Ring Insurance

daveys_baby

I've never had ring insurance before and I was wondering how you go about getting it.  Do you just give an appraisal from the jeweler who you bought it from to an insurance company, or do you have to get an independent jeweler to appraise it?Also, are there insurance companies that are usually cheaper for covering things like this or is it just best to go with the company that does your homeowners/renters.  Any help would be greatly appreciated; I'm totally in the dark when it comes to this!

colleenmclaughlin1

When FI bought my ring, he received an appraisal (from the store where we bought it, but i believe the actual appraiser who signed off was independent.)  He took it to the agent we have our Homeowner's with and got it added.  The agent just added a rider to the original agreement.  I would think it would be cheaper to go with an insurance company you already have since they often will give an incentive discount to get more of your business.

cobrien1976

I have a separate policy for my ring.  It is through Erie Ins.  I know it is really cheap less than $50.00 per year.  I just made a copy of the info that came with the ring and gave it to my agent.  I also have my car, homeowners and life through Erie.

Vanessa4444

How much is ring insurance?  is it like a certain % of the value of the ring?  I don't have insurance... and I never really considered it.  Should I?

jennybean2010

we are going to be adding my ring to our renters insurance. they need an appraisal, and unfort the appraisal from where FI bought the ring only gave an appraisal for the center stone (don't know why). so when we were in frost & co. to buy our bands, i asked them about it and the guy said to bring in that appraisal and he would take my ring, see if it jives, and then give a full appraisal. once this is done i just need to submit it to our insurance company. it's going to cost $65/yr total for the insurance with full replacement value. i figure if i lose my ring or anything like that, that is well worth such a measley cost!

dicer2

My ring came with an appraisal sheet for insurance purposes.  DH bought it online and unfortunately it is appraised higher than he bought it for so the insurance is more expensive, boo.  I added a rider onto my regular house insurance through State Farm. 

EmilyBerdell

We insured my e-ring under our homeowners policy. The ins. co. needed an appraisal of the ring, which we got from the jeweler. It's a nominal fee...something like $60/year? When we get our bands, we'll have them insured as well. I was totally in the dark, too. I ended up just calling my insurance company and they walked me through the process. GL!

daveys_baby

Thanks so much ladies.  We're with Erie too so I'll have to give them a call.  I'm glad to hear it's that low, $50 -$65 doesn't sound bad at all.I'm such a clutz I'm afraid I'll bump it and knock the stone loose so I'd atleast like to cover if I lose the stone by accident.

jennybean2010

see i personally think it's a good thing that our appraisal is higher than what FI paid. that way if anything happens and it needs to be replaced, we'll get more $$ for buying a new ring than he actually paid for it. it's at least a 2k difference, and that's an appraisal with just the stone, not the entire ring. but maybe i'm taking the wrong perspective on this!

LisaS1010

FI got my ring online as well and we got it appraised at Jared's when an independent appraisel person was there. We went with Jeweler's Mutual for our insurance  -  who Blue Nile recommends since we don't own a home.  Our is about $100 a year.

daveys_baby

I see what you're saying JB, that's what they do with homeowners insurance.  It's not the price you pay, it's what it would cost to rebuild/replace if anything went wrong and you no longer had a home.  I guess it's one of those things where it sucks to pay more for the security, but if anything bad did happen it would be worth the extra $ you spent initially.

dicer2

I know what you're saying also JB!  It's better to have the higher appraisal value definitely.  I pay a lot more than everyone for insurance though, I should probably check into that in case something is not right with my policy.

brivb10

One thing to note is that another part of the ring insurance is based on a deductible. Most people have a $0 deductible for rings, but my ring insurance is over $300 a year, so I made my deductible $250 to save myself some money. They base your fees on the risk and the cost of replacement of the ring. I also provided my agent with copies of all the certifications of the stones, the original receipt, the insurance appraisal, and the indpend appraisal. It's best to have a rider for your e ring and wedding bands as opposed to adding it to a jewelry policy, as typically the jewlery policy has a max per claim, and you would hate to be over that limit in case of theft. HTH.

morganphd

We put a rider on the ring on our homeowners (through Allstate).  It's ~125 a year.  It's appraised for more than we bought it for, and the appraisal needs to be repeated every 5 years or so (since the value of the ring should change over time)

d78

I originally went through Jewelers Mutual, then we got renters' insurance and I added it to that. My original ring had an appraisal card with it, but since we moved the stone to a new ring (& new wedding band), I need to have it re-appraised. It's on the to-do list, but hasn't been done. I've heard S. Hills Jewelers can do it for about $35. I don't remember Jewelers or our renters' insurance costing that much to insure it.

mellymel71

I'm late to this thread, but last time I was at Orr's Jewelers I saw they were offering appraisals while you wait.  The info from their website is below.  I thought the appraisals were free...but I don't see that in their info.  You could call to ask them.  I think the next one is 8/14.From their website:Orr’s Jewelers will be offering jewelry appraisals while you wait at our Squirrel Hill location the second Friday & Saturday of every month from 9:30am-5pm and in our Sewickley location the last Friday & Saturday of every month from 9:30am-5pm. Appraisals are available for insurance, estate, and fair market value purposes. All appraisals will be preformed while you wait that day by an experienced graduate gemologist and he is a ‘certified’ member of the National Association of Jewelry Appraisers. Appointments are required 412-421-6777 for Squirrel Hill, 412-741-8080 for Sewickley (please call with any additional questions)