Insuring the ring?

jenna8984 · March 2014

@redjacks25 Like I said yes I brought it to him knowing he would come in on the higher side, not the lower side- there's nothing wrong with that. And we're talking a difference of maybe $1,000 if that, he said it was reasonable and not something to raise red flags like $20,000. So I'm not worried about it, I guess we can move on in the conversation and sorry I mentioned it lol.

loro929 · March 2014

Swazzle said:

My rings are insured by Perfect Circle/Jewelers Mutual (CLICK).

@Swazzle Fi and I are looking into this company too. What has your experience been?

RedJacks25 · March 2014

loro929 said:

Swazzle said:

My rings are insured by Perfect Circle/Jewelers Mutual (CLICK).

@Swazzle Fi and I are looking into this company too. What has your experience been?

I looked into getting mine insured there, but it was going to be like $50/month. I don't think that's worth it when I can just attach it to our renter's insurance and pay a few extra dollars a month.

Swazzle · March 2014

loro929 said:

Swazzle said:

My rings are insured by Perfect Circle/Jewelers Mutual (CLICK).

@Swazzle Fi and I are looking into this company too. What has your experience been?

I haven't had any issues with my rings so I haven't had to deal with the insurance company at all other than to pay my premium each year which is about $168 ($0 deductible).

loro929 · March 2014

loro929 said:

Swazzle said:

My rings are insured by Perfect Circle/Jewelers Mutual (CLICK).

@Swazzle Fi and I are looking into this company too. What has your experience been?

I looked into getting mine insured there, but it was going to be like $50/month. I don't think that's worth it when I can just attach it to our renter's insurance and pay a few extra dollars a month.

My renter's insurance covers up to X euros with regards to "personal items" in general, which covers very little. FI and I have tried to have them "up" the limit of this, by specifically adding some kind of clause into our policy (which we would pay for of course) for jewelery. But, they kind of side-eyed us at the bank that covers our insurance. I think the issue is that I live in Spain, where the custom of e-rings, especially expensive diamond e-rings is not really "common", especially in the particular region where we live, so there is no type of "ready-to-go" insurance policy that covers these things... *shrugs* I don't know where to go.

JaniV123 · March 2014

lalalaurita said:

Wondering what the best way is to get my e-ring insured – how have you ladies insured yours? FI just called to find out about putting my ring on his condo insurance. They made it sound like it would be completely covered until we read the list of exclusions – wear and tear, participating in the fine arts, insects and varmint, and a ton of other stuff. Knowing my luck I’ll knock out the center stone at a concert or my dog will eat it (is that considered varmint?) or something crazy that isn’t covered. Are these standard exclusions? Insurance is my least favorite thing ever and I don't even know where to start figuring this out.

I really do not know about the exclusions on my ring insurance but my set was added to my grandmother's jewelry insurance. Definitely insure it

mysticl · March 2014

RedJacks25 said:

jenna8984 said:

mysticl said:

jenna8984 said:

HobokenBride2012 said:

jenna8984 said:

Do you know anyone in the appraisal business? I purposely brought mine to a friend who runs a questionable jewelry store because he gives all friends appraisal paperwork for 1.5-2 times of the cost or value. Works for me!

I probably wouldn't go on the internet bragging to have a friend that commits insurance fraud. Just something to think about.

Yes I suppose you're right. Nobody on here knows my real name and I wouldn't be dumb enough to say anything on Facebook. But technically he is the licensed one who wrote the paper so since I'm not a jeweler I would have no knowledge if that amount was not accurate.

Except you clearly do. Don't think the insurance company won't come after you too if your friend ever gets busted.

Well technically it's many years old and we didn't know the exact value. There was no paperwork on it (passed down from family) so it's pretty subjective. He told me that it could be worth anywhere between this and this and he chose a little over the highest number. So it's not really something we have a receipt for that disputes his appraisal. He just mentioned that another appraiser might come in on the lower end.

...except you clearly said: "I purposely brought mine to a friend who runs a questionable jewelry store"

And that he appraised it at over the highest value it would appraised for by a honest jeweler. It would be one thing if he went with the highest value and but he went over the highest number and he told you that he went over it. He gets busted and is offered a deal I can sure see him naming all his "friends" who knowingly accepted his inflated appraisals.

ETA: some words I missed because I was doing 2 things at once.

photokitty · March 2014

I have mine insured as a rider on my homeowners.

I chipped my center stone and they didn't ask me how it happened, even if they had, I didn't know how I did it. My jeweler contacted and my insurance agent took care of it and I got to pick out a diamond from 3 equal or better stones options my jeweler gave me.

If your dog ate it I'm pretty sure you'd have to watch his poop 1) to make sure it passed so he's be OK and 2) then just wash it really, REALLY, REALLY good. I think participating in the fine arts is not attending a concert, but rather sculpting or blowing glass IMHO

photokitty · March 2014

prettybirdy27 said:

My ring came with an amazing insurance policy from the jeweler - they're just a local chain, there are only 5 stores - and it covers everything except if the entire ring itself is lost or stolen. THey will replace any diamonds, etc, and I don't have to bring it in for inspections. I was very dilligent about reading the insurance policy.
However, I tried to add it to my homeowner's insurance in case it is lost or stolen, and they wouldn't insure it because the main diamond isn't real, even though both the e-ring and the wedding band have 20 smaller real diamonds on them each, and it was pretty dang expensive. Sort of made me sad, that they see my rings as worthless just because the main diamond isn't real - they're still 14k solid rose gold with 40 small diamonds and we'd definitely be hurting to replace them if I lost them.

I'd look into a different insurance company, even if it meant changing my auto and home as a result. That is ridiculous, you can have jewelry insured if it is valuable regardless of it being a diamond or not. I know people who have insured jewelry with other stones insured. I would look into other options or call another agent to verify this. That sucks.

artbyallie · March 2014

jenna8984 said: @redjacks25 Like I said yes I brought it to him knowing he would come in on the higher side, not the lower side- there's nothing wrong with that. And we're talking a difference of maybe $1,000 if that, he said it was reasonable and not something to raise red flags like $20,000. So I'm not worried about it, I guess we can move on in the conversation and sorry I mentioned it lol.

Over-appraising a piece of jewelry does little except to make you pay higher premiums to insure it. Nine times out of ten you'll never have to take out a claim on it. (And really, aren't you hoping, knock on wood, to never need to have it replaced? Getting insurance to pay out on shit is hard and they will take any excuse--like, say, an inaccurate appraisal--to refuse to do so.)

ETA: OMG, TK, I fucking hate you sometimes. Stupid quote boxes.

Coalette2013 · March 2014

I got mine insured through State Farm like other PPs. I have the rider for Personal Articles policy. I had to provide the appraisal info. It cost $75 for the year for it to be insured.

For those of you who mentioned just having your ring covered under home insurance or renters insurance, you may want to double check that it is indeed covered. State Farm specifically told me that my engagement ring wouldn't be covered under renters insurance because it leaves the residence. They said only the items that are there permanently (ex. electronics, furniture, etc.) are covered. By no means am I an insurance agent, just thought I'd share that tidbit

photokitty · March 2014

Coalette2013 said:

I got mine insured through State Farm like other PPs. I have the rider for Personal Articles policy. I had to provide the appraisal info. It cost $75 for the year for it to be insured.

For those of you who mentioned just having your ring covered under home insurance or renters insurance, you may want to double check that it is indeed covered. State Farm specifically told me that my engagement ring wouldn't be covered under renters insurance because it leaves the residence. They said only the items that are there permanently (ex. electronics, furniture, etc.) are covered. By no means am I an insurance agent, just thought I'd share that tidbit

Mine is a separate rider on my homeowners. I assume that is what PPs meant as well. It does require a separate rider, but can be covered on your renter's or homeowner's policy

futuremrsgiovanni · March 2014

I just recenlty went with Jeweler's Mutual. I found it inexpensive even without a deductible and it covers all of the things I feared- like me losing it down a drain, the stone falling out etc. I'm a bit paranoid when it comes to that stuff, so the coverage made me feel better. I applied for the coverage online after uploading a copy of the appraisal and received the paperwork 4 days later.

Hope this helps..good luck!

Fran1985 · March 2014

JCBride2014 said:

We added a rider to our renter's insurance.

Did anybody get a separate appraisal? Or are you just going with whatever the receipt says? We purchased a rider of about the same amount as the receipt. If anything happens to it, we just need to show the receipt or the appraisal to get reimbursed.

I got a seperate appraisal, and it appraised for much higher than FI spent. We added a rider to our renter's insurance through geico. I think it was something like 200 for the year (including the renters insurance)

Newborndoc2008 · March 2014

General things to know about insuring jewelry -

1. Any reputable insurance company will make you add a rider to your policy specifically for jewelry as the usual renter's/homeowner's policy only covers ~$3000 or less of jewelry (some less than $1000). Your regular insurance also doesn't cover things like accidental loss whereas many riders will cover mysterious disappearance (aka if you leave your Rolex watch at the security line in the airport).

2. The insurance will require you to prove the value of the item insured. Most companies will accept a receipt if you claim a value of less than 5K-10K total of jewelry. If you're claiming a $30,000 ring they will likely want an appraisal. A true appraisal is a lengthy (15-20 page) document that lays out the appraisers credentials as well as defining all terms used in the appraisal and a thorough written and photographic documentation of the item (or mapping of the diamond). If this was not included with the purchase of your ring, this will cost a few hundred dollars and take an hour or more to complete. A legitimate appraiser will never suggest that you be parted from your item during the appraisal as they do not want to accept liability for your item. You should be welcome to watch the process and ask questions.

3. The going rate on a personal article rider is about $10 a year for every $1000 of value. The rider should specifically detail the item covered, and you and the insurance company should each retain a copy of the appraisal. Read all the fine print about what is and is not covered by your rider (sorry, if we're invaded and your house is looted, that's not covered. Neither is nuclear meltdown).

4. Appraisals have to be repeated every few years as the going prices for diamonds, platinum, watches, etc change over time. Usually the original appraiser offers a discount on repeat appraisals as most of the leg work is done the first time.

Even if you pay a few hundred dollars a year, it's definitely worth the peace of mind. Hope this helps.

Jells2dot0 · March 2014

Newborndoc2008 said:
General things to know about insuring jewelry -

1. Any reputable insurance company will make you add a rider to your policy specifically for jewelry as the usual renter's/homeowner's policy only covers ~$3000 or less of jewelry (some less than $1000). Your regular insurance also doesn't cover things like accidental loss whereas many riders will cover mysterious disappearance (aka if you leave your Rolex watch at the security line in the airport).

2. The insurance will require you to prove the value of the item insured. Most companies will accept a receipt if you claim a value of less than 5K-10K total of jewelry. If you're claiming a $30,000 ring they will likely want an appraisal. A true appraisal is a lengthy (15-20 page) document that lays out the appraisers credentials as well as defining all terms used in the appraisal and a thorough written and photographic documentation of the item (or mapping of the diamond). If this was not included with the purchase of your ring, this will cost a few hundred dollars and take an hour or more to complete. A legitimate appraiser will never suggest that you be parted from your item during the appraisal as they do not want to accept liability for your item. You should be welcome to watch the process and ask questions.

3. The going rate on a personal article rider is about $10 a year for every $1000 of value. The rider should specifically detail the item covered, and you and the insurance company should each retain a copy of the appraisal. Read all the fine print about what is and is not covered by your rider (sorry, if we're invaded and your house is looted, that's not covered. Neither is nuclear meltdown).

4. Appraisals have to be repeated every few years as the going prices for diamonds, platinum, watches, etc change over time. Usually the original appraiser offers a discount on repeat appraisals as most of the leg work is done the first time.

Even if you pay a few hundred dollars a year, it's definitely worth the peace of mind. Hope this helps.

Thank you for posting this. I was reading all of the posts and started to get a little concerned. We have a personal articles policy with State Farm, so same as lot of girls on here. I was concerned because of what we pay per year. So, reading #3 eased my mind, but still kind of surprised me as I did not pick out my ring, so didn't know the cost or appraisal amount.

huskypuppy14 · March 2014

FI added a rider for my e ring on his renters (and added me in the process). I read the fine print (because I'm like that), and it covers most everything but acts of war and the like, as a previous poster pointed out.

atlastmrsg · March 2014

My fiance couldn't put mine on his insurance because I'm not on the policy for where we live.

Easiest way for me ended up being doing it on my own with Perfect Circle. You can do the entire process online, pay not much (mine was $175) all up front, and be done with it.

kschork87 · March 2014

We got separate jewelry insurance since a lot of renters insurance doesn't cover stuff like "mysterious disappearance" (i.e. losing the ring or someone "maybe" stole it). We got an appraisal through the jeweler where the ring was purchased. I told my fiance that he could've leave the store without that ring being insured. It will cover the FULL cost of the ring (5 figures) whereas a lot of homeowners/renters insurance will limit it to something like $1,000. Also, make sure you get your ring re-appraised every few years as the cost of gold/platinum changes.

photokitty · March 2014

Newborndoc2008 said:

2. The insurance will require you to prove the value of the item insured. Most companies will accept a receipt if you claim a value of less than 5K-10K total of jewelry. If you're claiming a $30,000 ring they will likely want an appraisal. A true appraisal is a lengthy (15-20 page) document that lays out the appraisers credentials as well as defining all terms used in the appraisal and a thorough written and photographic documentation of the item (or mapping of the diamond). If this was not included with the purchase of your ring, this will cost a few hundred dollars and take an hour or more to complete. A legitimate appraiser will never suggest that you be parted from your item during the appraisal as they do not want to accept liability for your item. You should be welcome to watch the process and ask questions.

I'm curious about #2…my appraisal is only one page, but I also included the certification from EGL (European lab similar to GIA) documenting flaws, mapping, 4Cs and what-not. What else would go into a 15-20 page appraisal?

ashleyep · March 2014

Our apartment ended up requiring renter's insurance so we added a rider to it for the ring. It costs us about $50/yr for the ring. When we buy a house, we'll move it to the homeowner's insurance.

JCBride2014 - get a separate appraisal. They almost always appraise for more than you paid for it and the appraisal is really just for insurance purposes anyway.

Newborndoc2008 · March 2014

@photokitty - we had some jewelry we already owned appraised when we added our rider but just used the appraisal from the jeweler for the E ring and wedding bands. For after market appraisal they do several pages of photodocumentation as well as detailing the appraisers credentials (literally his resume, see above for the questionable jewelry store reference), details on how the appraisal can be used (an insurance appraisal isn't the same as an appraisal for resale), what points increased or decreased the value of the object, etc. It's nice because they detail all markings and serial numbers on the piece making for an easy report to police if it is ever stolen. It's not necessary to have a brand new ring that was already appraised reappraised right now, but you should do it every few years to keep an up to date copy and avoid insurance claims of depreciation.

photokitty · March 2014

Newborndoc2008 said:

@photokitty - we had some jewelry we already owned appraised when we added our rider but just used the appraisal from the jeweler for the E ring and wedding bands. For after market appraisal they do several pages of photodocumentation as well as detailing the appraisers credentials (literally his resume, see above for the questionable jewelry store reference), details on how the appraisal can be used (an insurance appraisal isn't the same as an appraisal for resale), what points increased or decreased the value of the object, etc. It's nice because they detail all markings and serial numbers on the piece making for an easy report to police if it is ever stolen. It's not necessary to have a brand new ring that was already appraised reappraised right now, but you should do it every few years to keep an up to date copy and avoid insurance claims of depreciation.

I have an older (6 years) ring set and I've had it reappraised, for the reasons you stated, and it was still only one page. Perhaps bc it was the same jeweler the ring was purchased from and I still had the EGL paperwork, as well as it being a diamond with a serial number. I don't know. My agent and I have talked about it at great lengths since I have changed the coverage 3 times based on if I am wearing it or it is in the "vault," aka safety deposit box at the bank. It costs a lot less in the vault than on my right hand :-p

missmarissa14 · March 2014

This is something I still need to figure out as well. We got engaged in November and I feel like a dumbass for not getting it insured yet. It's his Grandmother's ring so it has sentimental value and after we got engaged we had it appraised......$12,550.....and if something were to happen....I can't even fathom. I looked into Jewelers Mutual online but I know a lot of people do it through their homeowners. Which we don't own a home. Has anyone gone through Jewelers Mutual?

Insuring the ring?

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