this is the code for the render ad
Community› Local Wedding Boards› New Jersey
New Jersey
New Discussion

Which company do you use to insure your engagement ring?

tbrose16tbrose16 member
100 Comments
in New Jersey
Hi,

My jewellery policy is up for renewal and I was curious which company you guys use to insure your engagement ring/jewellery. I use State Farm but I just found out that you don't actually get the cash if the ring is lost/stolen - they will just replace it for you with a ring of the same requirements or they will give you money to go to a jewler but they will only give you the amount of money that they think it is worth (not the amount it is insured for even if you insure it for the appraisal/GIA certificate and provide them with these documents). I'm not a fan of that and was curious if anyone else's policy was the same.   Any help would be appreciated !
Report Reply to Post

Re: Which company do you use to insure your engagement ring?

  • sgdc2011sgdc2011 member
    1000 Comments
    edited December 2011
    I'm not sure how mine works but we are going through Allstate
    Report Reply
  • mbcdefgmbcdefg member
    10000 Comments 5 Love Its Combo Breaker
    edited December 2011
    My car is insured through Allstate, so I just called them when I was insuring my ring. I had to get renters' insurance to have the ring covered, which was a good idea anyway IMO.

    Interesting that you brought this up ... I actually have no idea what the exact procedure is should I lose my ring. I just assumed they'd give me cash. Interesting to know! Maybe I should look into this!
    image
    Report Reply
  • tbrose16tbrose16 member
    100 Comments
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:c71f8f46-5f30-4646-bbee-505d1afc2dc9">Re: Which company do you use to insure your engagement ring?</a>:
    My car is insured through Allstate, so I just called them when I was insuring my ring. I had to get renters' insurance to have the ring covered, which was a good idea anyway IMO. [QUOTE]Interesting that you brought this up ... I actually have no idea what the exact procedure is should I lose my ring. I just assumed they'd give me cash. Interesting to know! Maybe I should look into this!
    Posted by mbcdefg[/QUOTE] Yeah, I'm asking all of these questions now! Unfortunately I was a victim of the storm we had in March (my place got flooded) so I want to know exactly what's covered and what's not. You wouldn't believe how they get around not covering some things.
    Report Reply
  • smw42smw42 member
    2500 Comments Combo Breaker
    edited December 2011
    We have State Farm for my ring and they were the most competive. Be sure to have a certificate with your diamond and the appraisal.
    Anniversary Photobucket
    Report Reply
  • wagnerdiwagnerdi
    500 Comments
    edited December 2011
    I have renters insurance too, but from what I understood, that wouldn't cover my ring if I lose it or it gets stolen outside of the apartment.  I'm pretty sure mine is insured through Jewelers Mutual.
    imageWedding Countdown Ticker
    Report Reply
  • NikkiPSUNikkiPSU member
    500 Comments
    edited December 2011
    We added a jewelry rider to our homeowners insurance.
    Anniversary Image and video hosting by TinyPic
    Report Reply
  • Lola MinnieLola Minnie member
    1000 Comments Combo Breaker
    edited December 2011

    Mine is insured through Jeweler's Mutual.  Being that I work in insurance, I do recall reading the policy but now I'm curious about the issue you have if the ring is lost / stolen.

    Report Reply
  • tbrose16tbrose16 member
    100 Comments
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:2bc300d8-2b36-42a9-a1a0-6384545f3e4a">Re: Which company do you use to insure your engagement ring?</a>:
    [QUOTE]Mine is insured through Jeweler's Mutual.  Being that I work in insurance, I do recall reading the policy but now I'm curious about the issue you have if the ring is lost / stolen.
    Posted by Lola Minnie[/QUOTE]

    I just looked up Jeweler's Mutual online and their sample policy had the following so I think it is the same as State Farm...

    <font size="2"><p>b. <strong><font face="Arial,Arial" size="2"><font face="Arial,Arial" size="2">Limit </font></font></strong><font size="2">– "We" may, at "our" option, repair, replace, or rebuild the newly acquired property or settle based on the actual cash value of the property. The most "we" pay in any one occurrence under this Coverage Extension is the lesser of: <ol><li>1) 25% of the total limit of insurance for "covered property" shown on the declarations page; </li><font face="Arial,Helvetica" size="2"><font face="Arial,Helvetica" size="2"><li>2) $10,000; or </li><li>3) "our" cost to repair, replace, or rebuild the newly acquired property with material of like kind and quality. </li></font></font></ol></font></p></font>
    Report Reply
  • Lola MinnieLola Minnie member
    1000 Comments Combo Breaker
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:3f07c681-e02f-406e-9f58-32855e70ef5d">Re: Which company do you use to insure your engagement ring?</a>:
    [QUOTE]In Response to Re: Which company do you use to insure your engagement ring? : I just looked up Jeweler's Mutual online and their sample policy had the following so I think it is the same as State Farm... b. Limit – "We" may, at "our" option, repair, replace, or rebuild the newly acquired property or settle based on the actual cash value of the property. The most "we" pay in any one occurrence under this Coverage Extension is the lesser of: 1) 25% of the total limit of insurance for "covered property" shown on the declarations page; 2) $10,000; or 3) "our" cost to repair, replace, or rebuild the newly acquired property with material of like kind and quality.
    Posted by tbrose16[/QUOTE]

    Interesting, you are going to make me pull out the policy when I get home! I hope that's not true because I wouldn't want to take that kind of a loss.  My premium is over $400 annually so it better include full limit.
    Report Reply
  • cutiepie12702cutiepie12702
    500 Comments
    edited December 2011
    I used Jewler's Mutual....it was really easy to apply for online, and they let you use whatever jeweler you want if your ring needs to be fixed/replaced.
    BabyFetus Ticker
    Report Reply
  • tbrose16tbrose16 member
    100 Comments
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:a4d982c9-020c-4bd8-a314-c6caf5930059">Re: Which company do you use to insure your engagement ring?</a>:
    [QUOTE]In Response to Re: Which company do you use to insure your engagement ring? : Interesting, you are going to make me pull out the policy when I get home! I hope that's not true because I wouldn't want to take that kind of a loss.  My premium is over $400 annually so it better include full limit.
    Posted by Lola Minnie[/QUOTE]

    Yep! That's my concern too! My premium is over $400 too so I feel like I will be getting ripped off if its lost/stolen. Its not fair that if your insuring the ring for the certificate amount and have appraisals to support that amount and paying that premium, they they can find a cheaper alternative in the event of loss.  Unfortunately, I'm thinking that's the way they all are though<img src="http://cdn.cl9.vanillaforums.com/downloaded/ver1.0/content/scripts/tinymce/plugins/emotions/images/smiley-frown.gif" border="0" alt="Frown" title="Frown" />  If you pull out your policy and its different, can you PM me? I only have a few days left before I have re renew.
    Report Reply
  • raangoliraangoli
    1000 Comments Combo Breaker
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local%20Wedding%20BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:372c5a19-c934-4e22-a72d-ff6eede6c01c">Re: Which company do you use to insure your engagement ring?</a>:
    [QUOTE]We added a jewelry rider to our homeowners insurance.
    Posted by NikkiPSU[/QUOTE]
    I did this. It was insured for the price paid.
    ExerciseMilestone
    Report Reply
  • viviannacviviannac member
    500 Comments
    edited December 2011
    We also added a jewelry rider to our homeonwer's insurance.
    Anniversary
    Report Reply
  • nessi979nessi979
    100 Comments
    edited December 2011
    I added the ring to my renters insurance with New Jersey Manufacturers.  Im covered for the full amount, cash.     $400 seems like a lot?   MaybeI just dont have as much stuff as you guys LOL!!
    My Planning Bio - UPDATED: 5-1-11
    Report Reply
  • tbrose16tbrose16 member
    100 Comments
    edited December 2011
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_company-use-insure-engagement-ring?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:56e876f3-3815-4115-ba10-99cef1a59bddPost:41152e9e-da8f-45be-bbc4-70c4c87f5af8">Re: Which company do you use to insure your engagement ring?</a>:
    [QUOTE]I added the ring to my renters insurance with New Jersey Manufacturers.  Im covered for the full amount, cash.     $400 seems like a lot?   MaybeI just dont have as much stuff as you guys LOL!!
    Posted by nessi979[/QUOTE]

    Yeah - the premium of over $400 is just for the engagement ring too! I don't have any other jewlery insured! Nuts!
    Report Reply
  • NikkiPSUNikkiPSU member
    500 Comments
    edited December 2011
    My rider is only $175 annually attached to my homeowners and this includes insuring my grandmothers ring and a tennis bracelet as well!
    Anniversary Image and video hosting by TinyPic
    Report Reply
  • HobokensFuryHobokensFury member
    5000 Comments Sixth Anniversary 500 Love Its First Answer
    edited December 2011
    I have Jewler's Mutual. 
     
      Image and video hosting by TinyPic Lilypie First Birthday tickers
    Report Reply
  • nessi979nessi979
    100 Comments
    edited December 2011
    holy crap.   my ring was appraiased at over $8,000 and my premium is $87/yr just for the ring).   That may be too much TMI for you ladies, but it makes me think either Im missing something, or you girls got some serious bling!!!!  Tongue out
    My Planning Bio - UPDATED: 5-1-11
    Report Reply
  • lblumettilblumetti
    100 Comments
    edited December 2011

    I have Jewelers Mutual.

    Report Reply
  • melliott09melliott09
    100 Comments
    edited December 2011
    Ours is a rider policy on our homeowner's insurance with USAA.
    Report Reply
  • NJgurl19NJgurl19 member
    500 Comments Third Anniversary
    edited December 2011
    I have Jewelers Mutual and my ring was appraised at 8500 i pay 90/a year.
    Wedding Countdown Ticker
    Report Reply
  • Lauren15215Lauren15215
    10 Comments
    edited December 2011
    I use Jewelers Mutual.  I pay almost $450 a year and have a deductible of $500.  My mom convinced me to do a larger deductible to try and get the price down a little, since it would be over $500 a year with a lower deductible amount.
    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards