the jeweler the ring was purchased from? Also, I want to make sure we get a policy that will replace any diamonds that could possibly fall out of my e-ring band since the band is a pave band. What would I ask for? Thanks for your help!! This is all so exciting!
Posted by sarahcallie[/QUOTE]

They will accept the original appraisal (so long as it is less than a year old) in most cases.  And one thing to keep in mind, most big insurance companies will replace the ring or stone itself, not just write a check. State farm can get diamonds WAY cheaper than you can. You want a personal articles policy/inland marine floater (same thing). And an insurance agent you can call about this stuff!

slubkin

We have renter's and auto insurance through State Farm, so adding a personal article policy was easy.

PERSONAL ARTICLE is the key here- renter's alone won't necessarily give you the coverage you are looking for- what if your ring is stolen or lost or damaged while on vacation or at the gym? 

You'll need a professional appraisal, which is likely to cost $50-150 depending on where you take it.

jessienjeremy

We have state farm for our home owners insurance and we were going to add both my wedding band and engagement ring to our policy.  My ring came from samuels but is only insured if I lose the diamond or a prong gets bent... if i lose the ring.. not covered... My band was his grandmothers so we got it appraised and are adding it to the insurance. Make sure the jeweler he got it from actually gives you an appraisal.  My ring is certified but we dont have an actual appraisal on it.  It just shows the quality of diamonds and retail value and some other vaule but its not a technical appraisal .. and they want me to pay them $250 to get it appraised and they ship it off for 3-4 wks... NO WAY!!!! I will just take it to the man who appraised my band.. charged me $30 and had it done in 4 days   But