Open Question
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Open Question: Ring Insurance
November 2nd, 2006 @ 12:41 pm by Open Question
After you got engaged, how soon did you insure your ring, and was it through your own insurance policy or your parents? Or did you not even insure your ring at all??
I think I’m gonna have mine put under my parents’ house policy, but they are taking their time in finding out information about how to go about doing so. FI is kinda nervous cuz he says it’s “Like driving without insurance.” Tru dat, cuz I am wearing a nice car on my hand… eeks!Thanks so much!
Charlene
27 Responses to “Open Question: Ring Insurance”
Mr Blueberry got mine insured before he even gave it to me. Truthfully, I don’t know much about the policy, but if I had to guess I’d say it’s through his parents’ insurer, since we’re still students and renting (i.e. we don’t have much property insurance or anything).
Thanks for reminding me, Charlene! I’ve had my ring for 7 months now, and STILL haven’t insured it. We do have the appraisal, but nope, not insured yet. I’m thinking of going through Jeweler’s Mutual, though.
Mine isn’t insured at all. 8O. I know madness…
I was paranoid about insuring my ring (especially since I take the NYC Subway to and from work). I insured mine at a separate jewelry insurance co. that I found online, http://www.jewelersmutual.com. From what I can remember you can fill out everything online, you just have to send them a recent appraisal (within the last 6 months, I think).
i had mine insured with our renters insurance only b/c chubb wouldn’t insure it at the time because of katrina/rita. now, though they can write us a policy and we’ll be switching over. chubb has a cash out policy that most other places don’t.
We got ours insured right away, and it’s a separate policy - specifically for jewelry.
It was insured before it was purchased, I think. Or at least before he went to pick it up. It was a custom job so there was a 6 week lag between him purchasing it and him having it. We have a rider on our renter’s insurance.
I added it to our renters policy the next day. Actually I may have added it the day after that but I’m kind of a freak about these things.
My fiance insured mine right when he bought it. He added it to his house and car insurance. I didn’t think about it until months after and was surprised that he had already taken care of it!
mine is under our renter’s insurance policy through fiance’s work.
we’re getting a separate policy, homeowners insurance only covers up to a certain amount on a small percent of what the ring is worth, and it doesnt matter the value of the ring
We got mine right away. It is a rider on our renter’s insurance and is about 175 a year - which is discounted because we have car, life and renter’s insurance all through state farm…
I got mine insured within the week since we were going on vacation soon after we got engaged. I have my policy at Jeweler’s Mutual, they do not have a cash option, they replace the jewelry with a jeweler of your choice at the appraisal price. They also don’t offer an inflation clause, so if you lose your ring in 5 years you might not get the same quality/size. I plan to get an appraisal every few years. I filled out my application online as well, faxed it in and got my policy in the mail i think two weeks after.
FI got mine insured before he even gave it to me. Its on my parents homeowners insurance since I’m living with them until my FI & I find a place.
My fiance insured the engagement ring right after he proposed. I believe we pay a monthly fee. We are with Chubb Insurance.
In an nutshell, it is YOUR ring, so YOU should insure it.
I did it the very next business day. It’s on my Home Owners insurance. I faxed the appraisal, filled out the paperwork and I pay a yearly fee. It’s like Renters Insurance for those that have own a house.
I’m with Nationwide.
It’s a good idea to get it insured under a separate policy. Most insurance companies offer one for high valued items (jewlrey, paintings, musical instruments, etc). It’s usually called a personal articles policy and the cost depends on how much your ring is appraised for. Mine is under State Farm and costs me about $200 a year. Your ring will be insured the day you call - so it gives me piece of mind.
I think, personally, it’s better to have it separately insured from your homeowners policy if your ring is of high monetary value. 
My husband insured it within a month of purchase of the ring. Make sure you take a picture of your ring also, so if something were to happen to the ring, your insurance company would know what the ring looks like
PLEASE INSURE YOUR RINGS
I was robbed the Wednesday morning before my wedding. My wedding band was stolen, but thankfully the engagement ring was on my finger. I live in a great suburb of Dallas, mind you, and I just never thought something like that would happen to me. They actually broke into my apartment while my fiance was driving me to the airport to get to the wedding!
Thankfully, I had renters insurance that I bought the DAY after he proposed. BUT, I was SHOCKED to learn that it would not have covered my engagement ring, and it did not cover my wedding ring! The idiot who signed me up for the plan over the phone made a major mistake, because esentially ALL I wanted was ring insurance. Apparently you need a rider if you have renters insurance. Needless to say, I have one now, but my fiance had to pay for a whole new wedding band.
I won’t be insuring mine, as I don’t plan on mine costing all that much. I don’t even know if I want REAL rubies in my engagement ring, as I’d feel paranoid. As long as it sparkles, I’m alright.
So yeah, no insurance really necessary.
it took 5 months but we have it now.. we use chubbs
I have my ring insured with my renter’s insurance which covers if it’s been stolen. They’ll simply add the wedding band when I bring them an appraisal of them and add it (most will be more than willing to do this).
I also took out personal property insurance on my ring. It covers it if it falls down the garbage disposal or I lose it mowing the lawn. It’s only like $30 a year or something ridiculously low like that. Totally worth the extra money.
We use State Farm.
He insured it on our homeowners before he picked it up. It’s a bit more than the woman who has hers on a separate policy, but I don’t know the info about her ring.
Insurance isn’t my thing, but I don’t see how you can insure your ring on your parent’s policy if you don’t live with them. And, I don’t know that there’s a difference between using homeowners and using a separate policy. You should speak to an insurance agent.
If your ring is pretty significant in value, you should have it insured. Most renters and homeowners policies cap the limit for jewelry. My carrier caps at $5k, which is pretty low for many rings, especially engagement rings. So, like most people already said, you need a separate policy or “rider.” Also, since you are wearing the ring, you should have the policy in YOUR name, not your fiance’s, and definitely not your parents. If you have a loss on the ring, do you want your claim check written out to your parents?
Chubb, AIG and Fireman’s Fund all have excellent coverage for jewelry. Chubb will usually insure just your ring if it’s at least $10k, even if you don’t have your renters or homeowners insurance through them. Rates vary from $2-3 per $100 depending on your region (for example, a $10k ring would cost $200-300 a year). Find an independent agent for accurate quotes.
oops sorry i lied… rates go from $1-$3 so it can be as cheap as $100 a year to insure a $10k ring..
I’m an insurance agent by trade- the above post is correct. Rates are dependent on your area (zipcode). In my area, it seems like most people fall in the $2 for every $100 value range. In order to endorse your ring on a homeowners/renters/condo policy, we require a current (within the past 2 years) appraisal. If it’s valued at over $8000, it must be conducted by a certified or graduate gemologist. If it’s between $1000-$8000, it can be a bill of sale or appraisal within the past 2 years. But from what I’ve read, policies issued through speciality insurance like Chubb may offer better coverage and easier to make a claim should anything happen.
I just got engaged on Wednesday (YAY!) and purchased a floater policy with State Farm on Thursday. It’s about $30/year and covers everything - broken prong, lost stone, stolen, mysteriously dissappears. I can’t imagine not having it insured, since it means so much to me!
