Ring Insurance

Re: Ring Insurance

• Jells2dot0 mod

  

  March 2015

  Here is a recent post with some ideas:

  http://forums.theknot.com/discussion/1053495/ring-insurance-advice

   

  Like @KatWAG, I have a personal articles policy from State Farm, as they hold our home owner's, personal liability, rental property, and car policies.

   

  

  
  
  
  

  
  
  
  

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• lovemesomemonster member

  

  March 2015

  Mine will also be rolled into homeowners insurance, I have totally dropped the ball on going to get that done! If I add it to them I won't feel it in what I pay for it but I will be protected even if I drop it down the toilet at a hotel. 

  
  

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• tojai member

  

  March 2015 edited March 2015

  I got a rider added to my homeowner's insurance to cover my ring. 
  
  What I would look for:
  open perils - should cover any type of loss.  the only exclusion on our policy is intentional loss or if we're renting the jewelry out.  (mysterious disappearance is a big one too, in addition to what you mentioned)
  no deductible
  no inspections etc. required
  
  A lot of companies don't like to write standalone policies so I would check with whoever does your renters/homeowners insurance first
  

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• theartistformerlyknownas member

  

  March 2015

  Mine was also an addition to my homeowner's insurance (which is through USAA). I got one Valuable Personal Property policy that covers my rings and my piano.

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• nycgal85 member

  

  March 2015

  Thanks ladies. We don't have homeowners insurance since we live in an apartment, though supposedly we have renters insurance as a rider on FI's dad's car insurance policy (I need him to double check that though). 

  
  

  I've looked at Perfect Circle through Jewelers Mutual, anyone have that? What's your take, it seems like it's an all-inclusive plan and I checked the prices and it seemed reasonable.

  

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• tojai member

  

  March 2015 edited March 2015

  nycgal85 said:

  Thanks ladies. We don't have homeowners insurance since we live in an apartment, though supposedly we have renters insurance as a rider on FI's dad's car insurance policy (I need him to double check that though). 

  
  

  I've looked at Perfect Circle through Jewelers Mutual, anyone have that? What's your take, it seems like it's an all-inclusive plan and I checked the prices and it seemed reasonable.

  I read through their sample policy. 
  
  A few things to think about:
  If they don't repair/replace the jewelry, they settle at actual cash value rather than replacement value.  That might not bother you too much since depreciation often isn't as much of an issue with jewelry as it can be with some other items, but for property insurance I try to get coverage for replacement cost if possible.  That way depreciation does not factor into the settlement.
  
  Under the loss settlement section it says in the event of a loss they will either settle for the actual cash value OR repair/replace/rebuild the jewelry.  In my contract I have the choice that in the event the insurance company wants to replace the piece, I have the choice to accept their replacement or take a payment of the amount it would cost them to replace.  Again may not be a huge deal to you, but a lot of people like to have the choice of what to do.  The contract isn't clear but if it matters to you I would ask them about it before you purchase a policy.
  
  Edit:
  I would definitely check with your FI's dad, if you guys don't live with him there might be limited or no coverage for two people living in a different place, with property that is theirs and not the policy holder's.  He can always call his company or read over his contract to check coverages.
  

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• arrrghmatey member

  

  March 2015

  nycgal85 said:

  Thanks ladies. We don't have homeowners insurance since we live in an apartment, though supposedly we have renters insurance as a rider on FI's dad's car insurance policy (I need him to double check that though). 

  
  

  I've looked at Perfect Circle through Jewelers Mutual, anyone have that? What's your take, it seems like it's an all-inclusive plan and I checked the prices and it seemed reasonable.

  I do. I travel a lot, so I wanted to make sure I had insurance that would cover any loss, damage, mysterious disappearance, etc. not just in my home but outside of my home (a lot of rider insurances only cover loss or damage if it happens within the home, so be sure to look for that if you are deciding to go with a rider insurance policy). Also, PC will let me got o whatever jeweler I want if my ring is damaged. There is a no deductible option with PC, too. I found them to be affordable as well.

                                   

  
  

                                                 

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• lilacck28 member

  

  March 2015

  I have Perfect Circle as well. I'm happy with them, because I wanted an all inclusive plan, and they are very easy to work with. Except they increased my coverage by something like $15 this year, supposedly to cover for jewelry prices increasing. PSH. 

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