Rings: warranty vs. insurance question

ipuella

Hi all - sorry if this has come up in the past - I checked, but didn't see anything. FI and I are debating the merits of purchasing the warranty on my e-ring. I think it is necessary, he insists that the rider on our renters insurance policy is enough. We've been engaged for several months, and this is only coming up now because we just bought my wedding band from the same store, and they offered the warranty on that (which I purchased). We all realized at that time that it had never been offered on the original ring, so they are going to allow us to purchase it now to apply retroactively. I think it's a good idea, because I have two heirloom diamonds as part of the setting, both of which are extremely sentimental to my whole family. I know those could not be replaced if anything ever happened to the ring, but am wondering if I should buy the warranty, which requires semi-annual inspections by the jeweler, to ensure that I am doing all I possibly can to protect the stones. Thoughts? Is our renters insurance enough? Did you buy the warranties on either your e-ring or wedding bands? Would love to hear any and all thoughts. TIA!

tiffspff

I have warranties/protections on both my rings. I take them in twice a year for inspections. You have to figure out what is covered with the warranty and then decide whether or not it's worth it to you.

noodle_oo

How much does the warranty from the jeweler cost?  I'm not really sure what it covers vs. what the renters insurance covers, so maybe you shoudl read through each policy carefully and see what the differences are.  For instance, does the renter's insurance cover if a stone falls out?Ordinarily, I never buy the warranty on jewelry.  However, I will probably buy it on both of our wedding bands.  My reasoning for this is that you wear these rings every day and they are probably the most expensive pieces of jewelry you own.  The warranty for the rings we were looking at was pretty inexpensive, like $50 for FI and $100 for mine.  It covers them for life as long as you have it inspected, which I think is a good practice anyway (make sure the stones aren't loose and they clean it for you, which is nice).  The other reason is that the warranty also covers resizing as often as needed and they will buff up the rings as well.  The salesman buffed up my engagement ring for me and it was *amazing*!  The gold was all scratched up and now it looks like new.  I can see myself having this done once a year and our rings will look good as new forever.  That is worth the cost to me.Good luck with your decision!

LucyD1029

I didn't even ask about a warranty, but I think my insurance covers damage.  We have a separate policy for our rings.

cattiebsc

I talked to my Insurance agent about this...although my Renter's/homeowners will cover the ring if it were STOLEN, it won't if it were lost or broken..the insurance company I go through offers a sperate insurance (I think it was $10 per 1k worth of the ring, per a year) to cover the ring if it were lost, stolen, broken, etc.  I just had to get the ring appraised and provide that to my insurance company.My Jeweller also offers a warranty (which I take advantage of also).  This however was included with the purchase of my ring as long as I continue to go every 6 months to have it inspected by them.  They will cover replacement of the diamond if it were to come loose as long as I am within the 6 month inspection time.I would think if ur jeweller is giving u the option to purchase the warranty I would make sure it covers EVERYTHING (lost, broken, etc), if not I would see if your insurance company has a plan for that.HTH

october010bride

We weren't even told about a warranty with my ring. We purchased insurance through Jewelers Mutual and they cover everything, from missing diamonds, to a broken band to losing it on the street. So from my perspective the insurance is all we need.

FtMrskram

Were ever you bought them should cover if you broke or lost a diamond.  I really do not know what the warrenty covers.  We didn't get it, we figured homeowners insurance would cover if stolen or lost and the store would cover the diamonds.  I wasn't going to buy more coverage for the setting.  The setting is going to scratch...they weren't going to replace it if it did.  It just didn't make sense to me...

ipuella

Noodle, the cost of the warranty is about $140. To me it's worth it, but we'll see what happens. Looks like I have some reading of both contracts to do! Thanks everyone for your help