Weddingbee Blog

Engagement Ring Insurance Part I

There are jewelry insurance companies that provide insurance without requiring you to have homeowner’s or renter’s policy.

Chubb Personal Insurance

Chubb Jewelry Insurance is offered through independent insurance agents. I spoke to one in Manhattan who was able to whip up a quote for me in just a minute. The entire application process can be completed over the phone.

• Will insure your engagement ring without an appraisal/GIA certificate - the coverage is based on your estimation of its value.
• Insurance rates are based on 1-3% of the value of the ring with a minimum of $50/year. (I got an estimate of $345/year (2.3%) for a $15,000 ring.)
• Most policies are paid out in cash but you have the option of selecting a jeweler and having the ring replaced.
• There are no deductibles.
• Chubb also has a special arrangement with Blue Nile.

Jeweler’s Mutual

With Jeweler’s Mutual you need to mail in a current (within 1 year) appraisal, but you can apply for the policy by yourself without an agent.

Insuring your jewelry - four easy steps

• Click here for a Personal Jewelry Insurance application. Print the application; then complete and sign it.
• Have your jeweler provide an insurance evaluation/appraisal that includes a detailed description of each item and the retail replacement value. The cost of insurance is based on the jewelry’s retail replacement value and the state and county you live in.
• Use our rate calculator to determine your policy premium.
• Send the completed, signed application to us, along with a copy of the insurance evaluation/appraisal and your premium payment or credit card information. Coverage will begin on the postmark date stamped on the envelope.

The details:

• Provide replacement or repair for your jewelry.
• Require periodic inspections to identity problems or value changes.
• No deductibles.
• I put in a $15,000 appraisal value for Manhattan into the rate calculator and got a $300/year premium.

I think I’ll look into the Chubb Insurance policy myself because it seems to be the easiest policy to enact. But you have several different options for insuring engagement ring so look into the one that best suits your needs.